As a seasoned researcher who has witnessed the highs and lows of the crypto market, I find myself intrigued by Core Scientific’s resilience and optimism. Having navigated through the stormy waters of the FTX collapse and subsequent bankruptcy declaration, their ability to bounce back and maintain a strong fleet of ASIC rigs is nothing short of impressive.
Despite a slight drop of 4.4% in production during July, Core Scientific, who avoided bankruptcy, continues to maintain a positive outlook for their business prospects.
According to Core Scientific, the outlook for their Bitcoin (BTC) mining operations appears promising as they shift mining equipment to specialized facilities and plan to upgrade a substantial part of their setup for advanced computing services aimed at high-performance hosting.
The company is preparing to incorporate Block’s upcoming 3-nanometer ASIC chip, which is set to launch next year, according to an August 5 press release. As stated by Core Scientific CEO Adam Sullivan, this expansion will serve as a major catalyst for increased miner upgrades and hashing power growth.
Although the company anticipates improved performance moving forward, Core Scientific’s Bitcoin mining output in July was just 411 coins – a decrease of 4.4% compared to June. Interestingly, they disclosed that they sold off 97% of the mined Bitcoin from July to meet operational expenses.
Post bankruptcy outlook
Since filing for bankruptcy in 2022 due to the demise of FTX, the Bitcoin mining company based in Texas has been navigating turbulent times. This predicament caused a temporary halt in the trading of its shares on Nasdaq (ticker symbol CORZ). However, trading resumed after the company managed to stave off closure successfully.
Despite facing financial difficulties in the past, Core Scientific persists in managing a robust fleet of ASIC miners. According to the recent announcement, as of late July, the company boasted 214,000 Bitcoin miners and a total hash rate of 25.3 Exahash per second (EH/s), distributed across seven data centers in Georgia, Kentucky, North Carolina, North Dakota, and Texas. Looking ahead to 2028, Core Scientific plans to significantly increase its mining capacity by more than 50%, with the goal of essentially doubling its mining output.
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2024-08-05 16:44