Crypto mining firm Core Scientific reported its operations produced 1,221 Bitcoin (BTC) in July even as the company powered down several times in response to demand on the Texas power grid.
In a Friday announcement, Core Scientific said its month-over-month Bitcoin production had increased from 1,106 in June to 1,221 in July — roughly 10.4%. The firm reported curtailing operations “due to extreme temperatures at multiple data centers,” but also increased the number of its self-mining servers and hashrate by 6%, to 109,000 and 10.9 exahashes per second (EH/s), respectively.
JULY 2022 HIGHLIGHTS:
-1,221 #Bitcoin self-mined
-10.9 EH/s self-mined
-+190,000 ASIC servers in operation
-8.4 EH/s colocation (hosting)
-Deployed first BITMAIN ANTMINER S19 XPs in the United Stateshttps://t.co/Qt2Vke84yz
— Core Scientific (@Core_Scientific) August 5, 2022
According to Core Scientific, the company “completely powered-down its Texas data center operations on several occasions” in July to support the Electric Reliability Council of Texas, or ERCOT, which controls the state’s power grid. The firm reported curtailing its power demands by 8,157 megawatt-hours (MWh).
Residents in many parts of Texas experienced several consecutive days of temperatures over 100 degrees Fahrenheit in July, with ERCOT having forecast demand for electricity could have surpassed the available supply. Riot Blockchain, which also hosts mining operations in Texas, reported a 24% drop in its BTC production from June to July, from 421 to 318. According to CEO Jason Les, the firm curtailed operations by 11,717 MWh.
Related: Will the Bitcoin mining industry collapse? Analysts explain why crisis is really opportunity
Core Scientific CEO Mike Levitt said in July the firm planned to expand its data center hosting capacity by 75 MW, aiming to have a hash rate of 30 EH/s by the end of 2022. As of July 31, the company reported it held 1,205 BTC worth roughly $28 million at the time of publication, having sold more than 7,000 BTC for $167 million in June and 1,975 BTC for $44 million in July.
The mining firm plans to release its earnings report from the second quarter of 2022 on Aug. 11.
Explore the dynamic cryptocurrency landscape as major tokens like Bitcoin, Solana, and Cardano confront market volatility. Uncover the pivotal role of Bitcoin ETFs, including Grayscale’s GBTC, in shaping market trends and investor strategies. Delve into the contrasting forces of market downturns and ETF-driven optimism, painting a complex picture of the current crypto economy.
Brianan in-depth analysis of China's recent economic maneuvers. Explore the PBOC's role in yuan depreciation, global financial implications, and the consequential shifts in Bitcoin and digital asset markets.
WeiliangGamee confronts a massive token theft from its Polygon contracts, inciting a significant token value drop and underlining the imperative of robust cybersecurity in the blockchain arena.
BrianA sophisticated phishing attack exploits MailerLite, targeting Web3 firms and swindling $580,000, highlighting the urgent need for enhanced cybersecurity in the cryptocurrency sector
WeiliangU.S. authorities accuse German entrepreneur Horst Jicha of orchestrating a crypto pyramid scheme, defrauding investors of $150 million.
MiyukiRabby launches a points program, aiming to shift users from Metamask by offering various incentives, embracing a growing trend in Web3 projects.
BrianJPMorgan downgrades Coinbase amidst concerns over an anticipated Bitcoin ETF and ongoing legal battles.
Weiliang0x's new API offers a simpler, more intuitive way to trade cryptocurrencies by integrating gas fees into trade costs and promoting user-friendly, intents-based systems. However, it also raises questions about transparency and control in the evolving landscape of decentralized finance.
MiyukiIndia and Russia unite, shaping the digital economy and challenging traditional economic norms, while navigating complex geopolitical landscapes
Brianwhile Base's trajectory is marked by innovation and growth, the competitive landscape in the Layer 2 space remains a formidable challenge, underscoring the need for continuous evolution and strategic foresight.
Anais
