The Texas-based cryptocurrency mining firm – Core Scientific – mined about 1,334 BTC in August only and sold 1,125 BTC of that stash at approximately $25.9 million. In June this year, when the cryptocurrency market and bitcoin in particular dipped to record lows in years, Core Scientific sold over 7,000 BTC for around $167 million.

CEO of Core Scientific – Mike Levitt – announced that August had been a highly successful month for the firm. In the past month, it increased its self-mining hashrate by deploying thousands of new ASIC servers. Levitt said “We deployed more than 25,000 new ASIC servers in August, increasing our total hashrate to over 21 EH/s. Both our total hashrate and self-mining hashrate represent the largest operating capacity of any listed company in North America”.

Production was also on a high level as Core Scientific mined 1,334 BTC last month thanks to the deployment of approximately 17,000 new servers. Additionally, 43,000 self-mining ASIC servers are expected to be introduced to reinforce the company’s operations before the end of the year.

In August 2022, Core Scientific generated nearly $26 million by selling 1,125 Bitcoin at an average price of $23,014 per BTC. As at the end of the month, it held 1,409 BTC (nearly $28 million calculated at today’s prices) and approximately $47.2 million in cash.

The entity is among the giants in mining cryptocurrency and one of the few mining companies whose shares are publicly traded. To enter NASDAQ, it struck a $4.3 billion SPAC (special purpose acquisition company) partnership deal with Power & Digital Infrastructure Acquisition Corp.

Upon joining the online global marketplace in 2021, its stocks were circling around $10. Due to the ongoing cryptocurrency bear market, its share price significantly dropped and is currently trading at about $2.10.

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