Core Scientific continues selling Bitcoin in July

The mining firm sold 1975 Bitcoin after selling over 7000 the month before.
Core Scientific continues selling Bitcoin in July

Publicly listed mining firm Core Scientific (NASDAQ:CORZ) yesterday posted a net loss on its overall holding for the month of July.

The leading Bitcoin mining company by hashrate mined 1,221 coins and sold 1,975 coins at an average price of $22,000, amounting to $44 million, as per the company’s update. After this, it still holds 1,205 Bitcoins and $83 million in cash on the balance sheet.

The company previously sold over 7,000 Bitcoin in June for ASCI server maintenance, debt repayments, and investments in additional data-center capacity.

“During the month of July, we continued to enhance liquidity, strengthen our balance sheet, streamline our organization and make further progress toward achieving our 2022 operating objectives,”

said the company.

Core Scientific used the cash for growth and working capital expenses primarily to increase the data center capacity and to pay off some of its debt incurred in 2021 for an order of 100,000 ASCI servers from China-based mining server manufacturer Bitmain. Its outstanding debt stood at less than $10 million.

“We deployed 14,000 new ASIC servers in July. These deployments increased our total hashrate to approximately 19.3 EH/s, representing the largest operating capacity of any listed company in North America,”

said Mike Levitt, CEO of Core Scientific.

The miner also offloaded 7,202 bitcoins in June to raise approximately $167 million. Moving forward, it expects to continue selling its assets gained through mining to fund operations, reduce debt, and maintain liquidity.

Core Scientific isn’t the only miner engaged in selling off self-mined coins. Several mining firms, including Riot Blockchain and Bitfarms, have been following the same trend for similar reasons.

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James Satoshi
James Satoshi
James is a leader in Web3, NFTs, & DeFi with over 4 years of experience in the industry. You'll spot him covering all topics through-out Coinmash in our guides and analysis sections.