Core Scientific Offloads 7,202 BTC Worth $167m in June

Godfrey Benjamin  Jul 06, 2022 12:50  UTC 04:50

2 Min Read

American Nasdaq-listed cryptocurrency mining firm Core Scientific has shared its operational update by selling over 7200 Bitcoins in June.

As announced by the firm, it sold as much as 7,202 Bitcoin units worth approximately $167 million at an average price of $23,000 during the month.

According to the firm, the sales of the Bitcoin units were used primarily for payments for ASIC servers, capital investments in additional data centre capacity, and scheduled repayment of debt. This trend is becoming more prominent amongst blockchain mining firms as many are resorting to selling their produced digital currencies in the wake of the ongoing onslaught in the prices of cryptocurrencies thus far this year.

From the updates shared, Core Scientific now has 1,959 bitcoins and approximately $132 million in cash on its balance sheet as of June 30. The company said its mining operations are growing as it produced 1,106 bitcoins in June, 36.9 bitcoins per day on average.

The company operates as many as 180,000 ASIC mining units, representing 17.9 EH/s, in its data centres. Of these miners, the firm has 103,000 while the rest were deployed on behalf of its clients.

The harsh economic terrain is affecting several offshoots of the digital currency ecosystem, including mining firms. While Core Scientific said it will continue to sell its BTC holdings in order to settle its operational and debt obligations, not all outfits have enough reserve to sell their coins without running at a loss.

There have been insinuations in the digital currency ecosystem that miners are bound to get bailout funds from FTX Derivatives Exchange CEO Sam Bankman-Fried. However, as reported by Blockchain.News, the vocal CEO has debunked the rumours, noting that while the trading platform is open to discussing with all companies, he said there is no specific plan to make investments in the mining industries as it does not align with the company’s core strategy.

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