BitcoinBusiness

Core Scientific Sold the Majority of Its Bitcoin Holdings

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Core Scientific, led by CEO Mike Levitt, has sold a large portion of their Bitcoin holdings to cover payments toward ASIC machines, make additional capital investments, and pay down some of their debt. The company says it plans to continue selling their self-mined bitcoins for these purposes.

Key metrics:

  • 7,202 BTC sold last month at an average price of $23,000
  • Average of 36.9 Bitcoin mined per day in June
  • Approximately $167 million to be raised from the Bitcoin sale
  • Core Scientific is now managing more than $180k in ASIC machines collectively 

Within the next six months, the company hopes to add 70,000 additional ASIC miners that will produce a total hashrate of 10.3 EH/s. About 90% of the additional cost for these machines has already been covered. 

In June alone, Core Scientific managed to mine 1,106 bitcoins, which was a total increase of 14% in mining capacity over the entire month. According to their June report, self-mining efforts made up 57% of their data center capacity and Bitcoin mining. 

Core Scientific cited plans to release their second quarter results on August 11. 

Insights from CEO Mike Levitt 

Mr. Levitt has backed the company’s Bitcoin sales by saying that Core Scientific plans to keep up with the changing environment by making their balance sheet stronger all while increasing liquidity. He has ambitious plans to have the company’s data centers operating at 30 EH/s by the end of the year. 

Further, he addressed current industry-wide pressure saying:

Our industry is enduring tremendous stress as capital markets have weakened, interest rates are rising, and the economy deals with historic inflation. Our company has successfully endured downturns in the past, and we are confident in our ability to navigate the current market turmoil.

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CJ is a copywriter by trade, specializing in technology and the decentralized world. He's a staunch supporter of financial freedom, self improvement, and living to one's highest potential. He currently runs Techtonic Copywriting while also acting as a marketing advisor for several startups and companies.

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