Core Scientific Miner Dumped $165 Million BTC To Enhance Liquidity

Core Scientific miner dumped $165 million worth of BTC to enhance liquidity and the chief Mike Levitt added that the miner sold the BTC to cover costs amid the economy dealing with serious inflation so let’s read more today in our latest Bitcoin news.

The crypto-miner Core Scientific sold $165 million worth of BTC last month with the inflation and market turmoil pied on the pressure of public companies. The NASDAQ listed company sold 7202 BTC during June with an average price of $23,000 leaving it with 1959 BTC as bosses told investors. The proceeds will go towards covering the costs of servers and increased data capacity while paying off debts. The chief executive Mike Levitt added that the group was working to enhance the balance sheet and enhance the liquditiy in response to the current challenges. He said:

“Our industry is enduring tremendous stress as capital markets have weakened, interest rates are rising and the economy deals with historic inflation. Our company has successfully endured downturns in the past, and we are confident in our ability to navigate the current market turmoil.”

The company said it will continue to sell the BTC it mined and use the proceeds to cover the expenses, pay the debt, and maintain liquidity. In the meantime, the group continued mining new BTC and produced 1106 new tokens in June via self-mining operations. Despite the market conditions, core Scientific expects to deploy another 70,000 new self-mining ASIC servers in the next six months and paid 90% of the cost of the new additions. The publicly-traded miners were selling off the reserves after the decline in crypto asset prices and putting pressure on the balance sheet.

Most miners were holding treasuries in BTC but the bear market made the practice less profitable and forced them to drop the holdings to cover costs. There are fears that the dumps can push the BTC prices down and can worsen the conditions.

As recently reported, For the first time in a year, the BTC miner revenues surpassed those of ETH in June but both digital assets shwoed dwindling profit margins that happened due to the prevailing crypto winter. Bitcoin miners generated $656 million according to a July 5 report by Binance. In the meantime, the Ethereum miners brought in $548 million in the same timeframe which is over $100 million less than the BTC counterparties.