US-Based Crypto Miner Core Scientific Sold 1,100 BTC In August

The U.S.-based crypto mining company, Core Scientific, has sold over 1,125 Bitcoins (BTC) in August for a total of $25.9 million. It had also produced 1,334 BTC during the same period.

According to the production and operational updates from Core Scientific for August 2022, it had operated 225,451 ASIC servers for both colocation and self-mining, and the hashrate produced was around 21.54 EH/s.

The data centers present at Georgia, Kentucky, North Carolina, and North Dakota continue to operate at full capacity, said Core Scientific in the statement.

"Self-mining and colocation activities continued to grow in August. We deployed more than 25,000 new ASIC servers in August, increasing our total hashrate to over 21 EH/s," revealed Core Scientific CEO Mike Levitt. "Both our total hashrate and self-mining hashrate represent the largest operating capacity of any listed company in North America."

The Texas-based company also confirmed it is building additional facilities in the state. Core Scientific revealed it has deployed approximately 17,000 new servers during August, which resulted in the production of 1,334 bitcoins.

The self-mining servers were expanded to 127,716 in August, which increased the mining hashrate to 12.69 EH/s.

"The Company expects to deploy approximately 43,000 additional self-mining ASIC servers before the end of 2022. As of August month end, self-mining accounted for approximately 59% of the Company's total hashrate," said Core Scientific.

The company sold 1,125 bitcoins at an average price of $23,014 per bitcoin as per the statement and as of Aug. 31, 2022, it held 1,409 bitcoins and around $47.2 million in cash.

Core Scientific is one of the few crypto companies whose shares (CORZ) are being publicly traded and, according to Yahoo Finance, the CORZ shares are down from $14.32 on November 15 to $2.09 as of 07:59PM ET in after hours trading.

This decline of more than 85% follows Bitcoin's price action as well. According to CoinMarketCap, the price of the world's biggest cryptocurrency is down from $63,557 on November 15 to $18,767 as of 1:23 am ET Wednesday. This marks a decline of 70%.