Core Scientific Sold More Bitcoin in July Than It Mined




  • In Business
  • 2022-08-05 14:12:57Z
  • By CoinDesk
 

Core Scientific (CORZ), one of the largest bitcoin miners by hashrate produced 1,221 bitcoins in July while selling 1,975 to pay for capital and growth expenses.

The miner received a total of $44 million, or $22,000 each, according to a statement published Friday. Core used the cash from the sale for capital investments related to increasing data center capacity and to pay Bitmain for the 100,000 mining rigs ordered in 2021.

Core said it has less than $10 million in payments remaining for the rigs, excluding shipping and customs charges. The company still holds 1,205 bitcoins and approximately $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 offloaded 7,202 bitcoins in June to raise about $167 million. The company is not alone as bitcoin miners have started to sell their mined digital assets this year to pay for expenses during the bear market. Most recently, peer Riot Blockchain (RIOT) said it sold 275 bitcoins in July, generating $5.6 million.

Core expects to continue selling self-mined bitcoins to pay operating expenses, fund growth, retire debt and maintain liquidity.

The miner said it has about 195,000 mining rigs with total hashrate of about 19.3 exahash per second (EH/s), which it says is the largest mining capacity of "any listed company in North America." Core's operation is a blend of self mining and hosting for other miners.

The shares of the mining company are about 4% on Friday, outperforming some of the mining peers and the price of bitcoin.

COMMENTS

More Related News

Clover Health Reports Second Quarter 2022 Financial Results
Clover Health Reports Second Quarter 2022 Financial Results

Second quarter total revenue was $846.7 million compared to $412.5 million in second quarter 2021 Lives under Clover Management grew to ~255,000 from...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • dark web links
    (2022-08-05 18:18:21Z)

    Most of the free sites have limited features and if you want to see more information on the site, you will be asked to pay a fee. The legitimate sites usually allow you to read the fine print and make sure you know what you are getting.

    REPLY
  • deep web
    (2022-08-05 19:05:44Z)

    The dark web is much more than just a bunch of unproductive websites though. There are actually thousands of these dark web sites on the Internet at any given time and they are creating a growing market for people who design dark web sites.

    REPLY
  • dark web links
    (2022-08-05 19:43:02Z)

    It is important that you always remember that the purpose of a web site is to sell products and that it is the buyer's burden to determine if a product can be delivered online or if a buyer should pass.

    REPLY
  • dark web sites
    (2022-08-05 20:03:02Z)

    In most cases, you will not have to pay for any services that are offered in this area. This means that your costs for building a blog are limited to your time and ingenuity.

    REPLY
  • dark web
    (2022-08-05 20:25:41Z)

    As a result, the innocent owners of sites are left vulnerable to credit card fraud. These dark web links can lead to compromised websites and can result in loss of funds.

    REPLY
  • work from home jobs
    (2022-08-05 20:56:24Z)

    Once you have created your website and you feel that you have done enough to attract visitors then you are ready to promote your website. There are a number of ways that you can promote your site including article marketing, social networking, PPC and even Pay Per Click campaigns.

    REPLY
  • affiliate marketing success
    (2022-08-05 21:07:53Z)

    This is important because many times a site will have more links from other good sites than it does from bad ones. This means the site is getting more hits, but those are not necessarily quality hits.

    REPLY

Top News: Business