Core Scientific, one of the major Bitcoin miners by hash rate, still has 1,205 Bitcoins and is considering continuing to sell the new BTC it has mined to pay for. According to a statement released Friday, the cryptocurrency mining company sold BTC at $22,000 each, making a total profit of $44 million.
Core Scientific used the cash from the sale to pay Bitmain for capital investments related to expanding data center capacity and 100,000 mining rigs ordered in 2021.
The mining company said it had paid a little less than $10 million for the rigs, excluding shipping and customs fees. The company still has 1,205 Bitcoins on its balance sheet and about $83 million in cash.
Core Scientific CEO Mike Levitt made the following statement:
“Throughout July, we continued to increase liquidity, strengthen our balance sheet, streamline our organization and make further progress towards meeting our 2022 operating targets.”
Core Scientific expects to continue selling the Bitcoins it has issued to pay operating expenses, finance growth, pay off debt and maintain liquidity. The company has about 195,000 mining rigs with a total hash rate of 19.3 exahash of “any listed company in North America.”
Core’s operation is a mix of self-mining and hosting for other miners. Shares of the mining company gained nearly 4% on Friday and outperformed some of its competitors and even Bitcoin price.