• Core Scientific sold more bitcoin than it mined in July

  • Core Scientific (CORZ), one of the world’s largest bitcoin miners by hashrate (a measure of processing power), reported producing 1,221 bitcoins in July while selling 1,975 to cover capital and growth costs.

    According to a statement released on Friday, the miner earned a total of $44 million, or $22,000 each. Core Scientific used the proceeds from the sale to fund capital investments in data center expansion and to pay mining rig manufacturer Bitmain for the 100,000 mining rigs it purchased in 2021.

    Core Scientific stated that the remaining payments for the rigs are less than $10 million, excluding shipping and customs fees. The corporation still possesses 1,205 bitcoins and around $83 million in cash on its balance sheet.

    “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,” CEO Mike Levitt said in the statement.

    The sale comes after the miner sold 7,202 bitcoins in June for around $167 million. The company is not alone; bitcoin miners have begun to sell their mined digital assets this year in order to cover expenses during the bear market. Riot Blockchain (RIOT) just announced the sale of 275 bitcoins for $5.6 million.

    Core Scientific anticipates that it will continue to sell self-mined bitcoin in order to cover operational expenditures, fund growth, eliminate debt, and maintain liquidity.

    The miner claims to have over 195,000 mining rigs with a total hashrate of approximately 19.3 exahash per second (EH/s), the biggest mining capacity of “any listed company in North America.” Core Scientific’s business model combines self-mining with hosting for other miners.

    On Friday morning, its shares were up around 4%, exceeding some of its mining peers and bitcoin.

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