Core Scientific Confirms Sale of 1100 Bitcoin in August, What Was Its Impact?
While the current quarter in the crypto market has been bad for many companies as Bitcoin fell, it has been successful for some. Core Scientific has proven that market downturns can be beneficial if the right opportunity is identified.
The US-based crypto mining company produced 1,334 BTC in August and sold over 1,125 Bitcoin for approximately $25.9 million.
According to Core Scientific’s production and operations updates from August, it operated 25,451 ASIC servers for co-location and self-mining. Data also shows that the hash rate produced was approximately 21.54EH/s (hash rate per second).
Core Scientific confirmed that August was very successful for the firm. It increased its self-mining hashrate by using thousands of new ASIC servers.
Core Scientific Mints 1,334 Bitcoin via 17,000 New Servers
The firm’s CEO, Mike Levitt, said their total hash rate and self-mining hash rate are the largest operating capacity of a publicly traded company in North America.
The firm revealed that it deployed around 17,000 new ASIC servers in August. The massive deployment resulted in the generation of 1,334 Bitcoin. The company stated its plan to deploy 43,000 ASIC servers before the end of 2022.
In August, Core Scientific got about $26 million by selling 1,125 BTC at an average price of $23,014 per coin. At the end of August, it had 1,409 BTC, which is about $28 million at today’s market price and about $47.2 million in cash.
Core Scientific is among the largest publicly traded data center providers for blockchain data and digital asset miners in North America. The company has been operating data centers for blockchain computing since 2017. It uses its facilities and intellectual property portfolio for co-located digital asset mining and self-mining.
To enter the National Association of Securities Dealers Automated Quotation (NASDAQ), it entered into a $4.3 billion SPAC (Special Purpose Acquisition Company) deal with Power and Digital Infrastructure Acquisition Corp.
CORZ shares fall 85% during the bear market
In 2021, when Core Scientific joined the global online marketplace, its shares (CORZ) were around $10. Recently, due to the bear market, the stock value fell. According to Yahoo Finance, CORZ shares traded at $14.32 but dipped to $2.09 on November 15.
The more than 85% drop in CORZ shares followed Bitcoin’s 70% price drop. Following the price chart, Bitcoin price went down from $63,557 on November 15, 2021 to $18,767.
In August, Core Scientific is said to have severely cracked down on Texas and other data center operations. This reduced the energy grid in August to 11,057 megawatt hours.
The company’s data center facilities in Georgia, Kentucky, North Carolina and North Dakota are still operating at full capacity. It is still building additional capacity in Texas.
Featured image from Pixabay, charts TradingView.com
