Core Scientific Sold 1,975 Bitcoin For $44 Million

  • Bitcoin (BTC) mining firm, Core Scientific, has sold a whopping 1,975 BTC for around $44 million, each at an average price of $44 million.
  • The firm also confirmed that it produced around 1,221 BTC in July and also deployed its first BITMAIN ANTMINER S19 XPs in the United States.

Core Scientific, a Bitcoin mining firm, announced its production and operational updates for July 2022, confirming that it had deployed 14,000 new ASIC servers in July while adding that these deployments increased its total hashrate to approximately 19.3 EH/s.

This makes the firm one of the largest publicly traded blockchain data center providers and miners of digital assets in North America. Additionally, the mining firm has been expanding its operations following the crypto market boom of 2021.

However, in the recent times, the world’s biggest cryptocurrency Bitcoin (BTC) has turned bearish and it seems that Core Scientific had something to do with it as well. According to the press statement released by the firm, it’s self-mining operations produced 1,221 bitcoins in July.

Thereafter, the firm has sold 1,975 bitcoins at an average price of approximately $22,000 per bitcoin for total proceeds of approximately $44 million and as of July 31, 2022, it holds around 1,205 bitcoins and approximately $83 million in cash on its balance sheet.

The leading cryptocurrency hasn’t been able to breach the resistance at the $24K price level in the last few months and it seems that miners have been increasingly selling their cryptocurrencies as well.

“In addition, we signed new colocation agreements with customers that should, once the servers are deployed later this year, generate approximately $50 million in annual revenue. During the month of July, we continued to enhance liquidity, strengthen our balance sheet, streamline our organization and make further progress toward achieving our 2022 operating objectives,”

said Mike Levitt, Core Scientific Chief Executive Officer.

Core Scientific also confirmed that there are multiple facilities operational in Texas while there are also plans of expanding in Texas and Oklahoma in 2022.

There are additional plans of expansion when it comes to its self-mining capabilities as Core Scientific has increased it’s self-mining servers by 6%, from approximately 103,000 to 109,000 followed by a surge in the hashrate by 6%, from 10.3 EH/s to 10.9 EH/s over the prior month.

“The Company’s fleet of ASIC servers produced 10.9 EH/s and 42 bitcoins per day at month end. The Company expects to deploy approximately 60,000 additional self-mining ASIC servers before the end of 2022. As of July month end, self-mining accounted for approximately 56% of the Company’s total hashrate,”

added the firm.
Parth Dubey Verified

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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