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Core Scientific: A Solid Bitcoin Mining Play

Core Scientific: A Solid Bitcoin Mining Play


Seeking Alpha
2022-10-11 18:39:44
Core Scientific: A Solid Bitcoin Mining Play

SummaryCore Scientific has more than enough sales and access to capital to endure the temporary downturn in Bitcoin prices.By the end of 2022, the company projects it should produce around 2,000 Bitcoins monthly.After cost-cutting efforts, the company is very well-positioned to be profitable once the price of Bitcoin reverses direction and takes off again.The effect of the policies of the Federal Reserve on CORZ over the next six months or so.Even though Core Scientific (CORZ) decided to sell off a lot of its Bitcoin holdings over the last several months, it is still positioned well for when the price of Bitcoin returns to its upward growth trajectory.Much of that is attributed to its reluctance to take on more debt, cost-cutting measures, access to capital, and its highly successful production performance which is projected to reach approximately 2,000 Bitcoins per day by the end of 2022, according to management.With the share price of CORZ collapsing throughout 2022, the risk/reward dynamic is very favorable for investors taking a position at this time or averaging down to lower their cost basis.In this article, we'll look at the various factors that make CORZ a good speculative play for investors over the long haul.Recent production performanceIn its latest release, CORZ reported it mined 1,213 Bitcoin in September, a 9 percent decline from the prior month.CEO Mike Levitt said the drop in the number of Bitcoin mined was rel...

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