US Mining Giant Dumps Over 80% of Bitcoin Holdings
iHodl.com
Main page News, Bitcoin, Mining

Texas-headquartered crypto mining giant Core Scientific has dumped 79% of bitcoin (EXANTE: Bitcoin) holdings from its balance sheet as the company was seeking options to repay its debts and "complete large purchase orders," Bloomberg reports.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

The company reportedly sold 7,202 mined coins for a total sum of $167 million in June, with 1,959 BTC left on its balance sheet. Mike Levitt, Core Scientific CEO, said:

"Our industry is enduring tremendous stress as capital markets have weakened, interest rates are rising and the economy deals with historic inflation."

US DoJ Goes After Baller Ape Club Rug Pull

The move comes after JPMorgan strategist Nikolaos Panigirtzoglou said that mining companies in need of liquidity in Q3 could continue to put downward pressure on the bitcoin price.

According to the expert's calculations, the share of public mining companies accounts for about 20% of the crypto's hashrate. Many of these have sold bitcoins in order to cover operating expenses and loans for services.

Core Scientific has 180,000 servers around the world, with nearly 10% of Bitcoin hashrate.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error
Close