Miner that contributes 10% of the Bitcoin hashrate sells thousands of BTC

Key facts:
  • Core Scientific does not skimp on continuing to sell bitcoins to maintain its operations.

  • The company sold about 85% of its bitcoin holdings to finance its mining activity.

The Bitcoin mining company Core Scientific reported on Tuesday that they sold more than 7,200 bitcoins (BTC) during the month of June. As he explained, those funds were used to finance operations and pay other commitments.

In its monthly update, the company said that he sold 7,202 BTC at a price of $23,000 per coin, generating revenue of $167 million. The subtraction left the company with just 1,959 bitcoins and $132 million in cash on the balance sheet.

“Proceeds from bitcoin sales in June were primarily used for ASIC server payments, capital investments in additional data center capacity, and scheduled debt repayment,” US-based Core Scientifc said.

“The company will continue to sell self-mined bitcoins to pay operating expenses, finance growth, pay off debt and maintain liquidity,” he coined.

The Bitcoin mining industry “is under tremendous stress,” as Mike Levitt, CEO of Core Scientific, put it. as capital markets have weakened, interest rates are rising, and the economy faces historic inflationaccording to Levitt.

But it does not mean a capitulation of this mining company in the face of the crisis. In fact, he explained that his estimates of operability at the end of the year still stand. It expects to have about 30 EH/s of computing power, generated by at least 70,000 computers. Bitcoin mining ASICs that will be added to the current fleet of 180,000 computers, which already generate more than 17.9 EH/s, about 10% of the global Bitcoin hashrate.

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“We are working to strengthen our balance sheet and improve liquidity to meet this challenging environment, and continue to believe we will be operating at 30+ EH/s in our data centers by the end of 2022,” Levitt said.

About mining operations, the company reported that 1,106 bitcoins were generated in June, with an average of 36.9 bitcoins per day. This, he explains, represents “a slight increase” of 14% over the previous month. Additionally, he said production “benefited from server deployments during the month.”

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