Core Scientific Increased Bitcoin Production 10% In July Amid Texas Power Outages


Crypto mining company Core Scientific reported that its operations produced 1,221 Bitcoin (BTC) in July, even as the company went down several times in response to demand on the Texas power grid.

In a Friday announcement, Core Scientific said month-over-month Bitcoin production had risen from 1,106 in June to 1,221 in July — about 10.4%. The company reported that it had curtailed operations “due to extreme temperatures in 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.

According to Core Scientific, the company “completely shut down its Texas data center operations several times” in July in support of the Electric Reliability Council of Texas, or ERCOT, which controls the state’s electrical grid. The company reported that it has cut its power needs by 8,157 megawatt hours (MWh).

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Residents in many parts of Texas experienced temperatures over 100 degrees Fahrenheit for several consecutive days in July, with ERCOT’s forecasted demand for electricity exceeding 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 company has curtailed operations by 11,717 MWh.

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Core Scientific CEO Mike Levitt said in July that the company 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. On July 31, the company reported it held 1,205. BTC was worth about $28 million at the time of publication, with over 7,000 BTC at $167 million in June and 1,975 BTC at $44 million in July.

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The mining company plans to release its second-quarter 2022 earnings report on August 11.