Bitcoin miners are deepening their trading strategies in the face of a bear market. This is the face of Core Scientific, a company that contributes 10% of the network's hashrate. In July alone, the company connected 14.000 new mining ASICs and sold 1.975 BTC.
The company will expand its operations in Texas
According to Core Scientific's July report, the implementation of 14.000 new Bitcoin mining rigs increased the company's hashrate to a rate of 19,3 EH / s. Of these, 6.000 pieces of equipment are owned by the company and the others are part of the hosting services offered to third parties.
"We have signed new colocation agreements with customers who, once servers are deployed during the year, are expected to generate annual revenue of approximately $ 50 million," said Mike Levitt, CEO of Core Scientific.
At the end of the month, the company had 195.000 ASICs in operation at Bitcoin mining farms in Georgia, Kentucky, North Carolina and North Dakota. The plans include expansion into the state of Oklahoma.
More than 100.000 of these miners are owned by the company; the rest is owned by third parties who use Core Scientific's hosting service.
The company stresses that it will expand its operations in Texas, despite the energy crisis experienced by the industry in that state due to a heat wave.
In July, the company completely shut down its Texas data center operations on several occasions to assist the Texas network operator during periods of extremely high temperatures. Reductions in July, due to extreme temperatures in several data centers, totaled 8.157 megawatt hours. - Core Scientific, a Bitcoin mining company.
This situation is in line with that of another mining company, Riot Blockchain, which had to shut down its equipment in July due to high electricity demand. However, thanks to an agreement with state regulators, they obtained an energy credit of 9,5 million dollars, equal to 430 BTC.
Selling or registering is no longer a dilemma for Bitcoin miners
Core Scientific also reported that it settled 1.975 BTC at an average price of $ 22.000, for revenues of $ 44 million. This figure is higher than the amount of bitcoins mined by the company in July of 1.221 BTC.
Last month, the company said it had liquidated 7.000 BTC. According to Core Scientific officials, this move would allow the company to support the growth of its infrastructure, which includes paying off debt and purchasing new bitcoin mining equipment.
In this regard, the company indicates that in the coming months it will install 100.000 new equipment ordered from Bitmain in 2021 (which will be paid for with proceeds from the company's recent bitcoin sales). 60.000 of these miners are expected to be installed by the end of 2022.
Unlike these trades, other bitcoin miners have decided to continue saving the bitcoins they mine during the bear market. An example of miners following this strategy is Hut 8 Mining.
According to a report, this mining company earned 330 BTC rewards in July. They currently mine 7.736 BTC, worth about $ 178 million, according to the current one quotation of bitcoin market.