Core Scientific sold 79% of its Bitcoin holdings in June
Amid the market crash
One of the largest cryptocurrency mining companies, Core Scientific, sold 79% of its Bitcoin holdings in June amid the market's crypto winter.
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.
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.
“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.”
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.”
The company plans to release its second-quarter earnings results on August 11.
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