In a July 5 announcement, Core Scientific said it had sold about $167 million worth of Bitcoin in June at an average price of $23,000, or 7,202 BTC. The sale left the firm with 1,959 BTC, 21% of its holdings, and $132 million in cash as of June 30, down more than 75% when compared to its reported 8,058 BTC holdings on May 31.
Core Scientific used the proceeds to pay for ASIC servers, pay off debt, and expand its data capacity. The firm reported that it produced 1,106 BTC in June, with self-mining accounting for 57% of data center capacity, and crypto mining as of June 30, over 180,000 servers.
According to CEO Mike Levitt, the mining industry is under tremendous stress as capital markets weaken, interest rates rise and the economy deals with historic inflation. Core Scientific has successfully weathered downturns in the past, and they are confident in their ability to navigate the current market volatility.
Amid the current market crash, many Bitcoin mining firms have been forced to change their business strategy by selling instead of holding as before. Also in June, another major Bitcoin mining company, Bitfarms, sold 3,000 BTC, or about 47% of its holdings, for $62 million as part of a strategy to improve liquidity and repay debt.
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