While the current quarter in the cryptocurrency market has been bad for many companies with Bitcoin dropping, 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 produced 1,334 BTC in August and sold more than 1,125 Bitcoin for approximately $25.9 million.
According to the August production and operational updates from Core Scientific, it ran 25,451 ASIC servers for co-location and self-mining. Also, the data shows that the resulting hash rate was around 21.54EH/s (hash rate per second).
Core Scientific confirmed that August was a very successful month for the company. The self-mining hash rate has increased through the use of thousands of new ASIC servers.
Core Scientific Mints 1,334 Bitcoin Across 17,000 New Servers
The company’s CEO, Mike Levitt, He said The total hashrate and self-mining is the largest operating capacity of any listed company in North America.
The company revealed that it deployed about 17,000 new ASIC servers in August. The massive deployment resulted in the generation of 1,334 bitcoins. The company announced its plan to deploy 43,000 ASIC servers before the end of 2022.
In August, Core Scientific raised about $26 million by selling 1,125 BTC at an average price of $23,014 per coin. By the end of August, he owned 1,409 BTC, which is approximately $28 million at today’s market price and approximately $47.2 million in cash.
Core Scientific is among the largest providers of publicly traded blockchain computing data centers and digital asset miners in North America. The company has been running blockchain computing data centers since 2017. It uses its facilities and its intellectual property portfolio to mine aggregated digital assets and self-mining.
To enter the National Association of Securities Dealers Automated Quotation (NASDAQ), SPAC (Special Purpose Acquisition Corporation) has entered into a $4.3 billion deal with Power and Digital Infrastructure Acquisition Corp.
CORZ shares fell 85% during the bear market
In 2021 when Core Scientific joined the global online marketplace, its stock (CORZ) was about $10. Recently, due to the bear market, the value of the stock has fallen. According to Yahoo Finance, CORZ shares were trading at $14.32 but fell to $2.09 on November 15.
More than 85% of CORZ shares fell after the 70% drop in the price of Bitcoin. After the price chart, the bitcoin price fell from $63,557 on November 15, 2021 to $18,767.
In August, Core Scientific reportedly severely shut down Texas and other data center operations. This reduced the power grid for August to 11,057 MWh.
The company’s data center facilities in Georgia, Kentucky, North Carolina, and North Dakota remain fully operational. It is still building additional capacity in Texas.
Featured image from Pixabay, charts TradingView.com