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Core Scientific, having sidestepped bankruptcy, remains optimistic about its business future despite a 4.4% decline in production in July.
Crypto mining company <a href="https://crypto.news/tag/core-scientific/" target="_blank" rel="noopener noreferrer nofollow">Core Scientific</a> says the future of its Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) mining business is “bright” as it migrates miners to dedicated sites and prepares to modify a “significant portion” of its infrastructure for high hosting performance computing services.
The company is also gearing up for the integration of Block’s new 3-nanometer ASIC chip, slated for next year, per an. Aug. 5 <a href="https://www.businesswire.com/news/home/20240805137412/en/Core-Scientific-Announces-July-2024-Production-and-Operations-Updates" target="_blank" rel="noopener noreferrer nofollow">press release</a>. Core Scientific CEO Adam Sullivan highlighted the expansion would act as a “driver of significant miner refresh and hash rate growth.”
Despite the company’s optimistic view on its future performance, Core Scientific reported only 411 BTC mined in July, representing a 4.4% decline compared to June. The company also revealed that it had sold 97% of BTC mined in July to cover operational costs.
<h2 class="wp-block-heading" id="post-bankruptcy-outlook">Post bankruptcy outlook</h2>
The Texas-based Bitcoin mining company has been navigating challenging waters since its <a href="https://crypto.news/breaking-core-scientific-files-for-bankruptcy-while-generating-positive-cash-flow/" target="_blank" rel="noopener noreferrer nofollow">bankruptcy declaration</a> in 2022, a fallout from the <a href="https://crypto.news/tag/ftx/" target="_blank" rel="noopener noreferrer nofollow">FTX</a> collapse. The situation led to a temporary halt in trading of its shares on the Nasdaq under the ticker CORZ, although trading was later <a href="https://crypto.news/core-scientific-returns-to-nasdaq-following-restructuring-after-2022-bankruptcy/" target="_blank" rel="noopener noreferrer nofollow">resumed</a> following the company’s successful avoidance of closure.
Core Scientific, despite past financial troubles, continues to operate a strong fleet of ASIC rigs. As indicated by the press release, as of end-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. 
Read more: <a href="https://crypto.news/bitcoin-core-scientific-declines-1-billion-buyout/" rel="noopener noreferrer nofollow"> Bitcoin miner Core Scientific declines $1b buyout offer </a>

Bitcoin miner Core Scientific positive on future despite recent production drop

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