Core Scientific Inc., a top crypto miner, sold the bulk of its Bitcoin holdings in June as a steep drop in digital assets squeezes finances for even the leaders of the industry.
Core Scientific sold 7,202 mined coins for $167 million last month, leading to a 79% drop in Bitcoin holdings on its balance sheet, according to the company’s monthly update. The Austin, Texas-based company now holds 1,959 coins.
Crypto miners are struggling to repay debt and complete large purchase orders of expensive mining machines they made during the bull run several months ago. Operational costs have exceeded mining revenue for some miners as Bitcoin had its worst quarter in more than a decade. High-profile crypto blowups are battering the industry, helping contribute to declines in the world’s biggest cryptocurrency, which fell below $20,000 last month for the first time since 2020.
“Our industry is enduring tremendous stress as capital markets have weakened, interest rates are rising and the economy...
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