Core Scientific (CORZ), one of the world’s largest Bitcoin miners, reported that it produced 1,221 Bitcoins in July and sold 1,975 to cover capital and expansion costs.
Core Scientific has sold more Bitcoins than it did in July
According to the statement made on Friday, the miner stated that he earned $ 44 million from sales, while the average sales was $ 22,000. Proceeds from the sale were used by Core Scientific to pay Bitmain for the 100,000 mining equipment it purchased in 2021 and capital expenditures aimed at expanding the data center’s capacity.
Core Scientific says it has less than $10 million in debt, excluding shipping and customs fees. The company still has 1,205 Bitcoins and about $83 million in cash. According to a statement from CEO Mike Levitt:
Throughout July, we continued to increase liquidity, strengthen our balance sheet, restructure our organization and make significant progress towards achieving our 2022 operating targets.
Core Scientific will continue to sell BTC
The miner had previously sold 7,202 Bitcoins for a total of $167 million in June. Meanwhile, Core Scientific is not the only miner to hold Bitcoins. Recently, Riot Blockchain (RIOT) reported that it sold 275 Bitcoins for $5.6 million in July.
Core Scientific sells BTC to cover costs, finance expansion, pay off debt and maintain liquidity. The mining firm says it will continue to sell its own-mined Bitcoin to cover expenses.
Argo Blockchain continues to sell BTC to pay off its debt to Galaxy Digital
After selling 887 Bitcoins in July, Argo reduced its outstanding debt under BTC to $6.72 million. Mining firm Argo Blockchain continues to sell Bitcoin to reduce Galaxy Digital debt. cryptocoin.comAs you follow, on August 5, Argo sold 887 more Bitcoins in July to reduce liabilities under the BTC-backed loan deal with Galaxy Digital.
The last sale came after Argo sold 637 BTC for $15.6 million in June 2022. At the end of June 30, the Firm reported that Argo had an outstanding balance of $22 million related to the loan. The miner has been actively cashing in his Bitcoin over the past few months. But despite this, Argo still has a substantial stash of Bitcoins. As of July 31, 2022, Argo had a total of 1,295 BTC, 227 of which were represented by BTC equivalents.
In the latest operational update, Argo stated that the company significantly increased its mining volumes in July. During the month of July, Argo mined 219 BTC or BTC equivalent, compared to 179 BTC in the previous month. Mining revenue in July was $4.73 million, and revenue in June was $4.35 million.
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