Bitcoin miners keep selling to cover expenses as Core Scientific sold 7.2k BTC in June for $167m

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Summary:

  • Bitcoin miners continually sell their BTC to cover operational expenses.
  • Bitcoin mining company Core Scientific announced that it sold 7,202 BTC in June for $167 million.
  • The Core Scientific team further explained that the revenue was used for ASIC server payments, capital investments in additional data center capacity, and scheduled debt repayment.

The trend previously identified by JP Morgan of Bitcoin miners selling their BTC to cover expenses continues as Core Scientific announced that it sold 7,202 Bitcoins in June.

According to the official announcement from the Core Scientific team, Bitcoin was sold at an average price of $23,000, earning the company about $167 million in revenue. Additionally, as of June 20, “the company had 1,959 bitcoins and approximately $132 million in cash on its balance sheet.”

Bitcoin Sold to Cover Expenses, Pay Debt – Core Scientific.

The Core Scientific team further clarified that revenue generated from Bitcoins sold was then used “for ASIC server payments, capital investments in additional data center capacity, and scheduled debt repayment.” .

Core Scientific will continue to sell its self-mined Bitcoin.

Additionally, the company explained that it will likely continue to sell self-mined bitcoins to cover “operating expenses, fund growth, pay down debt, and maintain liquidity.”

Core Scientific currently generates around 36.9 Bitcoins per day. Its daily production in June increased by 14%, from 34.8 BTC on June 1 to 39.8 BTC on June 30. The company operates a fleet of approximately 103,000 ASIC miners with a planned increase of another 70,000 ASICs over the next six months.

Bitcoin continues to trade below the 200-week MA and previous ATH of $19,798.

News of Core Scientific’s June 7.2k Bitcoin sale comes as BTC continues to fight back to critical support areas of its 200-week moving average (red) and previous all-time high of $19,798 – Binance rate. The Bitcoin 1-day chart below further provides a visual clue to the situation.

Additionally, from the chart, it can be observed that the daily MFI and RSI hint at a return to selling by BTC traders. The daily MACD hints at weak buyer interest in Bitcoin, with trading volume clearly in the red.

Therefore, Bitcoin could continue to trade above its local low of $17,600 and below the 200-week moving average (around $22,400) for the next few days or weeks before a clear direction is revealed. observed.

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