August was successful for Core Scientific, 1,100 BTC sold for $26M

Core Scientific, a renowned Texas-based crypto mining company, generated 1,334 BTC in August and sold 1,125 BTC of that stockpile for almost $25.9 million.

One of the top cryptocurrency mining businesses declared that August had been a very successful month for the business. It increased its self-mining hashrate during the last four weeks by putting thousands of new ASIC servers online.

“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,” a ccording to Mike Levitt, the business’s CEO. He added:

“Both our total hashrate and self-mining hashrate represent the largest operating capacity of any listed company in North America.”

Core Scientific’s growth

The level of production was likewise very high. Thanks to the installation of over 17,000 new servers in the past month, Core Scientific was able to mine 1,334 BTC. Before the end of 2022, the company’s operations are anticipated to be reinforced by an additional 43,000 self-mining ASIC servers.

By selling 1,125 BTC at an average price of $23,014 per coin in August, Core Scientific made close to $26 million. It had 1,409 BTC (about $28 million at today’s pricing) and $47.2 million in cash as of the end of the month.

When the cryptocurrency market in general and bitcoin, in particular, fell to record lows in June of this year, Core Scientific sold over 7,000 BTC for roughly $167 million, as TheCoinRise reported.

The company is one of the handfuls whose shares are traded publicly and is a heavyweight in its industry. It signed a SPAC (special purpose acquisition company) agreement for $4.3 billion with Power & Digital Infrastructure Acquisition Corp. to join NASDAQ.

In 2021, when it first joined the online market, its stock price was around $10. But due to the ongoing declining market, they dramatically decreased and now trade for roughly $2.10.