The crypto mining firm Core Scientific’s production and operational updates for June reveal that it sold 7,202 bitcoins for a total of approximately $167 million to pay operating expenses and maintain liquidity.
While the company produced 1,106 bitcoins in June, averaging 36.9 bitcoins per day, it held 1,959 bitcoins as of June 30 after selling 7,202 bitcoins at an average price of about $23,000 per bitcoin.
It used the proceeds from the crypto sale to purchase ASIC servers, pay down debt, and expand data center capacity.
“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. We remain focused on executing our plan, while taking advantage of distressed opportunities that may arise,” Core Scientific CEO Mike Levitt said.
Other updates included running a self-mining fleet of approximately 103,000 ASIC servers, producing 10.3 EH/s, and increasing daily bitcoin production by approximately 14% from 34.8 bitcoins on June 1 to 39.8 bitcoins on June 30.
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Amidst the market conditions, Core Scientific expects to deploy another 70,000 new self-mining ASIC servers over the next six months and has already paid 90% of the cost for these.
