American blockchain hosting provider Core Scientific posted a net loss of $861.7 million on revenue of $164 million in April-June 2022.

Adjusted earnings per share were 18 cents.

“With increased liquidity from bitcoin sales and equity, increase in hosting margins and managed payments on our liabilities, we are well positioned to navigate current market conditions with the desire to become a bigger, stronger and more profitable company.”said Mike Levitt, CEO of Core Scientific.

The mining firm sold 7,202 BTC in June – 89.4% of the bitcoin it had on its balance sheet at the end of May.

The company used the funds received to purchase equipment, finance capital investments in additional data center capacities, and pay for planned debt repayments.

In the second quarter, Core Scientific mined 3,365 BTC, about 5% more than in January-March. That wasn’t thwarted by the heatwave that cut 8,157 MWh of electricity at the company’s Texas facility in July. That’s about 15% of the total capacity.

Core Scientific attributed the increase in mining to an increase in hash rate from 8.3 EH/s at the end of March to 10.3 EH/s. The company kept its 2022 target between 30 and 32 EH/s.

In January 2022, Core Scientific went public through a reverse merger. SPAC. Its shares are traded on the Nasdaq stock exchange under the code CORZ.

Recall that since April 18, the company began to report the volume of mined cryptocurrency on a daily basis.

Core Scientific previously signed an agreement with B. Riley Principal Capital II to sell its shares for $100 million over two years.

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