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Top cryptocurrency news: Core Scientific increased BTC production by 10% in July amid Texas power cuts

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Core Scientific, a business that runs cryptocurrency mining operations, reported that in July its operations minted 1,221 Bitcoin (BTC), despite being forced to shut down many times due to demand on the Texas power grid.

Core Scientific announced on Friday that their month-over-month Bitcoin output has climbed from 1,106 in June to 1,221 in July, a 10.4 percent increase. The company said that activities were curtailed owing to severe temperatures at many data centers, but it also boosted the number of self-mining servers and hashrate by 6%, to 109k and 10.9 exahashes per second (EH/s), respectively.

According to Core Scientific, the company shut down its Texas data center operations multiple times in July to assist the Electric Reliability Council of Texas, or ERCOT, which manages the state's power grid. The company claimed to reduce its electricity use by 8,157 megawatt-hours (MWh).

In July, residents in several regions of Texas faced many consecutive days with temperatures above 100 degrees Fahrenheit, with ERCOT forecasting that demand for energy might have surpassed available supply. Riot Blockchain, which also has mining operations in Texas, reported a 24% decrease in BTC production from June to July, from 421 to 318. According to CEO Jason Les, the company reduced its operations by 11,717 MWh.

Core Scientific CEO Mike Levitt announced in July that the company aimed to increase its data center hosting capacity by 75 MW, with the goal of reaching a hash rate of 30 EH/s by the end of 2022. As of July 31, the company claimed to hold 1,205 BTC worth about $28 million at the time of writing, having sold almost 7,000 BTC for $167 million in June and 1,972 BTC for $44 million in July.

On August 11 , the mining company aims to disclose its profits report for the second quarter of 2022.

Read also: Top cryptocurrency news: Argo Blockchain continues to liquidate BTC in order to repay its debt to Galaxy Digital



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