Core Scientific Earns $25.9 Million From Selling 1125 BTC In August

The Texas-based cryptocurrency mining firm – Core Scientific – produced 1,334 BTC in August and sold 1,125 BTC of that stash for approximately $25.9 million. In the past four weeks, it increased its self-mining hashrate by deploying thousands of new ASIC servers.

In August, US cryptocurrency miner Core Scientific generated 1,334 BTC, of which 1,125 BTC were sold for almost $26 million.

One of the top cryptocurrency mining businesses declared that August had been a very successful month for the business. It increased its self-mining hashrate during the last four weeks by putting thousands of new ASIC servers online.

“Self-mining and colocation activities continued to grow in August. We deployed more than 25,000 new ASIC servers in August, increasing our total hashrate to over 21 EH/s. Both our total hashrate and self-mining hashrate represent the largest operating capacity of any listed company in North America,”

Mike Levitt – CEO of the organization said

The level of production was likewise very high. Thanks to the installation of over 17,000 new servers in the past month, Core Scientific was able to mine 1,334 BTC. Before the end of 2022, the company’s operations are anticipated to be strengthened by an additional 43,000 self-mining ASIC servers.

By selling 1,125 BTC at an average price of $23,014 per coin in August, Core Scientific made close to $26 million. It had 1,409 BTC (about $28 million at today’s pricing) and $47.2 million in cash as of the end of the month.

The company is one of the handful whose shares are traded publicly and is a titan in its industry. It signed a SPAC (special purpose acquisition company) agreement for $4.3 billion with Power & Digital Infrastructure Acquisition Corp. to join NASDAQ.

In June this year, when the crypto market and bitcoin particularly dipped to record lows in years, Core Scientific parted with over 7,000 BTC for around $167 million.

In 2021, when it first joined the online market, its stock price was around $10. But because of the prolonged bad market, they dramatically decreased and now trade for roughly $2.10.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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