How This Company Just Mined 1,134 Bitcoins in March
Apparently not satisfied to report that it had mined over 5,700 Bitcoin (CRYPTO: BTC) units in 2021 and more than 2,000 in the first two months of 2022, Core Scientific (NASDAQ: CORZ) told the market it had mined a record-setting 1,143 Bitcoins in March, according to the latest company update.
The company reports that it now holds 8,497 Bitcoins produced from operations (as opposed to purchases of Bitcoin like Microstrategy's (NASDAQ: MSTR), for example). If we take March's production and annualize it over the remaining nine months of 2022, that means the company should have about 18,600 BTC by year end, which at today's BTC price of about $40,000 equals roughly $744 million worth of Bitcoin.
To be clear, the amount mined each month will fluctuate based on how hard it is to mine coins and other factors, and the price of Bitcoin itself will change over the course of the year. But this gives us an idea of how much of the cryptocurrency Core Scientific could hold by the end of 2022. The company increased its production from 35 Bitcoins a day in February to 36.9 a day at the end of March. Starting this week, Core will begin posting daily production totals on its website, which will bolster investor information and transparency.
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Source Fool.com
