Bitcoin Mining Company Core Scientific Sells Up to $167 Million in BTC 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 shares, and $132 million in cash as of June 30, down more than 75% from its reported 8,058 BTC holdings as of May 31. 05.

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 reported 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.

“Our mining industry is under tremendous stress as capital markets weaken, interest rates rise and the economy deals with historic inflation,” said CEO Mike Levitt. Core Scientific has successfully weathered downturns in the past, and we are confident in our ability to navigate the current market volatility.”

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 a huge pressure on the BTC price reaction in the past time.

As evidenced also in June, another major Bitcoin mining company, Bitfarms, sold 3,000 BTC, or about 47% of its holdings, for $62 million as part of a strategy to improve liquidity and repay debt. . Meanwhile, the last ray of hope of the Bitcoin Marathon mining industry encountered a force majeure event, and it is highly likely that it will also sell in the near future, causing the sector to fall into a state of extreme stalemate.