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.

AccessTimeIconJul 5, 2022 at 2:21 p.m. UTC
Updated Jul 5, 2022 at 3:17 p.m. UTC

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

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.

“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.

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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

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