Core Scientific, 7,202 during the month of June bitcoin It generated $167 million in revenue at an average price of $23,000 per BTC.
This money was mostly used for equipment payments, capital investments in additional data center capacity, and scheduled debt repayments, according to a statement Tuesday.
Core Scientific Sold Most of Bitcoin Assets
Considering that the company had 8,058 BTC in its wallet at the end of May, it is understandable that it sold most of its holdings.
Company CEO Mike Levitt said in his statement on the subject:
“We are working to strengthen our balance sheet and increase liquidity to overcome this challenging environment. Our industry is experiencing tremendous stress as capital markets weaken, interest rates soar, and economic history grapples with inflation. Our company has successfully weathered past downturns and we are confident in our ability to overcome current market turmoil.”
Other Bitcoin miners have similarly sold a significant portion of their BTC holdings recently. Bitfarms, for example, had to sell 3,000 BTC to pay off part of the $100 million loan it received from Galaxy Digital.
Company Announces It May Continue Selling BTC
As of the end of June, Core Scientific had 1,959 BTC on its balance sheet and approximately $132 million in cash. Going forward, the company plans to continue selling some of its own-mined BTC to “pay operating expenses, finance growth, repay debts and maintain liquidity,” the statement said.
On the other hand, the company announced that it had produced 1,106 Bitcoins in June. This figure indicates a 2.8% decrease compared to the previous month. As the company rolled out new mining equipment last month, BTC production was hit by a “significant increase in outages.” The company’s capacity was reduced by 2,472 megawatts/hour due to outages last month.
*Not investment advice.