Key Points
- Core Scientific, a crypto mining company, remains positive about its future despite a 4.4% production drop in July.
- The company plans to modify a significant part of its infrastructure for high hosting performance computing services.
Core Scientific, a company that avoided bankruptcy, is maintaining a positive outlook on its future, even though it experienced a 4.4% decrease in production in July.
Company’s Future Plans
The company, which specializes in Bitcoin (BTC) mining, states that the future of its business is promising. It is in the process of moving miners to dedicated sites and is planning to overhaul a substantial part of its infrastructure to provide high hosting performance computing services.
Core Scientific is also preparing for the incorporation of Block’s new 3-nanometer ASIC chip, which is expected to be introduced next year. According to Core Scientific CEO Adam Sullivan, this expansion will significantly boost miner refresh and hash rate growth.
Despite the company’s optimistic outlook, Core Scientific reported that it only mined 411 BTC in July, a 4.4% decrease compared to June. Additionally, the company disclosed that it sold 97% of the BTC mined in July to cover operational expenses.
Post Bankruptcy Scenario
The Texas-based Bitcoin mining company has been facing difficulties since it declared bankruptcy in 2022, a consequence of the FTX collapse. This situation led to a temporary suspension of its shares’ trading on the Nasdaq under the ticker CORZ. However, trading was later resumed after the company successfully averted closure.
Despite previous financial difficulties, Core Scientific continues to manage a robust fleet of ASIC rigs. As stated in the press release, the company had 214,000 Bitcoin miners and a total hash rate of 25.3 EH/s at the end of July, spread across seven data centers in Georgia, Kentucky, North Carolina, North Dakota, and Texas. By 2028, Core Scientific plans to increase its mining capacity by more than 50%, doubling its mining production.
