Core Scientific is deploying tens of thousands of miners

Bitcoin miner Core Scientific has completed the restructuring process and will relist on Nasdaq, with trading scheduled to resume on Wednesday morning New York time. Core Scientific operates in five U.S. states (Texas, North Dakota, North Carolina, Georgia, and Kentucky) and mines Bitcoin and other cryptocurrencies by equipping data centers with ASIC miners. It is reported that its restructuring plan has cut $400 million in debt from Core's balance sheet. In 2023, Core Scientific produced 13,762 Bitcoins from its own miners and another 5,512 Bitcoins on behalf of its custody clients. The company is deploying approximately 27,000 new Bitmain S19 XP Bitcoin miner and expects to deploy approximately 12,000 Antminer S21 Bitcoin miner by mid-2024. The company has partially developed 372 megawatts of infrastructure at two data centers in Texas and plans to increase its capacity by more than 50% over the next four years at a much lower cost per megawatt than new construction.