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Core Scientific, a cryptocurrency mining firm, has reported that its mining operations generated 1221 bitcoin in July. The BTC produced during the month was higher than the previous months despite the power cuts on the Texas power grid during the month.
Core Scientific increased Bitcoin production by 10% in July
Core Scientific announced that the month-over-month Bitcoin production was up from 1106 in June to 1221 in July. This was around a 10.4% increase during the period.
The company also reported plans to reduce its operations following the extreme temperatures in some data centers. It also increased the number of self-mining servers and hashrate by 6% to 109,000 and 10.9 exahashes (EH/s), respectively.
The company also reported that it had powered down its Texas data center operations in July, giving room for the support of the Electric Reliability Council of Texas (ERCOT), which controls the state’s power grid. The firm also added that it would lower its power demand by 8157 megawatt-hours (MWh).
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In July, the temperatures in Texas increased significantly to surpass 100 degrees Fahrenheit. During the month, ERCOT predicted that the electricity demand would be higher than the available supply following the increased use of air conditioners.
The announcement by ERCOT led to several mining firms announcing they would be scaling down their mining operations to avoid overloading the power grid. Riot Blockchain, whose mining operations are also based in Texas, reported a 24% decrease in its Bitcoin production between June and July. The company’s Bitcoin production dropped from 412 to 318 during the month. The company’s CEO said that the firm scaled operations by 11.717 MWh.
Core Scientific’s operations amid bear market
In July, the CEO of Core Scientific said that the company was planning to expand its data center hosting capacity by 75 MW. The company’s goal was to reach a hash rate of 30 EH/s by the end of the year.
As of July 31, Core Scientific reported that it had 1205 BTC in its holdings, valued at around $28 million. The company had sold over 7000 BTC for around $167 million in June and 1975 BTC valued at $44 million in July. The mining company also plans to publish its earnings report for the second quarter of 2022 on August 11.