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 May 11, 2023 at 5:42 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Author placeholder image

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


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.