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Seeking Alpha 2022-07-05 14:04:07

Core Scientific bitcoin production slips 2.8% in June

Core Scientific (NASDAQ:CORZ) has mined 1,106 bitcoins (BTC-USD) in June, drifting down 2.8% from May, according to its monthly update.Still, it mined an average of 36.9 bitcoins (BTC-USD) per day, a slight increase from 36.7 in the previous month. Also, the bitcoin (BTC-USD) miner in June sold 7,202 bitcoins at an average price of approximately $23K per token for total proceeds of ~$167M. The proceeds were use to pay for ASIC servers, capital investments in additional data center capacity and scheduled repayment of debt. The company held 1,959 bitcoins (BTC-USD) and ~$132M in cash on its balance sheet as of June 30, it said. Furthermore, Core Scientific (CORZ) operated over 180K ASIC servers representing 17.9 exahash per second (EH/s). While “our industry is enduring tremendous stress as capital markets have weakened," the company continues to "believe that we will be operating in excess of 30 EH/s in our data centers by year end 2022," said Core Scientific CEO Mike Levitt. Note that Core Scientific (CORZ) is expected to release its Q2 earnings results and hold its conference call on August 11. Previously, (June 6) Core Scientific produced 1,138 bitcoins in May. 

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