Bitcoin miner Core Scientific positive on future despite recent production drop

Core Scientific, which has been on the verge of bankruptcy, remains optimistic about its commercial future despite a 4.4% drop in production in July.

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

The company is also preparing for the integration of Block’s new 3-nanometer ASIC chip, which is scheduled for next year, according to a press release dated August 5. Core Scientific CEO Adam Sullivan emphasized that the expansion will act as a “driver of significant miner refresh and hashrate growth.”

Despite the company’s optimistic view of its future performance, Core Scientific reported that only 411 BTC were mined in July, representing a 4.4% decrease compared to June. The company also revealed that it sold 97% of the BTC mined in July to cover operational costs.

Post-bankruptcy outlook

The Texas-based Bitcoin mining company has been navigating rough waters since its bankruptcy declaration in 2022, as a result of the FTX crash. This led to a temporary halt in trading of its shares on the Nasdaq under the ticker CORZ, although trading later resumed after the company successfully avoided the shutdown.

Despite past financial difficulties, Core Scientific continues to operate a robust fleet of ASIC rigs. As of the end of July, the company had 214,000 Bitcoin miners and a combined hashrate of 25.3 EH/s spread across seven data centers in Georgia, Kentucky, North Carolina, North Dakota, and Texas, according to the press release. Core Scientific aims to expand mining capacity by over 50% and double mining throughput by 2028.