Mining company Core Scientific sold 7 202 BTC – Bits Media

Core Scientific reported, that I sold in June 7 202 BTC for the amount $167 million to cover operating costs. At the same time, the company plans to increase its hashrate to 30 Eh / s.

In June, Core Scientific mined 1 106 BTC. Daily Bitcoin production increased by 14% - with 34.8 BTC up to 39.8 BTC. Last month the company sold 7 202 BTC at average price $23 000 for a coin, having gained a total of $167 million. As a result, bitcoin reserves on the company’s balance sheet decreased by 79%. As of 30 june, is in her possession 1 959 BTC (about $132 million).

Means, 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 reported, that will continue to sell mined bitcoins to pay operating costs, expanding its activities and maintaining liquidity.

Core Scientific CEO Mike Levitt (Mike Levitt) reported, that in June the company continued to increase the capacity of data centers and deploy additional servers for its clients. As of end of June, the company used more 180 000 ASIC servers, which had to 17.9 Mother / s.

The number of the company's own servers is 103 000, with hashrate 10.3 Eh / s. Levitt is confident, what to the end 2022 this figure will reach 30 Eh / s. In the next six months, the company expects to deploy approximately 70 000 additional ASIC servers for independent mining.

“The mining industry is under enormous stress, as capital markets have weakened, interest rates are rising, and the economy suffers from inflation. Our company has successfully weathered market downturns in the past., therefore, it is able to withstand the current market turmoil. We are working to optimize our balance sheet and increase liquidity, to survive in these difficult conditions", – Levitt said.

Note, that against the background of the fall of the cryptocurrency market, many miners began to turn off their outdated equipment due to unprofitability. This led to, that the energy consumption of the Bitcoin network has decreased by 25%.