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Core Scientific, a publicly listed Bitcoin miner, suffered another net loss on its Bitcoin assets last month.
In July, the company sold 1,975 coins at an average price of $22,000 per Bitcoin, generating $44 million in revenue, according to a Friday corporate release. In the meanwhile, just 1,221 coins were extracted.
On July 31, only 1,205 Bitcoin and $83 million in cash remained on Core Scientific's balance sheet.
“The majority of the proceeds from bitcoin sales in July were utilized to fund capital investments linked to expanding data center capacity,” the business added. It also reduced its debt to Bitmain, a producer of mining servers, for a 2021 purchase of 100,000 ASIC servers — the specialized computers necessary to mine Bitcoin competitively.
Less than $10 million in outstanding ASIC-related payments remain.
Although the selloff has reduced Core Scientific’s overall Bitcoin holdings, it represents a slight loss compared to the previous month. As Bitcoin’s price plummeted below $30,000 in June, the company sold a massive 7,202 coins for $165 million to “increase liquidity.” Meanwhile, just 1,106 coins were made.
Due to the current market, numerous crypto mining businesses have liquidated their Bitcoin holdings.
Additionally, Core Scientific has continued to expand operations. The business delivered an additional 14,000 ASIC servers in July, bringing its hash rate capacity to 19.3 exahashes per second (EH/s) – the highest degree of any publicly traded company in North America. This equates to 19,3 quintillion hashes per second, or around one-tenth of Bitcoin’s overall hash rate, according to statistics from Blockchain.com.
Approximately 44% of the company’s total hash rate was generated via colocation services, in which clients rent ASICs in Core Scientific’s data centers. In July, the business entered into colocation agreements with clients that are anticipated to produce $50 million in yearly revenue.
Core Scientific was one of the industrial-scale miners who suspended operations in Texas to preserve the power system at the beginning of last month due to an extreme heatwave. The company alone reduced 8,157 megawatt-hours.
As part of Texas’s demand response scheme for Bitcoin miners, certain companies, such as Riot Blockchain, were reimbursed monetarily for their curtailment actions. It made $9.5 million, which was greater than the value of all of the Bitcoin it self-mined in July. Core Scientific never mentioned getting such remuneration.