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August 6, 2022

Core Scientific upped BTC output by 10% in July

Despite having to shut down many times due to demand on the Texas power system, the cryptocurrency mining business Core Scientific announced that its operations generated 1,221 Bitcoin (BTC) in July.

According to a statement released by Core Scientific on Friday, its monthly output of Bitcoin climbed from 1,106 in June to 1,221 in July, or nearly 10.4%.

However, the company also boosted the number of its self-mining servers and hashrate by 6%, to 109,000 and 10.9 exahashes per second (EH/s), respectively. The company claimed limiting operations “due to severe temperatures at numerous data centers.”

In order to assist the Electric Reliability Council of Texas, or ERCOT, which manages the state’s power grid, Core Scientific claims that the business repeatedly shut down all activities at its Texas data centers in July. The company claimed to have reduced its energy use by 8,157-megawatt hours (MWh).

In July, temperatures in several areas of Texas reached above 100 degrees Fahrenheit for many days in a row, despite ERCOT’s warning that the demand for energy would exceed the supply.

Riot Blockchain reported a 24 percent decline in its BTC output from June to July, from 421 to 318. Riot Blockchain also runs 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 megawatts 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 corporation said as of July 31 that it retained 1,205 BTC worth about $28 million at the time of publishing.

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