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Just over a year after the crypto winter sent bitcoin miner Core Scientific spiraling into bankruptcy, the Texas-based company is back on the Nasdaq. Trading is scheduled to resume Wednesday morning.

Core, which has operations in five U.S. states — Texas, North Dakota, North Carolina Georgia, and Kentucky — mines for bitcoin and other cryptocurrencies by packing data centers full of specialized computers that crunch math equations to validate transactions and create new tokens. The process requires expensive equipment, technical expertise and a lot of electricity.

As recently as 2021, Core was one of the largest publicly traded crypto mining firms in the U.S., hitting the market in July of that year via a special purpose acquisition company in a deal that valued it at roughly $4.3 billion. However, bitcoin lost over 60% of its value in 2022, meaning all that digital currency Core was producing was suddenly worth a lot less while operating costs remained high.

Without sufficient cash on hand to repay the financing debt owed on equipment it was leasing, Core was forced to enter bankruptcy in December 2022. The stock had fallen more than 98%.

“When bitcoin prices declined and power prices increased, obviously that hurt our levered free cash flow position, as well as hurt our balance sheet, since we were carrying bitcoin on balance sheet,” Core CEO Adam Sullivan told CNBC in an interview.

Rather than liquidating, Core continued to operate and reached a deal with senior security noteholders who hold the bulk of the company’s debt.

The restructuring plan announced Tuesday has slashed $400 million in debt from Core’s balance sheet by “converting equipment lender and convertible note holder debt to equity,” the company said in a statement.

Core said the new credit facility along with projected operating cash flow will allow the company to “emerge and continue executing its multi-year growth plan.”

“We went through a very successful Chapter 11 bankruptcy process,” Sullivan said. “It accomplished exactly what we wanted to accomplish, which was reducing debt and giving us time to pay down any remaining debt on our balance sheet over the course of five years.”

Also helping Core as it reenters the public market is an expansive footprint of mines across the country, and investors’ renewed enthusiasm toward bitcoin, which jumped 150% in 2023.

Even in bankruptcy, Core invested in developing its infrastructure. In 2023, the company minted 13,762 bitcoin from its fleet of mines, or around $540 million at the token’s current price. That doesn’t include the profit Core generates from mining coins on behalf of other companies.

Core is in the process of deploying tens of thousands of more mining rigs with the goal of increasing its capacity by more than 50% over the next four years.

“Our focus is not going to be on the market leadership position, it’s going to be on being the most efficient bitcoin mining company and looking at all of our assets inside of our portfolio, so that we can ensure that we’re refining power into the highest value compute that we can,” he said.

The public markets have been going big in mining since bitcoin started rebounding. Marathon Digital soared more than 590% in 2023 while Riot Blockchain jumped more than 350% and CleanSpark gained over 400%.

Chardan Research said in a note on Jan. 8 that Marathon’s “acquisition of hosting facilities signals a shift in management’s strategy from asset-light to owner-operator,” a move that it called a “meaningful improvement.”

Headwinds remain.

Bitcoin miners have pared back gains in the last few weeks as the price of bitcoin has fallen, and in April, a market-moving event dubbed the “halving” will cut the prize that miners receive in half.

The halving, which happens roughly every four years, is written into bitcoin’s code and is designed to stave off inflation. Though it will immediately impact miner profits, it’s also historically proven to be a catalyst for a run-up in the price of bitcoin. During the crypto market’s previous bull market run, the world’s largest cryptocurrency rose more than 560%.

There are also new potential opportunities for miners to collect fees, as a startup ecosystem is built on top of bitcoin’s base chain, Bernstein said in a note on Jan. 17.

“It is not surprising that listed U.S miners are investing aggressively to ‘land grab’ a higher share” of the $900 billion bitcoin network, the analysts wrote. The firm added that bitcoin miners are “best positioned to benefit from growing institutionalization and financialization of bitcoin,” including the buildout of the bitcoin-based payment infrastructure called the Lightning Network, as well as the rising popularity of nonfungible tokens and ordinals minted on bitcoin.

“We expect 2024 to be a break-out inflection year for crypto,” Bernstein analysts wrote. “We recommend achieving Bitcoin exposure via Bitcoin miners.” The firm said Riot and CleanSpark are its preferred picks.

WATCH: Bitcoin in 2024 – Risks and rewards

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Europe’s wind power hits 20%, but 3 challenges stall progress

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Europe’s wind power hits 20%, but 3 challenges stall progress

Wind energy powered 20% of all electricity consumed in Europe (19% in the EU) in 2024, and the EU has set a goal to grow this share to 34% by 2030 and more than 50% by 2050.

To stay on track, the EU needs to install 30 GW of new wind farms annually, but it only managed 13 GW in 2024 – 11.4 GW onshore and 1.4 GW offshore. This is what’s holding the EU back from achieving its wind growth goals.

Three big problems holding Europe’s wind power back

Europe’s wind power growth is stalling for three key reasons:

Permitting delays. Many governments haven’t implemented the EU’s new permitting rules, making it harder for projects to move forward.

Grid connection bottlenecks. Over 500 GW(!) of potential wind capacity is stuck in grid connection queues.

