Core Scientific Mined 10.4% More Bitcoin in July Despite Outages
The company independently mined 1,221 BTC, which is 10.4% more than in June. Although the company has reduced capacity due to extreme temperatures in Texas, it has also deployed a total of 6,000 new self-mining machines. In July, Core Scientific sold 1975 BTC, generating revenue of about $44 million, which the company partially used to pay for the Bitmain ASIC order.
In July, the reduction periods amounted to 8,157 megawatt-hours.
Earlier this week, rival miner Riot Blockchain also announced that it had reduced capacity by 11,717 megawatt hours in July. At the same time, the company said that in July 2022 it produced 318 bitcoins, which is 28% less than in July 2021.
Core Scientific also sold 1,975 BTC in July, earning about $44 million at an average price of $22,000 per bitcoin. According to a statement released on Friday, the company used these funds to expand capacity at its sites and to pay for an order for 100,000 ASICs that it placed with Bitmain in 2021.
In June, the mining company sold 7,202 bitcoins, which at that time accounted for most of its bitcoin reserves.
"Core Scientific will continue to sell self-mined bitcoins to pay operating expenses, finance growth, repay debt and maintain liquidity," the company said in a statement.
The company also announced that it has deployed a total of 6,000 new machines for self-mining. At the end of the month, Core Scientific had 195,000 miners with a total hashrate of 19.3 hash per second (EH/s) - both for independent mining and hosting. The hashrate of independent mining was 10.9 EH/s.
Last month, Core Scientific signed co-location agreements that will generate revenue of $50 million per month after the deployment of miners later this year.
https://coin-signal.com/cryptonews/core-scientific-mined-10-4-more-bitcoin-in-july-despite-outages/
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