Core Scientific Remains Bullish on Bitcoin (BTC) Mining Business Future Despite 4.4% Production Decline in July

Crypto mining company Core Scientific says the future of its Bitcoin (BTC) mining business is “bright” as it migrates miners to dedicated sites.

Bitcoin (BTC) mining company Core Scientific has reported a slight decline in its production for July, revealing that it mined 411 BTC during the month.

In its latest press update on Aug. 5, Core Scientific stated that its Bitcoin production decreased by 4.4% in July compared to June, despite the company remaining optimistic about the future of its mining business.

The company, which narrowly escaped bankruptcy earlier this year, highlighted its plans to migrate miners to dedicated sites and modify a “significant portion” of its infrastructure for high hosting performance computing services.

Core Scientific also announced its preparation for integrating Block’s new 3-nanometer ASIC chip, which is scheduled for next year. Core Scientific CEO Adam Sullivan noted that the expansion will drive “significant miner refresh and hash rate growth.”

As part of its post-bankruptcy strategy, Core Scientific aims to increase its mining capacity by over 50% by 2028, targeting double-digit mining production growth.

According to the press release, Core Scientific had 214,000 Bitcoin miners operating as of the end of July, with a total hash rate of 25.3 EH/s across seven data centers in Georgia, Kentucky, North Carolina, North Dakota, and Texas.

The company also reported selling 97% of BTC mined in July to cover operational costs, with plans to continue selling a portion of its Bitcoin production to maintain financial stability.

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