Core Scientific: A Buy On Leading Bitcoin Production Numbers

Core Scientific: A Buy On Leading Bitcoin Production Numbers


Seeking Alpha
2022-08-11 18:21:33

Core Scientific is leading the industry in Bitcoin production and does not look set to slow down.The upcoming earnings report should provide investors with valuable insights on production costs and future plans with respect to selling tokens.Investors will also want to pay keen attention to energy costs which have become a major talking point for other miners.Core Scientific (CORZ) is a leading operator in the Bitcoin (BTC-USD) mining space. The company became known for its aggressive approach to developing and deploying its Bitcoin mining fleet. Core, like most Bitcoin mining companies, has seen dramatic selling activity since its IPO in early 2022 due to the crypto bear market. This aggressive selling has now presented investors with an interesting opportunity. Core scientific is dominating production figures across the mining industry but has a market cap of roughly $1 billion at current prices. Today we will take a look at Core Scientific's recent events and discuss what investors can expect going forward from the company.Before we get started, I have made a crypto 'cheat sheet' that documents the important terms for newbie crypto investors. The sheet can be found here.Production UpdateCore's main product is Bitcoin which accounts for roughly 69% of its revenue. It also provides hosting services that accounted for 17% of revenue in the last quarter, with the remainder being equipment sales that should only provide a tempor...