Bitcoin miner Core Scientific plans to sell more self-mined bitcoins to cover expenses, growth and debt payments.Read MoreFeedzy
Core Scientific (CORZ) sold 7,202 bitcoins (BTC) last month at an average price of $23,000 to raise about $167 million, according to a statement Tuesday.
The company said proceeds from the sales were mainly used for payments toward ASIC servers, capital investments in additional data center capacity and debt repayments. Core said it will continue to sell self-mined bitcoins to pay operating expenses, fund growth, retire debt and maintain liquidity.
“We are working to strengthen our balance sheet and enhance liquidity to meet this challenging environment, and continue to believe that we will be operating in excess of 30 EH/s in our data centers by year-end 2022,” CEO Mike Levitt said in a statement. “We remain focused on executing our plan, while taking advantage of distressed opportunities that may arise,” he added.
Core Scientific’s operations produced 1,106 bitcoins in June, about 36.9 bitcoins a day, slightly higher than in May. Bitcoin production was helped by server deployments in June, but production advances were limited by a “substantial increase in curtailment activity,” Core said in its update. Daily production rose by about 14% during the month.
Core expects to release second-quarter earnings on Aug. 11.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Bitcoin miner IREN (IREN) rose nearly 30% on Wednesday after executives said the company had…
Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech…
Bitcoin zoomed above $97,000, bringing hopes of breaching the landmark $100,000 level on social media,…
Bitcoin layer-2 network GOAT will soon let dogecoin (DOGE) users stake their tokens to earn…
There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark.…
Publicly traded bitcoin (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) miners are approaching the milestone of an aggregated…