Shares of Core Scientific, Inc. (CORZ), a leading blockchain infrastructure and data solutions provider, plummeted 5.01% on Tuesday amid challenges faced by the cryptocurrency mining industry.
The decline comes as crypto miners have been struggling to diversify their operations following Bitcoin's fourth halving in April 2024. According to reports, Core Scientific's DeepSeek subsidiary, which focuses on High-Performance Computing (HPC) solutions, has faced difficulties gaining traction on Wall Street.
The challenges faced by Core Scientific and other crypto mining companies highlight the ongoing volatility and uncertainty in the digital asset market. As miners grapple with the reduced mining rewards resulting from the halving event, their ability to adapt and explore alternative revenue streams will be crucial for their long-term sustainability.
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