Mining company Core Scientific sold 79% of its bitcoin holdings

One of the largest cryptocurrency mining firms now has 1959 BTC and $132 million in fiat in its accounts

06.07.2022 - 07:30

581

2 min

What’s new? In June, Core Scientific, one of the largest cryptocurrency mining firms, sold 7202 bitcoins for $167 million at an average rate of $23 000. This accounted for 79% of the firm’s total holdings, it now has 1959 BTC and $132 million in fiat on its balance sheet. According to a press release, the proceeds from the sale of assets were used to pay for ASIC servers, pay off debt and strengthen data center capacity.

Core Scientific’s press release

What else did the company say? Representatives of Core Scientific added that the firm would continue to sell mined bitcoins to maintain liquidity and pay for operating expenses. CEO Mike Levitt said that the mining industry, like the entire market as a whole, was going through tough times right now:

“Capital markets have weakened, interest rates are rising, and the economy deals with historic inflation.”

Although the company has sold most of its bitcoins, its representatives are still optimistic about the cryptocurrency, planning to expand its data centers, and continue mining.

Core Scientific is a mining company founded in 2017, which calls itself the “King of Bitcoin.” The firm operates more than 180 000 ASIC devices. According to representatives of Core Scientific, the company has around 10% of the Bitcoin network under its management.

According to a report by the mining company Bitfarms, its revenue for June fell by almost 40% compared to May’s figures. Earlier, Bitfarms confirmed the sale of 3000 BTC worth around $62 million. The company used the money to buy new equipment.

According to analysts at Arcane Research, in May, miners had to sell not only 100% of their BTC mined but also cryptocurrency from reserves.

Author: