Texas-headquartered crypto mining giant Core Scientific has dumped 79% of bitcoin (EXANTE: Bitcoin) holdings from its balance sheet as the company was seeking options to repay its debts and "complete large purchase orders," Bloomberg reports.
The company reportedly sold 7,202 mined coins for a total sum of $167 million in June, with 1,959 BTC left on its balance sheet. Mike Levitt, Core Scientific CEO, said:
"Our industry is enduring tremendous stress as capital markets have weakened, interest rates are rising and the economy deals with historic inflation."
The move comes after JPMorgan strategist Nikolaos Panigirtzoglou said that mining companies in need of liquidity in Q3 could continue to put downward pressure on the bitcoin price.
According to the expert's calculations, the share of public mining companies accounts for about 20% of the crypto's hashrate. Many of these have sold bitcoins in order to cover operating expenses and loans for services.
Core Scientific has 180,000 servers around the world, with nearly 10% of Bitcoin hashrate.
