While the current quarter in the crypto market has been bad for many companies when Bitcoin is down, it has been successful for some. Core Scientific has proven that market lows can be beneficial if the right opportunity is identified.
The US-based crypto mining company mined 1,334 BTC in August and sold more than 1,125 Bitcoin for $25.9 million.
According to Core Scientific’s August production and operational updates, it deployed 25,451 ASIC servers for colocation and self-mining. Also, the data shows that the generated hash rate was around 21.54EH/s (hash rate per second).
Core Scientific proved that August was very successful for the company. It has increased its mining capacity using thousands of new ASIC servers.
Core Scientific Mints 1,334 Bitcoin with 17,000 new servers
The company’s CEO, Mike Levitt, said their general mining and self-mining operations are the largest operating capacity of any company in North America.
The firm said it deployed nearly 17,000 new ASIC servers in August. The mass deployment resulted in the creation of 1,334 bitcoins. The company said it plans to deploy 43,000 ASIC servers before the end of 2022.
In August, Core Scientific sold 1,125 BTC at an average price of $23,014 per coin, earning $26 million. At the end of August, he held 1,409 BTC, which is roughly $28 million at today’s market value and roughly $47.2 million in cash.
Core Scientific is one of the largest publicly traded blockchain computing data center providers and miners in North America. The company has operated blockchain computing data centers since 2017. It uses its facilities and intellectual property portfolio for aggregated digital asset mining and self-mining.
It entered into a $4.3 billion SPAC (Special Purpose Acquisition Company) deal with Power & Digital Infrastructure Acquisition Corporation to enter the National Securities Dealers Automated Quotation (NASDAQ).
CORZ shares fell 85 percent during the bear market
In the year When Core Scientific joined the global online marketplace in 2021, shares (CORZ) were around $10. Recently, due to the bear market, stock prices have fallen. According to Yahoo Finance, CORZ shares were trading at $14.32 but fell to $2.09 on November 15.
A drop of more than 85% in CORZ shares was followed by a 70% drop in the price of Bitcoin. Following the price chart, Bitcoin price dropped from $63.557 to $18,767 on November 15, 2021.
In August, it was reported that Core Scientific Texas and other data center operations were severely affected. This reduced the August energy grid to 11,057 MW.
The company’s data center facilities in Georgia, Kentucky, North Carolina and North Dakota are still operating at full capacity. Still building more capacity in Texas.
Featured image from Pixabay, charts TradingView.com