Mining company Core Scientific sold 7,202 BTC in June

Core Scientific said it sold 7,202 BTC worth $167 million in June to cover operating costs. At the same time, the company plans to increase its hash rate to 30 EH/s by the end of the year.

In June, Core Scientific mined 1,106 BTC. The daily “production” of bitcoins increased by 14% – from 34.8 BTC to 39.8 BTC. Last month, the company sold 7,202 BTC at an average price of $23,000 per coin for a total of $167 million. As of June 30, she owns 1,959 BTC (about $132 million).

Funds received from the sale of bitcoins were used to pay for ASIC servers, investments in additional data center capacity, and planned debt repayment. The company said that it will continue to sell mined bitcoins to pay for operating expenses, expand its operations and maintain liquidity.

Core Scientific CEO Mike Levitt said the company continued to expand data center capacity and deploy additional servers for its customers in June. As of the end of June, the company was using over 180,000 ASIC servers, which accounted for 17.9 EH/s.

The number of the company’s own servers is 103,000, with a hashrate of 10.3 Eh/s. Levitt is confident that by the end of 2022 this figure will reach 30 EH/s. In the next six months, the company expects to deploy about 70,000 additional ASIC servers for self-mining.

“The mining industry is under tremendous stress as capital markets have weakened, interest rates are rising and the economy is suffering from inflation. Our company has successfully weathered market downturns in the past, so it can handle today’s market turmoil as well. We are working on optimizing our balance sheet and increasing liquidity to withstand these challenging conditions,” Levitt said.

It should be noted that against the background of the fall of the cryptocurrency market, many miners began to turn off their outdated equipment due to unprofitability. This resulted in a 25% drop in the energy consumption of the Bitcoin network.