Core Scientific(US:CORZ)2024-03-12 21:48Bankruptcy and Reorganization - The company emerged from bankruptcy on January 23, 2024, after confirming its Plan of Reorganization[18]. Bitcoin Mining Operations - As of December 31, 2023, the company had deployed approximately 209,100 bitcoin miners, consisting of approximately 158,000 self-miners and approximately 51,100 hosted miners, achieving a total hashing power of 23.2 EH/s[37]. - The company improved its average self-mining fleet energy efficiency to 27.94 joules per terahash as of December 31, 2023[36]. - The company operates seven data centers across Georgia, Kentucky, North Carolina, North Dakota, and Texas for its bitcoin mining operations[30]. - The company focuses on increasing its bitcoin mining capabilities and enhancing operational efficiencies to reduce mining costs[30]. - The company has a total contracted power capacity of 1,198 MW across various facilities, with the largest being 297 MW in Denton, Texas[41]. Bitcoin Market Performance - Bitcoin's daily exchange volume increased from $1 million in January 2017 to $510 million in December 2023[25]. - The trading price of one bitcoin ranged from a high of $44,167 in December 2023 to a low of $16,625 in January 2023[25]. - Bitcoin prices for fiscal 2023 ranged from a low of $16,625 to a high of $44,167, with an average price of $28,859[459]. - A hypothetical 10% increase or decrease in the price of bitcoin would have resulted in a net loss change of approximately $38.9 million[459]. Employee and Labor Relations - The company has 286 full-time employees as of December 31, 2023, with no labor union representation[31]. Technology and Innovation - The company has filed over 120 patent applications in technologies related to blockchain and data center management[49]. - The company has entered into agreements with Bitmain for the acquisition of 28,400 Antminer S19J XP miners and approximately 12,900 Antminer S21 miners, with deliveries scheduled from late 2023 to the first half of 2024[36]. Competitive Landscape - The company competes with numerous other bitcoin mining operations globally, focusing on efficiency and access to affordable power[42]. - The bitcoin mining industry is evolving, with new competitors and technologies potentially impacting the company's market position[47]. Regulatory Environment - The company is subject to evolving government regulations regarding digital assets, which could materially affect its operations[51]. - Environmental regulations may impose additional costs on the company, particularly related to energy sources used for bitcoin mining[56]. Commodity Price Sensitivity - A hypothetical 10% change in commodity prices would have resulted in an immaterial change in the fair value of the company's commodity-based derivatives[461].