Core Scientific Inc. (NASDAQ:CORZ), one of the world’s biggest Bitcoin (CRYPTO: BTC) mining companies, would remember 2024 as a turnaround year.
The firm exited Chapter 11 bankruptcy in January and relisted its shares on Wall Street. Since making a comeback, the company’s stock has surged nearly 260%.
The resurgence was largely fueled by a recovery in Bitcoin’s price, which had fallen to $16,000 when the company declared bankruptcy in December 2022. Since the recovery, the company has pivoted to a high-performance computing (HPC) model, servicing data center demand for artificial intelligence applications.
Benzinga talked to Adam Sullivan, the company’s CEO, about its strategy and the evolving dynamics of the industry in the U.S.
Halving Woes And The Pivot To AI
Sullivan acknowledged the industry’s pains, especially after the April halving, that slashed block rewards, a major component of mining revenue, by 50%.
The top executive disclosed that the company’s post-halving strategy, …
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