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Core Scientific Sold Over 7K Bitcoins for About $167M in June, Sees More Sales
The crypto company plans to cash in on more self-mined bitcoins to cover expenses, growth and debt payments.
Updated May 11, 2023, 5:42 p.m. Published Jul 5, 2022, 2:21 p.m.
Core Scientific (CORZ) sold 7,202 bitcoins 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.
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“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.”
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.
The company expects to release second-quarter earnings on Aug. 11.
Read more: Core Scientific Cites Crypto Market Turmoil in Lowering Its Growth Outlook
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