Crypto Miner Core Scientific Sells Bitcoin Holdings

Cryptocurrency miner Core Scientific (CORZ) sold most of its Bitcoin (BTC) holdings in June as the market crashed.

Core Scientific said its sold 7,202 Bitcoins for $167 million in June, reducing the amount of Bitcoin on its balance sheet by nearly 80%. The Austin, Texas-based company says it now holds 1,959 Bitcoins.

Core Scientific, which was founded in 2017, is one of the largest Bitcoin miners in the world with 180,000 servers and nearly 10% of the computing power that secures the Bitcoin blockchain network.

Core Scientific and other cryptocurrency miners are struggling to repay debt they took on to buy cryptocurrency mining machines and other equipment. Operational costs have exceeded mining revenue for many miners as the price of Bitcoin has fallen 57% this year to $20,000 U.S. Last November, Bitcoin was trading at $68,000 U.S. per coin.

While some Bitcoin miners, such as Marathon Digital (MARA), have not sold any Bitcoin, others such as Core Scientific have started large sales to shore up their finances.

Canadian cryptocurrency miner Bitfarms (BITF) sold about half of its Bitcoin in June and used the cash generated to repay a loan.

Core Scientific stock is down 85% this year at $1.61 U.S. per share.