Core Scientific Increased Bitcoin Production By 10% In July

In July, the miner Core Scientific reported that it “completely closed its Texas mining center operations under some circumstances” to support the state’s grid operator.

Cryptocurrency mining company Core Scientific reported its operations generated 1,221 Bitcoin (BTC) in July even as the company shut down operations several times due to high demand on the Texas grid.

In an announcement Friday, Core Scientific said its monthly Bitcoin production has increased from 1,106 in June to 1,221 in July — about 10.4%.

The company reportedly cut operations “due to extreme heat at many mining centers” but also increased the number of miners and hash rate by 6%, to 109,000 and 10.9 exahashes per second (EH/s).

According to Core Scientific, the company “entirely cut off power” to its Texas mining center operations in July at the request of the Electrical Reliability Council of Texas (ERCOT), the state’s power grid regulator. The company reportedly cut its electricity demand by 8,157 megawatt-hours (MWh).

Residents in many parts of Texas experienced consecutive days with temperatures above 100 degrees Fahrenheit in July, with ERCOT forecasting electricity demand could outpace existing supply.

Riot Blockchain, which also organizes mining operations in Texas, reported a 24% drop in BTC output from June to July, from 421 to 318. According to CEO Jason Les, the company cut operating 11,717 MWh.

In July, Core Scientific CEO Mike Levitt said that the company planned to expand its mining center storage capacity by 75 MW, aiming to reach a hash rate of 30 EH/s by the end of 2022.

As of July 31, the company reportedly held 1,205 BTC worth around $28 million at press time, having sold over 7,000 BTC for $167 million in June and 1,975 BTC for $44 million in July. The mining company plans to release its Q2 2022 revenue report on August 11.

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