Mining firm Core Scientific sold 7,202 BTC units in June

The leading blockchain data center and Bitcoin mining firm Core Scientific has recently shared production and operational updates for June 2022 with the crypto community.

According to the announcement, the company sold 7,202 Bitcoins during June with an average price of around $23,000 per bitcoin. The proceeds from sale totaled around $167 million for the Bitcoin mining company.

Core Scientific holds 1,959 BTC with massive plans for 2022

Moreover, the update also reveals that Core Scientific held 1,959 Bitcoins and around $132 million in cash on its balance sheet as of June 30, 2022. It has powered down some part of its data center operations for 2,472 megawatt-hours. 

The majority of the money made from bitcoin sales in June went toward purchasing ASIC servers, making capital investments to expand data centers, and repaying debt on schedule. The report reveals that it will keep on selling its own-mined bitcoins to cover costs, finance expansion, pay off debt, and maintain liquidity.

Averaging 36.9 bitcoins per day, Core Scientific’s self-mining operations generated 1,106 bitcoins in June, a modest rise from the previous month. Additionally, from 34.8 bitcoins on June 1 to 39.8 bitcoins on June 30, daily production climbed by about 14% in June.

The CEO Mike Levitt said that the company continued to add data center capacity, grow its self-mining assets, and deploy additional colocated ASIC servers throughout the month. He added:

“Our industry is enduring tremendous stress as capital markets have weakened, interest rates are rising, and the economy deals with historical inflation. Our company has successfully endured downturns in the past, and we are confident in our ability to navigate the current market turmoil.”

Moreover, Core Scientific will update its shareholders in more detail via a scheduled earnings conference call on August 11. It aims to operate in excess of 30 EH/s in its data centers by the end of this year. The company reveals that it has massive future development plans for Texas and Oklahoma in 2022.

Several mining companies have started expanding their operations in recent days. As TheCoinRise reported in April, the mining giant Marathon moved the Montana mining facility to become carbon-neutral. In the same month, the startup PrimeBlock announced going public in the United States.