🌎 Core Scientific Sees Promising Future Despite July Production Decline

Core Scientific, having avoided bankruptcy, remains positive about its business future despite a 4.4% decline in production in July.

Crypto mining company Core Scientific says the future of its Bitcoin (BTC) mining business is promising as it relocates miners to dedicated sites and prepares to upgrade a “significant portion” of its infrastructure for high hosting performance computing services.

The company is also preparing for the integration of Block’s new 3-nanometer ASIC chip, expected next year. Core Scientific CEO Adam Sullivan mentioned that this expansion would be a “driver of significant miner refresh and hash rate growth.”

Despite the company’s positive outlook, Core Scientific reported mining only 411 BTC in July, a 4.4% decline compared to June. Additionally, the company disclosed that it had sold 97% of the BTC mined in July to cover operational costs.

The Texas-based Bitcoin mining company has been navigating challenging waters since its bankruptcy declaration in 2022, a fallout from the FTX collapse. This situation led to a temporary halt in trading of its shares on the Nasdaq under the ticker CORZ, although trading resumed after the company successfully avoided closure.

Core Scientific, despite past financial troubles, continues to operate a strong fleet of ASIC rigs. As indicated by the press release, by the end of July, the company had 214,000 Bitcoin miners and a total hash rate of 25.3 EH/s, spread across seven data centers in Georgia, Kentucky, North Carolina, North Dakota, and Texas. By 2028, Core Scientific aims to expand its mining capacity by over 50%, doubling down on its mining production.