The world’s largest public Bitcoin miner Coin Scientific Sells 7,202 BTC which is approximately 79% of Its Bitcoin holdings
Core Scientific sold 7,202 BTC in June
Core Scientific, the largest publicly traded mining corporation, released its first-half 2022 results. Particularly noteworthy was the fact that the miner sold 7,202 BTC in June for an average price of $23,000 and received $167 million in total revenue from the sale.
The corporation has 1,959 BTC and $132 million in cash on its financial sheet as of the end of June. Therefore, we can conclude that Core Scientific has sold more than 78.6% of its entire Bitcoin holdings.
The miner continued by describing how the money from the sale was utilized to pay for servers for ASICs, capital expenses for further data centers, and debt repayments.
The company currently has 103,000 ASIC servers available, and it aims to deploy an additional 70,000 ASIC servers over the course of the rest of the year. Additionally, Core Scientific has declared that it would keep on selling mined Bitcoin in order to cover costs and provide adequate liquidity.
What will happen next?
Going back to Will Clemente, the lead analyst at Blockware Solutions, who correctly forecasted such sales from miners in mid-June, will provide the solution to this query.
Clemente claims that the low price of Bitcoin (BTC), along with the challenging nature of mining and high energy expenses, put significant pressure on miners’ profit margins.
The graphs the analyst provided back on June 18 show that the hash price is declining more rapidly than the price of Bitcoin (BTC). The graph’s intersection of hash ribbons also plainly shows a reduction in the number of operating machines, which is further corroborated by miners’ rising Bitcoin (BTC) sales.
