Core Scientific, a United States-based cryptocurrency mining firm, sold over 7,000 Bitcoin in June to pay for servers, boost data capacity, and settle obligations.
In a Tuesday statement, Core Scientific said it had sold roughly $167 million worth of Bitcoin in June at an average price of $23,000 per bitcoin — 7,202 BTC. The sale left the firm with 1,959 bitcoins — around 21% of its holdings — and $132 million in cash as of June 30, a drop of more than 75 percent when compared with its reported 8,058 BTC holdings as of May 31.
According to the company, the crypto sale financed ASIC servers, debt payments, and capital expenditures in additional data center capacity. In June, according to the firm, it had generated 1,106 BTC without self-mining accounting for 57% of its data center capacity and cryptocurrency mining operations as of June 30 — more than 180,000 servers.
“Our industry is enduring tremendous stress as capital markets have weakened, interest rates are rising and the economy deals with historic inflation,” said CEO Mike Levitt.
Many crypto miners have reportedly sold their self-mined coins and in some cases liquidated holdings amid a market crash and significant price swings in cryptocurrencies. In June, Bitfarms, a Canadian crypto mining firm, sold 3,000 BTC – roughly 47% of its assets at the time – for $62 million as part of a plan to raise liquidity and pay obligations.
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