Slow electrification. Europe’s economy isn’t electrifying fast enough to drive demand for more renewable energy.

Brussels-based trade association WindEurope CEO Giles Dickson summed it up: “The EU must urgently tackle all three problems. More wind means cheaper power, which means increased competitiveness.”

Permitting: Germany sets the standard

Permitting remains a massive roadblock, despite new EU rules aimed at streamlining the process. In fact, the situation worsened in 2024 in many countries. The bright spot? Germany. By embracing the EU’s permitting rules — with measures like binding deadlines and treating wind energy as a public interest priority — Germany approved a record 15 GW of new onshore wind in 2024. That’s seven times more than five years ago.

If other governments follow Germany’s lead, Europe could unlock the full potential of wind energy and bolster energy security.

Grid connections: a growing crisis

Access to the electricity grid is now the biggest obstacle to deploying wind energy. And it’s not just about long queues — Europe’s grid infrastructure isn’t expanding fast enough to keep up with demand. A glaring example is Germany’s 900-megawatt (MW) Borkum Riffgrund 3 offshore wind farm. The turbines are ready to go, but the grid connection won’t be in place until 2026.

This issue isn’t isolated. Governments need to accelerate grid expansion if they’re serious about meeting renewable energy targets.

Electrification: falling behind

Wind energy’s growth is also tied to how quickly Europe electrifies its economy. Right now, electricity accounts for just 23% of the EU’s total energy consumption. That needs to jump to 61% by 2050 to align with climate goals. However, electrification efforts in key sectors like transportation, heating, and industry are moving too slowly.

European Commission president Ursula von der Leyen has tasked Energy Commissioner Dan Jørgensen with crafting an Electrification Action Plan. That can’t come soon enough.

More wind farms awarded, but challenges persist

On a positive note, governments across Europe awarded a record 37 GW of new wind capacity (29 GW in the EU) in 2024. But without faster permitting, better grid connections, and increased electrification, these awards won’t translate into the clean energy-producing wind farms Europe desperately needs.

Investments and corporate interest

Investments in wind energy totaled €31 billion in 2024, financing 19 GW of new capacity. While onshore wind investments remained strong at €24 billion, offshore wind funding saw a dip. Final investment decisions for offshore projects remain challenging due to slow permitting and grid delays.

Corporate consumers continue to show strong interest in wind energy. Half of all electricity contracted under Power Purchase Agreements (PPAs) in 2024 was wind. Dedicated wind PPAs were 4 GW out of a total of 12 GW of renewable PPAs. 

Read more: Renewables could meet almost half of global electricity demand by 2030 – IEA


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Podcast: New Tesla Model Y unveil, Mazda 6e, Aptera solar car production-intent, more

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Podcast: New Tesla Model Y unveil, Mazda 6e, Aptera solar car production-intent, more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the official unveiling of the new Tesla Model Y, Mazda 6e, Aptera solar car production-intent, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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BYD’s new Han L EV just leaked in China and it’s a monster

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BYD's new Han L EV just leaked in China and it's a monster

The Chinese EV leader is launching a new flagship electric sedan. BYD’s new Han L EV leaked in China on Friday, revealing a potential Tesla Model S Plaid challenger.

What we know about the BYD Han L EV so far

We knew it was coming soon after BYD teased the Han L on social media a few days ago. Now, we are learning more about what to expect.

BYD’s new electric sedan appeared in China’s latest Ministry of Industry and Information Tech (MIIT) filing, a catalog of new vehicles that will soon be sold.

The filing revealed four versions, including two EV and two PHEV models. The Han L EV will be available in single- and dual-motor configurations. With a peak power of 580 kW (777 hp), the single-motor model packs more power than expected.

BYD’s dual-motor Han L gains an additional 230 kW (308 hp) front-mounted motor. As CnEVPost pointed out, the vehicle’s back has a “2.7S” badge, which suggests a 0 to 100 km/h (0 to 62 mph) sprint time of just 2.7 seconds.

BYD-Han-L-EV
BYD Han L EV (Source: China MIIT)

To put that into perspective, the Tesla Model S Plaid can accelerate from 0 to 100 km in 2.1 seconds. In China, the Model S Plaid starts at RBM 814,900, or over $110,000. Speaking of Tesla, the EV leader just unveiled its highly anticipated Model Y “Juniper” refresh in China on Thursday. It starts at RMB 263,500 ($36,000).

BYD already sells the Han EV in China, starting at around RMB 200,000. However, the single front motor, with a peak power of 180 kW, is much less potent than the “L” model. The Han EV can accelerate from 0 to 100 km/h in 7.9 seconds.

BYD-Han-L-EV
BYD Han L EV (Source: China MIIT)

At 5,050 mm long, 1,960 mm wide, and 1,505 mm tall with a wheelbase of 2,970 mm, BYD’s new Han L is roughly the size of the Model Y (4,970 mm long, 1,964 mm wide, 1,445 mm tall, wheelbase of 2,960 mm).

Other than that it will use a lithium iron phosphate (LFP) pack from BYD’s FinDreams unit, no other battery specs were revealed. Check back soon for the full rundown.

Source: CnEVPost, China MIIT

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