BTC Mining Firm Core Scientific Moves to Sell Bitcoin

Bitcoin mining firm Core Scientific announced that they sold more Bitcoin (BTC) than they mined for two consecutive months. It was noted that the firm had 1205 Bitcoins left in its vault, down from 1959.

Bitcoin mining firm Core Scientific suffered losses last July. In the announcement made by the company, the leading cryptocurrency sold 1975 coins at an average price of 22 thousand dollars per Bitcoin and grossed 44 million dollars, while the company was able to mine only 1221 coins in the same month. With this move, 1205 Bitcoin and $ 83 million in cash remained in the company's vault as of July 31. In a statement made by Core Scientific, it was stated that the revenue from Bitcoin sales in July was spent on increased activity center expenses and capital investments, while 100,000 ASIC special mining vehicles were ordered to Bitmain. Some of the money from these sales was transferred here. Bitcoin mining firm Core Scientific has significantly reduced the Bitcoins in its vault with this sales move. Core Scientific announced that this path was followed to increase liquidity as the price of Bitcoin fell below $ 30,000. The investment information, comments and recommendations in this article are not investment advice. Investment advisory services are provided individually, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are general in nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in accordance with your expectations.