Seeking Alpha
2022-08-05 13:59:45

Core Scientific July bitcoin production rose 10.4% M/M with new deployments and multiple facilities

Core Scientific (NASDAQ:CORZ) self-mining operations produced 1,221 bitcoins in July (vs. 1,106 bitcoins in June); expanded its fleet of self-mining servers by 6% to 109K and increased its hashrate by 6% to 10.9 EH/s from prior month levels.Daily bitcoins produced at the end of month stood at 42 (vs. 36.9 bitcoins in prior month).During July, the company sold 1,975 bitcoins at an average price of ~$22K/bitcoin for total proceeds of ~$44M; company held 1,205 bitcoins and ~$83M in cash on its balance sheet.Bitcoin production benefitted from the deployment of ~6K net new servers during the month.As of July-end, the company operated ~195K ASIC servers, representing 19.3 EH/s, in its data centers.Currently, the company has multiple facilities operational in Texas, with significant future development planned for Texas and Oklahoma in 2022.The company expects to deploy ~60K additional self-mining ASIC servers before 2022-end; as of July month end, self-mining accounted for ~56% of the company’s total hashrate.

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