In the wake of arguably the worst crypto market downturn in the industry's short history, miners Riot Blockchain (NASDAQ:RIOT), Core Scientific (NASDAQ:CORZ) and Bitfarms (NASDAQ:BITF) have been forced to sell a portion of their bitcoin (BTC-USD) stakes in a bid to free up capital.
That comes as crypto miners’ performance metrics in aggregate have weakened somewhat again in June, as the number of bitcoins (BTC-USD) mined edged down 1.8% on average, though mining capacity as measured by the hash rate jumped 8.8%, according to the table below.
As miners face tanking crypto prices, rising energy prices as well as heightened competition, Riot Blockchain (RIOT), for example, not only saw its bitcoin (BTC-USD) mining and hash rate growth decline M/M in June, but it also sold 300 bitcoins for net proceeds of approximately $6.2M to help cover operational costs, namely the development of its Whinstone facility in Rockdale, Texas. Still, the company holds over 22x that amount of BTC.
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