Core Scientific increased Bitcoin production by 10% in July amid Texas power cuts

The mining firm reported it “completely powered-down its Texas data center operations on several occasions” in July to support the state’s power grid operator.

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.

Related Posts

The Philippines halts virtual asset provider license applications

The Banko Sentral ng Pilipinas said that the closing of VASP applications begins on Sept. 1, 2022, and will last for three years. While many believe that…

Web3 helps Taiwan secure information against cyberattacks

In an effort against Chinese cyberattacks, Taiwan employs Web3 technology for decentralized file sharing post-Pelosi visit. The Taiwanese Ministry of Digital Affairs (MODA) plans to implement decentralized…

World’s Largest Asset Manager BlackRock Launches Spot Bitcoin Private Trust

After announcing it would enable bitcoin trading services, $10 trillion BlackRock now offers spot bitcoin exposure to institutions in a private trust. BlackRock has launched a spot…

Attackers Wipe Out $3.5M From Crypto Game Dragoma Through Rug Pull Technique

Scamming and hacking activities seem to be skyrocketing within the crypto industry. Even with the increase in innovation and technological application in the crypto space, criminals are…

Bitpay Reveals Prepaid Cardholders Can Get up to 15% Cash Back Rewards via Select Retailers

The Atlanta-based crypto payment services company Bitpay has announced that Bitpay’s prepaid cardholders are eligible for cash back rewards if they use their card with participating retailers….

Ankr Receives a Strategic Investment from Binance Labs

Ankr is a well-known Web3 infrastructure provider. In a nutshell, the protocol works in the background, but it makes using decentralized applications, wallets, as well as crypto-based…

Generated by Feedzy