Core Scientific CEO: Preparing to buy mining machines after halving
Adam Sullivan, CEO of cryptocurrency mining company Core Scientific, stated that "the company is adjusting its balance sheet to update its mining equipment, as the mining reward for each block of Bitcoin will be halved next month. We are preparing for the opportunity to buy machines after the halving, as we know many people will sell a portion of their S-21 orders today. This is exactly the same as what happened in 2021. People overcommit, and then they end up having to sell a portion of their orders in the following year. We fully expect this situation to happen again."
Core Scientific CEO: Adjusting the company's balance sheet to prepare for the purchase of mining machines after the Bitcoin halving
Adam Sullivan, CEO of Core Scientific, a cryptocurrency mining company, said that the company is adjusting its balance sheet in preparation for purchasing mining machines after the upcoming halving of Bitcoin. Core Scientific expects that the halving will cause some mining companies to struggle and be unable to fulfill existing orders, so the company may purchase mining machines from these struggling companies.
Bitcoin mining company Core Scientific will mine more than 19,000 BTC in 2023
Core Scientific, a Bitcoin mining company, produced a total of 19,274 BTC in 2023, of which 13,762 were self-mined and 5,512 were produced by customers in its data center. Earlier reports stated that Core Scientific had completed its restructuring process and will relist on Nasdaq on the evening of January 24th, Beijing time.
Core Scientific shares drop 30% after relisting on Nasdaq
On the first day of listing on Wednesday New York time, Bitcoin miner Core Scientific's stock price was reported at $3.28, a drop of over 30% from the initial price of $5.89. The closing price was $3.75.
Core Scientific Resumes Nasdaq Trading After Successful Restructuring
Texas-based Bitcoin mining company, Core Scientific, will return to Nasdaq for trading on January 24th after successfully restructuring and reducing $400 million in debt. The restructuring plan involved converting debt from equipment lenders and convertible note holders into equity, with big names like BlackRock and B. Riley involved in the process. Core Scientific plans to further reduce debt burdens through additional measures, including the conversion of remaining convertible debt and using available cash to make debt payments. The company also aims to expand its Bitcoin mining capacity by deploying new miners and growing its mining capacity by 50% in the next four years.
Core Scientific emerges from bankruptcy, plans to re-list on Nasdaq by end of month
Core Scientific, a bitcoin miner that suffered during the crypto winter, has received approval for its Chapter 11 reorganization plans from a Texas bankruptcy court. The company plans to re-list its shares on Nasdaq by the end of the month. Under the reorganization plan, existing debt will be paid in full and existing shareholders will receive about 60% of the new company's equity. The company expects to maintain its position as the largest publicly traded bitcoin miner by computing power, with plans to operate 182,000 mining rigs this year and almost 1.1 million in 2027, and to generate nearly $600 million in annual revenue by 2024 and up to almost $1 billion by 2027.
Core Scientific completes US$55 million equity placement
Core Scientific, Inc., a bitcoin mining company, announced the final results of its $55 million equity offering (hereinafter referred to as "ERO") today. The subscription period for ERO ended at 5:00 p.m. Eastern Time on January 5, 2024. As the upper limit of ERO is $55 million, any excess subscription amount (if any) will be proportionally allocated to ERO participants who exercise their excess subscription rights based on the number of Core Scientific shares restructured by each excess subscription participant. Any excess payment made by ERO participants who exercise their excess subscription rights will be refunded to such ERO participants in accordance with the company's allotment procedures after the proportional allocation and the maximum issuance amount of $55 million become effective.
Core Scientific: In 2023, self-mining machines produced a total of 13,762 BTC, and managed mining machines produced 5,512 BTC.
Core Scientific announced updates for production and operation in December and throughout 2023. The company operates around 209,000 self-owned and managed Bitcoin mining machines. In December, they produced 1,177 self-mined Bitcoins, while the managed machines produced 449. In total, they expect to produce 13,762 self-mined Bitcoins in 2023, with an estimated 5,512 coming from the managed machines.
Crypto miner Core Scientific expected to emerge from bankruptcy in January
Core Scientific, a cryptocurrency mining company, announced that it expects to emerge from bankruptcy in mid-to-late January. The Austin, Texas-based company filed for bankruptcy protection last year due to the drop in Bitcoin prices, rising energy costs for Bitcoin mining, and the debt owed by Celsius Network, one of its largest clients in the US cryptocurrency loan industry. Core Scientific stated that it has reached a preliminary agreement with all key stakeholders on a global settlement agreement. CEO Adam Sullivan stated in a statement that this global settlement resolves a key obstacle to our expected exit from Chapter 11 bankruptcy in January. Last year's high-profile collapse caused turmoil in the cryptocurrency market, with Core Scientific being one of the victims.
Bitcoin miner Core Scientific postpones final hearing on bankruptcy exit to January 10 next year
Core Scientific, a Bitcoin mining company, has postponed its final joint hearing for bankruptcy and exit from December 22nd to January 10th of next year. Currently, an additional global settlement plan has been reached, and the deadline for equity issuance has been extended to December 28th.
