Mining company Core Scientific sold 7,202 BTC in June

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Core Scientific reported that in Junesold 7,202 BTC for $167 million to cover operating costs. At the same time, the company plans to increase its hashrate to 30 EH/s by the end of the year.

In June, Core Scientific mined 1,106 BTC.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, generating a total of $167 million. As a result, the company's bitcoin reserves on its balance sheet decreased by 79%. As of June 30, she owns 1,959 BTC (about $132 million).

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

Core Scientific CEO MikeMike Levitt said that in June the company continued to increase data center capacity and deploy additional servers for its customers. As of the end of June, the company was using more than 180,000 ASIC servers, accounting for 17.9 EH/s. 

Number of company's own servershas 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. Over the next six months, the company expects to deploy approximately 70,000 additional ASIC servers for self-mining.

“The mining industry is experiencing a hugestress as capital markets weaken, interest rates rise, and the economy suffers from inflation. Our company has successfully weathered market downturns in the past, so it can withstand the current market turmoil. We are working to optimize our balance sheet and enhance liquidity to help us navigate this challenging environment,” Levitt said.

Note that against the backdrop of the fall in cryptocurrencymarket, many miners began to turn off their outdated equipment due to unprofitability. This caused the Bitcoin network's energy consumption to drop by 25%.