Core Scientific Announces 10% Growth in BTC Production In July

Core Scientific Inc., despite cutting down on power supply in its Texas branch several times in the month of July, has recorded a remarkable growth in Bitcoin mining for the month.

According to the announcement, the mining company produced a total of 1,221 BTCs in July, a figure that was 1,106 BTCs in June, accounting for a growth rate of approximately 10.4%.

The mining firm recorded a few developments in the month of July that aided its increased BTC production. One of which is the expansion of its mining servers. 

Prior to the month of July, the company’s fleet of mining servers was 103,000, but they are now 109,000, which accounts for an increased rate of 6%.

Also, the increased servers enabled the hashrate of the company’s BTC mining to increase from 10.3 EH/s to 10.9 EH/s. With this increased hashrate, the firm was able to produce 42 bitcoins on a daily basis, as of when the month was ending.

Furthermore, the mining firm ensured the provision of more devices and infrastructure that helps to facilitate the production of bitcoins for its customers. This is because, aside from mining BTC itself, Core Scientific also builds data center colocation services that serve customers in the bitcoin mining industry.

To ensure that it serves its customers with the best infrastructure to mine BTCs, Core Scientific launched a set of servers named BITMAIN ANTMINER S19 XP, which operates at higher speeds.

Mined Bitcoin Sales

In the previous month, Core Scientific had sold a total of 1,975 BTCs, which is more than it produced for the month, for about $44 million. 

As of the end of the month, the mining firm had a total of 1,205 BTCs in its pot, and about $83 million in cash, both reflected on its balance sheet. Profits from BTC sales will be used for capital investments.

Commenting on the statement, the CEO of the BTC mining firm, Mike Levitt said that the company launched “14,000 new ASIC servers” in the month. A feat that contributed to its increased mining rate.

More miners have been facing significant headwinds lately, however, the majority have turned out to be more profitable overall. One of these is Argo Blockchain, but the coins the firm mined were sold and used to service its debts.