Core Scientific sold $167 million in bitcoin holdings in June

The sale left the company with 1,959 BTC at the end of Q2, down more than 75% from its report 8,058 BTC holdings as of May 31.

Core Scientific, a US-based cryptocurrency mining company, sold over 7,000 bitcoins (BTC) in June to pay for servers, increase data capacity and settle debts.

In an announcement Tuesday, Core Scientific said it sold approximately $167 million worth of Bitcoin in June at an average price of $23,000 - 7,202 BTC. The sale left the company with 1,959 BTC — about 21% of its holdings — and $132 million in cash as of June 30, down more than 75% from its reported 8,058 BTC holdings as of May 31. .

According to the company, it used proceeds from the sale of crypto to pay for ASIC servers, plan debt repayment, and invest in additional data center capacity. The company reported that it produced 1,106 BTC in June, with self-mining accounting for 57% of its data center capacity and crypto mining operations as of June 30, or more than 180,000 servers. /p>

"Our industry is under tremendous strain as capital markets have weakened, interest rates are rising and the economy faces historic inflation," CEO Mike Levitt said. "Our business has weathered downturns successfully in the past, and we are confident in our ability to weather the current market turmoil."

JUNE 2022 HIGHLIGHTS:-1,106 #Bitcoin self-mined,-10.3 PE/s self-mined-+180,000 servers ASIC in operation - 7.6 PE/s co-location (hosting) - Daily self-mining increased by 14% from June 1 (34.8) to June 30 (39.8)https://t. co/KeypwtMEen

In the midst of a market downturn and extreme cryptocurrency price volatility, many crypto miners reportedly