Crypto Miner Core Scientific Sells Off $165 million Bitcoin

Crypto miner Core Scientific has sold roughly $165 million worth.

The NASDAQ-listed firm sold 7,202 Bitcoin during June at an average price of $23,000.

That leaves Core Scientific with just 1,959 Bitcoin.

As of June 30, the company had $132 million in cash on its balance sheet.

The proceeds will go towards covering the cost of servers, increasing data capacity, and paying off debts, Core Scientific said.

The company also said it would continue to sell self-mined Bitcoin and use the proceeds to cover expenses, fund growth, pay debt, and maintain liquidity.

Despite the market conditions, Core Scientific still expects to deploy another 70,000 new self-mining ASIC servers over the next six months and has already paid 90% of the cost for these new additions.

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