Orocrypt: A Bitcoin Farm With Its Own Funding Strategy
Orocrypt has the start-up's E&P funding strategy and while they are considering all sources, they are banking on the output of their own chip s2019BTC farm".
Core Scientific (CORZ) sold 7,202 bitcoins last month at an average price of $23,000 to raise about $167 million as stated in the release.
The company said that the money from the sales was mainly used for payments for ASIC servers, capital investments in additional data-center capacity, and debt repayment. Core said that it will continue to sell its self-mined bitcoins to pay operating expenses, fund growth, retire debt, and maintain liquidity.
"CEO Mike Levitt said in a statement that we are working to strengthen our balance sheet and enhance liquidity to meet this challenging environment, and we still believe that we will be operating in excess of 30 EH/s in our data centers by year-end 2022. We remain focused on executing our plan, while taking advantage of distressed opportunities that may arise," Levitt said.
Core Scientific's operations in June generated 1,106 bitcoins, or about 37 bitcoins a day. That was slightly higher than the output in May. Bitcoin production was aided by server deployments that month, but production advances were limited by the "substantial increase" in curtailment activity, as Core described it in its update. Production increased by about 14% during the month
The company is expected to announce its second-quarter earnings on Aug. 11.