Core Scientific Says It Beat Projections Thanks to Bitcoin Rally

Cryptocurrency miner Core Scientific Inc. said its financial performance has improved significantly since it filed Chapter 11 late last year — boosted by lower energy costs and higher Bitcoin prices — and is currently targeting a September exit from bankruptcy.

Core Scientific lawyer Ronit Berkovich said in a hearing Monday the company is pitching its lenders’ advisers on an updated business plan that reflects better liquidity and higher Bitcoin prices. The company anticipates submitting a bankruptcy exit plan by the middle of June.

Strong Bitcoin prices and lower electricity costs are major factors in Core Scientific outperforming its earlier financial …