Bitcoin Miner Core Scientific Confirms $167M Bitcoin Sale Amid Market Selloff

Public-traded Bitcoin mining company Core Scientific sold 7,202 BTC, worth $167 million last month. According to the firm’s “June Updates,” released on Tuesday, the crypto assets were sold at an average price of approximately $23,000.

Core Scientific Sells 7,202 BTC

Core Scientific noted that proceeds from the sale were used for deploying more ASIC servers, capital investments in additional data center capacity, and debt repayments. The miner said it will continue to sell self-mined bitcoins to pay operating expenses, fund growth, pay off debts, and boost 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. We remain focused on executing our plan, while taking advantage of distressed opportunities that may arise,” Mike Levitt, Core Scientific CEO, said.

Core Scientific stated in its report that as of the end of last month, it held a total of 1,959 bitcoins in addition to around $132 million in cash on its balance sheet and operated more than 180,000 ASIC servers, representing 17.9 EH/s, in its data centers. 

At the same time, the company said it generated 1,106 self-mined bitcoins, which averages 36.9 BTC per day, a little higher than it did the previous month. The report revealed that daily self-mining increased by 14% from the beginning of June to the end.

Bitcoin Miners Dump BTC to Survive Bear Market

Following the recent market meltdown, Bitcoin mining companies have continued to announce sales of part of their BTC holdings to cope with the situation. Last month, Coinfomania reported that Canadian Bitcoin mining company Bitfarms sold $62 million worth of its BTC to reduce its debts and maintain liquidity.

Meanwhile, a recent report from crypto analytics platform Arcane Research, revealed that publicly-traded Bitcoin miners sold more than 100% of their entire output in May, from 30% in the first four months of the year.