Core Scientific Q2 Mining Revenue Drop 62%, Merger Dey Pending
Core Scientific see say e Q2 Bitcoin mining money don drop 62% year-on-year go $62.4 million. Hosting money come down reach $5.6 million, and gross profit fall reach $5 million. The plan wey dem get to do all-stock merger with GPU cloud provider CoreWeave dey wait for shareholder approval and regulatory clearance. The deal na to join mining capacity and data centre operations make dem efficient. Increase for network difficulty, energy cost and BTC price wahala dey press Bitcoin mining profit margin for whole sector. Traders suppose dey watch the shareholder vote on the CoreWeave merger and any cost-cutting actions as Core Scientific dey find way to recover money and fit make mining profit better.
Neutral
Di Q2 report highlight big margin pressure dem and weak profit for Bitcoin miners, weh fit cause more BTC sales short term as company dem dey cover operational cost, weh dey press price down. But di waiting merge for CoreWeave plus planned efficiency steps fit boost how miners dem dey operate and network stability for long term, weh fit balance possible sell-offs. Overall, all this factors show say e no go affect Bitcoin price well well, traders dem suppose watch how di merge waka and di efforts to control cost for signs of future market change.