10 months ago
62
Emerging from bankruptcy and relisting
Core Scientific, a major US cryptocurrency mining company, announced on the 23rd that it will emerge from bankruptcy and relist on the Nasdaq.
The company, which had been in Chapter 11 bankruptcy and reorganization, restructured its business and converted its debt to equipment lenders and convertible debt holders into equity. As a result, the company said it was able to reduce its debt by approximately 59 billion yen ($400 million).
Core Scientific just listed its common stock and convertible bonds on the Nasdaq Global Select Market on the 24th under the ticker symbols CORZ, CORZW, and CORZZ.
Core Scientific CEO Adam Sullivan explains:
Throughout the restructuring process, we have maintained our position as one of the largest and most influential Bitcoin (BTC) miners in North America.
We now have a path to deleveraging our balance sheet, sufficient liquidity and a talented team.
He went on to say that the company is implementing realistic growth plans, preparing for the Bitcoin halving, and using electricity for computing for Bitcoin mining and other purposes.
Core Scientific also said on the 8th that it had successfully raised an equity round of approximately 8.1 billion yen ($55 million). This funding also appears to have helped the company escape from bankruptcy.
connection: US mining giant Core Scientific completes $55 million funding
What is Chapter 11 of the US Federal Bankruptcy Code?
A restructuring-type bankruptcy law system similar to Japan’s civil rehabilitation law. The company will rebuild the company by reducing debt while continuing to operate the company. After filing the application, debt collection will be suspended, and the debtor will work to sort out their debts and, in principle, formulate a restructuring plan within 120 days.
Virtual currency glossary
Future Plans
According to Core Scientific, as of December 31, 2023, the active hash rate of its Bitcoin mining operations was 16.9EH/s (exahash/second). Exahash is the ability to perform 100 quintillion hash calculations per second.
In addition, the hosting business also has 6.3EH/s, and the total operating hash rate is 23.2EH/s. This makes the company one of the largest hosting service providers in North America.
Core Scientific plans to increase the capacity of its 372-megawatt data center in Texas by more than 50%.
Currently, approximately 27,000 new mining machines, “Bitmain S19 XP,” are being installed and put into operation. Furthermore, the company plans to deploy approximately 12,000 Bitmain S21s by mid-2024.
It has been pointed out that the Bitcoin halving, scheduled for April to May, may trigger a reorganization of the mining industry, and companies are currently making preparations.
The post Major US Bitcoin mining company Core Scientific relists on Nasdaq appeared first on Our Bitcoin News.
English (US) ·