In January, the U.S. Bankruptcy Court for the Southern District of Texas ordered Core Scientific, one of the largest publicly traded Bitcoin miners in North America, to successfully complete its restructuring and implement a plan to strengthen its operations. announced that it has approved its exit from bankruptcy. Balance sheet.
According to a Jan. 23 press release, Core Scientific’s restructuring plan will allow the company to reduce its debt by $400 million, as it emerges from bankruptcy and continues to execute on its multi-year growth plan. It is said that the path has been opened.
“Throughout the restructuring process, the company has maintained its position as one of the largest and most important Bitcoin miners in North America,” CEO Adam Sullivan said in a release. “Now, with a path to deleveraging our balance sheet, ample liquidity, and an unparalleled team, we are ready to execute on our realistic growth plans… and put energy into Bitcoin mining. and create value by transforming it into high-value computing for applications such as
Sullivan said: Denton Record Chronicle This week, it was announced that a pragmatic growth plan includes doubling the infrastructure at Core Scientific’s flagship Denton facility within the next two years.
The Denton facility, partially constructed in 2021, is one of seven Core Scientific data centers operating with 724 megawatts of power in five states.
Sullivan said the Denton facility is one of the company’s highest-performing data centers, even though it has only been partially expanded. It is still operating at only 125 megawatts, but is expected to reach 297 megawatts when it reaches full capacity.
“Our Denton facility is definitely at the heart of our plans,” Sullivan said. “We stopped construction in December 2022. … We’re really excited to continue development.”