Core Scientific: restructuring, machine development, and debt reduction


Core Scientific Focuses on Debt Reduction and Acquiring New Bitcoin Mining Machines

Core Scientific, recognized as one of the powerhouses in the cryptocurrency mining industry, continues to concentrate on restructuring and developing its operations following the bankruptcy process completed several months ago. After the reduction of mining rewards from 6.25 BTC to 3.125 BTC in April, the company is planning to acquire new machines to enhance the efficiency of the mining process.

Net Debt Reduction and Stock Value Growth

Core Scientific, which emerged from bankruptcy in January, has managed to reduce its net debt to $571 million. Currently, the company’s stocks are valued at $3.39, and in order to unlock $670 million in cash, the stock price would need to rise to $6.81.

Plan for Fleet Expansion Ahead of the Bitcoin Halving

Currently managing an impressive fleet of 222,000 Bitcoin miners with a total hash rate of 25.1 EH/s, Core Scientific is planning to focus on acquiring cost-effective machines before the upcoming Bitcoin halving. This strategy, coupled with reduced mining costs, is expected to bring significant profitability.

Development of AI and HPC Infrastructure and Business Expansion

Core Scientific aims to enhance its mining capacity by purchasing machines from other companies, albeit with certain limitations related to hash rate development. Furthermore, the company envisions the possibility of acquiring additional facilities in the future, but its current focus lies mainly on the modernization of its machine fleet.

It is also worth noting that Core Scientific is actively developing infrastructure related to Artificial Intelligence (AI) and High-Performance Computing (HPC), transforming less competitive facilities to offer services in these areas.

In the face of the rapidly changing cryptocurrency market, Core Scientific continues its efforts towards diversifying its operations and adapting to new trends to maintain its position as one of the leading companies in the Bitcoin mining industry.