Core Scientific Sold $167M Worth Of Bitcoin Holdings In June

US-based cryptocurrency miner Core Scientific sold more than 7,000 Bitcoins in June to pay for equipment costs and pay off debts.

In an announcement on July 5, Core Scientific said it sold about $167 million worth of Bitcoin in June at an average price of $23,000, or 7,202 BTC. The sale leaves the company 1,959 BTC, approximately 21% of its holdings, and $132 million in cash as of June 30, down more than 75% from its reported 8,058 BTC holdings as of May 31.

According to Core Scientific, they used proceeds through the sale of BTC to pay for ASIC miners, schedule debt repayments, and invest in additional data center capacity. The company reports that it produced 1,106 BTC in June, with self-mining accounting for 57% of data center capacity, and crypto mining as of June 30, over 180,000 miners.

CEO Mike Levitt said:

“Our industry is enduring tremendous stress as capital markets have weakened, interest rates are rising and the economy deals with historic inflation. Our company has successfully endured downturns in the past, and we are confident in our ability to navigate the current market turmoil.”

Amid the current extreme market conditions and extreme price volatility, many Bitcoin miners have reportedly changed their business strategy by selling instead of accumulating as before. This inadvertently created huge pressure on BTC price reaction in the past time.

Levitt said Core Scientific aimed to expand its capacity to 30 exahashes/second by the end of 2022 while “taking advantage of distressed opportunities that may arise.” The company plans to release its earnings report for Q2 2022 on Aug 11.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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