Core Scientific, a prominent Bitcoin miner listed on NASDAQ, recently announced a decrease in Bitcoin production for the month of November, in line with the overall industry trend. Despite this decline, the company remains focused on its expansion plans in Texas, as highlighted in its monthly operational update.
In November, Core Scientific mined a total of 314 Bitcoin, marking a 14.9% decrease from the previous month’s production of 369 Bitcoin. The daily production averaged at 10.5 Bitcoin, down from 11.9 in October, while maintaining a self-mining fleet efficiency of 24.8 J/TH. This decline in production can be attributed to the increase in mining difficulty, despite Bitcoin reaching record highs of nearly $100,000 during the month.
In comparison to other major Wall Street-listed miners, such as CleanSpark, Riot Platforms, Bitfarms, Cipher Mining, and TeraWulf, Core Scientific’s production figures were lower. However, MARA Holdings, the largest publicly listed cryptocurrency mining company, managed to increase its Bitcoin production by 26% to 907 BTC in November.
Core Scientific also provided details on its total energized hash rate, which stood at 20.3 EH/s by the end of the month, with approximately 172,000 Bitcoin miners operating across its facilities. The company’s self-mining operations accounted for 19.3 EH/s, representing a significant portion of its total mining capacity.
Additionally, Core Scientific received approval from the Denton City Council to expand its operations in Texas, increasing its power allocation to 394 MW. This expansion aligns with the company’s strategy to add 300 MW of critical IT load across its existing facilities.
In terms of financial operations, Core Scientific generated approximately $23.2 million in proceeds from the sale of 272 Bitcoin in November. The company also continued its commitment to grid stability by contributing 23,309 megawatt hours to local electrical grids through strategic power consumption management.
Overall, despite the decline in Bitcoin production for November, Core Scientific remains committed to its expansion plans and maintaining operational efficiency in the competitive mining industry. With a focus on strategic growth and grid stability, the company continues to position itself as a key player in the cryptocurrency mining sector.