Core Scientific - PR newswire

US Core Scientific Sold Over 1,100 BTC in August for $26 Million

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US Core Scientific Sold Over 1,100 BTC in August for $26 Million:

Core Scientific, a Texas-based cryptocurrency mining firm, produced 1,334 BTC in August and sold 1,125 BTC of that stash for approximately $25.9 million.

Core Scientific - PR newswire
Core Scientific – PR newswire

In June this year, when the crypto market saw a stumbling dip, Core Scientific parted with over 7,000 BTC for around $167 million.

However, in August, the firm announced that this month has been a highly successful month.

In the past few weeks, it increased its self-mining hashrate by deploying thousands of new ASIC servers.

Mike Levitt, the CEO of the mining firm said:

“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.”

Production also saw an uptrend for the firm.

Last month, Core Scientific mined 1,334 BTC linking to the deployment of approximately 17,000 new servers.

Additional 43,000 self-mining ASIC servers are expected to be inclined in the company’s operations before the end of 2022.

In August, Core Scientific generated nearly $26 million from the sale of 1,125 BTC at an average price of $23,014 per coin.

As of the end of the month, it held 1,409 BTC (nearly $28 million calculated at today’s prices) and approximately $47.2 million in cash.

Core scientific is a leading giant in it’s field, and one of the few whose shares are publicly traded.

To enter NASDAQ, it struck a $4.3 billion SPAC (special purpose acquisition company) deal with Power & Digital Infrastructure Acquisition Corp.

Sequel to joining the online global marketplace in 2021, its stocks were hovering around $10.

But because of the trending bear market, stock price dropped significantly and currently trade around $2.10.

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