Core Scientific, among the largest publicly traded crypto mining operators in North America, sold almost all of its bitcoin holdings last month.
Why it matters: Crypto miners typically enjoy fat profit margins comparable to that of the luxury goods sector, but with bitcoin falling below $20,000 last month, some operators have started strategically selling crypto stockpiles to weather market turmoil.
Driving the news: The crypto mining shop sold 7,202 bitcoins at an average price of roughly $23,000, for total proceeds of approximately $167 million in June, according to the company.
It also said it shuttered data center operations for a total of 2,472 megawatt hours in the month.
By the numbers: Core Scientific as of June held 1,959 bitcoins; in May the shop reported holdings of 8,058.
What they're saying: "We are working to strengthen our balance sheet and enhance liquidity to meet this challenging environment," CEO Mike Levitt, said in a statement Monday.
Calls to Core Scientific...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...