Tuesday, October 4, 2022
HomeTechnologyCore Scientific Sold Over 1,100 BTC in August for $26 Million

Core Scientific Sold Over 1,100 BTC in August for $26 Million



The Texas-based cryptocurrency mining firm – Core Scientific – produced 1,334 BTC in August and sold 1,125 BTC of that stash for approximately $25.9 million.

In June this year, when the crypto market and bitcoin particularly dipped to record lows in years, Core Scientific parted with over 7,000 BTC for around $167 million.

  • One of the leading crypto mining companies announced that August had been a highly successful month for the firm. In the past four weeks, it increased its self-mining hashrate by deploying thousands of new ASIC servers.

“Self-mining and colocation activities continued to grow in August. We deployed more than 25,000 new ASIC servers in August, increasing our total hashrate to over 21 EH/s. Both our total hashrate and self-mining hashrate represent the largest operating capacity of any listed company in North America,” said Mike Levitt – CEO of the organization.

  • Production was also on a high level. Last month, Core Scientific mined 1,334 BTC thanks to the deployment of approximately 17,000 new servers. Additional 43,000 self-mining ASIC servers are expected to reinforce the company’s operations before the end of 2022.
  • In August, Core Scientific generated nearly $26 million by selling 1,125 BTC at an average price of $23,014 per coin. As of the end of the month, it held 1,409 BTC (nearly $28 million calculated at today’s prices) and approximately $47.2 million in cash.
  • The entity is among the giants and its field and one of the few whose shares are publicly traded. To enter NASDAQ, it struck a $4.3 billion SPAC (special purpose acquisition company) deal with Power & Digital Infrastructure Acquisition Corp.
  • Upon joining the online global marketplace in 2021, its stocks were hovering around $10. Due to the ongoing bear market, though, they dropped significantly and currently trade at about $2.10.
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