Core Scientific Becomes North America's Largest Crypto Mining Company, Earns 19,274 Bitcoins

JAKARTA - Core Scientific became the largest publicly registered crypto mining company in North America in 2023 after successfully mining 19,274 Bitcoins worth $812 million.

In an X post on January 31, the Bitcoin mining giant revealed that it has mined 13,762 Bitcoins in its data centers in US states such as Georgia, Kentucky, North Carolina, North Dakota, and Texas. While their customers mined a total of 5,512 BTC by 2023, making it the largest Bitcoin miner in North America. The company operates about 209,000 Bitcoin miners owned and simultaneously, with a total hash rate of 23.2 excesses per second in their data center by 2023.

The company also shared their annual mining reports, revealing a decline in power consumption in their data centers. They awarded 480 megawatt hours to local grid partners in December 2023 and more than 131,000 megawatt hours to local grid partners throughout 2023.

Bitcoin mining is a process of solving computational problems or complex mathematics as part of doing proof-of-work, which verifies and adds new blocks to the Bitcoin blockchain.

The mining process uses hardware and software to generate cryptographic hash that fits transaction hash criteria. Miners verifying transactions receive BTC in return for each block mined. Currently, BTC's reward per block is 6.25 BTC.

Core Scientific has experienced ups and downs as a Bitcoin mining company. The company filed for bankruptcy Chapter 11 in December 2022 amid a prolonged crypto winter that saw the price of BTC drop to a new annual low.

In June 2023, the company submitted its Chapter 11 bankruptcy plan, vowing to make a strong comeback. Bankruptcy Chapter 11 allows a company to continue its operations until stakeholders approve the restructuring plan.

A year later, in December 2023, the company announced its plans to quit bankruptcy and re-list its shares for public trafficking. On January 27, the company was finally re-registered on the Nasdaq stock exchange.

Bitcoin mining has grown into a commercial business model, given the increase in BTC prices from year to year. Many private and public companies that mine BTC use hundreds of mining machines in various data centers.