One of the most significant businesses mining Bitcoin (BTC) is still positive about the future, even though it is moving to dedicated mining sites and getting ready for a major infrastructure overhaul for high-performance computing services. There is good news for the company because they are planning to use Block’s new 3-nanometer ASIC chip, which will help miner restarts and hash rate growth, according to a press release released today.
Chief Executive Officer Adam Sullivan stressed that adding new technology will help the company grow by improving its mining skills and setting it up for better performance. Recent numbers show that output is going down. For example, Core Scientific mined 411 BTC in July, which is 4.4% less than the previous month. The company said it sold 97% of the bitcoin it mined during the same time period to meet its operating costs.
Core Scientific Overcomes Challenges
Core Scientific, which is based in Texas, has had a lot of problems since it filed for bankruptcy in 2022 because of the fall of FTX. Because the company was having money problems, its Nasdaq trade under the ticker CORZ was temporarily stopped. But trade started up again after the company got through its money problems and avoided going out of business.
Core Scientific still manages a strong fleet of ASIC miners, despite these failures in the past. The company had 214,000 bitcoin miners in seven data centers in Georgia, Kentucky, North Carolina, North Dakota, and Texas as of the end of July. These centers had a total hash rate of 25.3 EH/s. Looking ahead, Core Scientific plans to double its mining output by 2028 by increasing its mining capacity by more than 50%.
The fact that the company is always adapting to new technologies and better infrastructure shows how serious it is about staying ahead in the competitive Bitcoin mining business.
