One of the largest cryptocurrency mining companies, Core Scientific, sold 79% of its Bitcoin holdings in June amid the market's crypto winter. 

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The Toronto-based company announced in a monthly update that it sold 7,202 bitcoin last month at an average price of $23,000 to raise about $167 million. This selloff leaves Core with 1,959 bitcoin left on its balance sheet, alongside $132 million in cash.

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Proceeds from the sales were primarily used for payments toward ASIC servers, capital investments in additional data-center capacity, and debt repayments. The miner plans to continue selling self-mined bitcoin to pay operating expenses, fund growth, retire debt and maintain liquidity.

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“We are working to strengthen our balance sheet and enhance liquidity to meet this challenging environment, and continue to believe that we will be operating in excess of 30 EH/s in our data centers by year-end 2022,” CEO Mike Levitt said. “We remain focused on executing our plan, while taking advantage of distressed opportunities that may arise.”

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Core Scientific’s operations produced 1,106 bitcoin in June, about 36.9 bitcoin per day, a slight increase from May. Bitcoin production was supported by new server deployments, but production advances were limited by a “substantial increase in curtailment activity.”

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The company plans to release its second-quarter earnings results on August 11.

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