The impact of the cold wave
Core Scientific, a major US crypto asset (virtual currency) mining company, announced on the 9th its business results for November and December last year.
The in-house production (mining) volume of Bitcoin (BTC) was 1,356 BTC in November and 1,435 BTC in December. December was affected by a cold wave, but production increased by 5.8% compared to November.
— Core Scientific (@Core_Scientific) January 9, 2023
Relation: Even beginners can understand Bitcoin mining (mining) 3 types of methods explained
Last month, in the United States, Dallas, Texas, which is known for its relatively mild climate, was affected by a historic cold wave, such as minus 12 degrees Celsius, and mining companies temporarily operated to ensure the safety of employees and electricity forced to stop.
Relation: Bitcoin’s hash rate plummeted by more than 30% at one point, record cold wave in North America
At that time, Core Scientific also said that it would participate in a power consumption reduction plan to stabilize the power grid, and explained that Bitcoin production was expected to decrease during that period, but from November onwards. Increased production. The hash rate of in-house mining was 15.4 EH/s in November and increased slightly to 15.7 EH/s in December.
What is hash rate
Mining mining speed. It represents “how many calculations can be done per second” and is used as an index to indicate the processing power of mining equipment and how fast cryptocurrency mining is performed.
Also, the bitcoin production of the company’s supported customers increased from 795 BTC in November to 931 BTC in December. On the other hand, the total electricity consumption was reduced by 5,828 MWh in November and 17,179 MWh in December.
Core Scientific, which filed for Chapter 11 bankruptcy last month, plans to use the proceeds to pay down debt while continuing its mining operations.
Relation: Financial market tankan on the morning of the 10th | US IT and virtual currency stocks rise across the board
Some companies have decreased production
On the 9th, Canada-based mining company Hive Blockchain Technologies also announced its business results for December. It produced 213.8 BTC in December, with an average daily production of 6.9 BTC for the month. Since November’s production was 264 BTC, Hive’s December production is down from the previous month.
Hive also reported that it has purchased 3,570 units of Bitmain equipment at significantly lower prices than in 2021, in order to streamline its global operations. In addition, in order to increase mining efficiency, it also explained that it has partnered with US semiconductor giant Intel to launch its own mining system “HIVE BuzzMiner” for Proof of Work (PoW).
Relation: US Intel Releases 2nd Bitcoin Mining ASIC Equipment
Hive holds 2,348 BTC as funds as of the 9th. In the third quarter of 2022 (July to September), the company strategically sold bitcoin to secure cash for business expansion, and purchased mining equipment at a bargain price during the bear market.
Relation: Bitcoin miner surrender from now on?Consider industry trends and impact on BTC price