Core Scientific Increased Bitcoin Production In July By 10%

Core Scientific increased Bitcoin Production in July by 10% even though there were power cuts in Texas at the time.

The mining company claimed that in July, in order to assist the state’s power grid operator, it “completely powered down its Texas data center operations on several occasions.”

Despite having to shut down multiple times due to demand on the Texas power grid, the cryptocurrency mining company Core Scientific reported that its operations produced 1,221 Bitcoin (BTC) in July.

According to a statement released by Core Scientific on Friday, its monthly production of Bitcoin increased from 1,106 in June to 1,221 in July or roughly 10.4%. However, the company also increased the number of its self-mining servers and hash rate by 6%, to 109,000 and 10.9 exahashes per second (EH/s), respectively. The company reported limiting operations “due to extreme temperatures at multiple data centers” and thus had to make power cuts on its own accord.

In July, the business “completely powered down its Texas data center operations on several occasions,” according to Core Scientific, in order to assist the Electric Reliability Council of Texas, or ERCOT, which manages the state’s power grid. The company claimed to have reduced its energy needs by 8,157 megawatt-hours (MWh). This was due to a lot of power cuts in the Texas grid this past year.

Several days in a row of temperatures over 100 degrees Fahrenheit were experienced by residents in many parts of Texas in July, despite ERCOT’s prediction that demand for electricity might have outpaced supply. Riot Blockchain reported a 24 percent decline in its BTC production from June to July, from 421 to 318. Riot Blockchain also hosts mining operations in Texas. CEO Jason Les claims that the company reduced operations by 11,717 MWh.

According to Core Scientific CEO Mike Levitt, the company intends to add 75 MW to its data center hosting capacity, with the goal of achieving a hash rate of 30 EH/s by the end of 2022. After selling more than 7,000 BTC for $167 million in June and 1,975 BTC for $44 million in July, the company stated as of July 31 that it held 1,205 BTC worth approximately $28 million at the time of publication.

Core Scientific previously (in July) reported that it expects to generate $50 million in annual revenue once the ASIC servers become fully operational. For that purpose, the company signed an agreement to increase its data center hosting capacity as stated above.

On August 11, the mining company intends to release its earnings report for the second quarter of 2022.

It is a miracle that Core Scientific increased Bitcoin production in July.

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