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- Core Scientific Sold 79% Bitcoins holding.
- Core Scientific sold bitcoin for an average price of $23000.
Core Scientific is a leading mining firm established in 2017 for Mining Bitcoins and other currencies. It still holds its first rank in the crypto mining sector in the North American region.
Core scientific is focused on Bitcoin mining as Bitcoin was the leading crypto to consider other cryptocurrencies. The core scientific team comprises 25 to 30 experts, and Darin Feinstein and Mike Levitte head the company.
According to some media sources, Core Scientific is facing a financial crisis and is in heavy debt, and for this, the firm sold its Bitcoin holding worth $167 million.
Some reports also state that in the month of June, Core Scientific already sold its 1959 Bitcoin holding to maintain its balance sheet.
Core scientific sold their 7202 Bitcoin for an average price of 1813481 Indian currency( $23k) and a total amounting to $167 million, and the payment was in the form of cash. However, Core Scientific has used the cash to pay the debt to the machinery companies.
Chief Executive Officer of Core scientific Mike Levitte stated, “Our company has successfully endured downturns in the past, and we are confident in our ability to navigate the current market turmoil”.
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“Adding more to it, Mike said that he and his team are working to strengthen our balance sheet and enhance liquidity to meet this challenging environment. He believed we will operate over 30 EH/s in our data centres by year-end 2022.”
Problems faced by mining firm
Mining firms are facing many troubles in the current era because of crypto winter for the last few months, and their firm is not able to pay their debts and electricity bills because the prices of Bitcoin prices are continuing to downtrend for the past eight months and other cryptocurrencies have followed the same trend of declining.
Conclusion
The declining market of Bitcoin is affecting the mining industry, and many mining firms are facing a serious issues regarding debts and electricity bills. The firms cannot pay the outstanding electricity bills because the prices of Bitcoin and many other currencies, including Ethereum, have faced a severe downtrend in the last eight months.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
