What's Going On With Bitcoin Mining Stock Core Scientific?

Core Scientific Inc CORZ on Thursday released a production and operations update for August.

What Happened: Core Scientific said it self-mined 358 Bitcoin BTC/USD in August, down from 411 bitcoin mined in July. The company has now earned a total of 5,275 self-mined bitcoin year-to-date.

“Our team has been very busy preparing some of our sites for modification to support our HPC hosting contracts and optimizing operations at our bitcoin mining sites,” said Adam Sullivan, CEO of Core Scientific.

“We have removed bitcoin mining infrastructure from two of our existing facilities in preparation for selective interior demolition and have redeployed the miners removed from those facilities to our bitcoin mining sites. The sequential decline in self-mined bitcoins earned resulted from a combination of miners migrating to their new data centers and continued growth in global network hash rate and difficulty.”

See Also: Bitcoin Miner TeraWulf Leads Early HPC Market Entry, Analyst Projects $610M Revenue By 2026

Core Scientific said its hosting customers mined 90 bitcoin during the month with a hosting hash rate of 4.9 EH/s. The company’s total energized hash rate during the month was 25.4 EH/s.

Core Scientific sold 375 bitcoin during the month for proceeds of approximately $22.5 million. The company operated approximately 214,000 bitcoin miners at its data centers as of the end of August. Core Scientific noted that it reduced the consumption of power at its data centers on multiple occasions during the month, delivering 58,733 megawatt hours to local electrical grids.

“A great deal of work lies ahead as we focus on delivering 382 contracted megawatts of infrastructure for HPC through 2026 and aim to secure additional sites for new clients this year,” Sullivan said.

CORZ Price Action: Core Scientific shares were down 0.4 % at $19.83 at the time of publication, according to Benzinga Pro.

Photo: Pixabay.