One of the largest crypto miners sold most of its Bitcoin holdings as market turmoil leads to big pain for major companies

One of the largest cryptocurrency mining companies is feeling the heat of the latest market downturn.

Core Scientific sold most of its Bitcoin holdings in June, the company said on Tuesday in a monthly update. It traded 7,202 Bitcoins for about $167 million, and now holds 1,959 Bitcoins and $132 million in cash on its balance sheet.

Proceeds from its Bitcoin sales were used for payments for ASIC servers, which are typically used to mine cryptocurrency; investments in data center capacity; and scheduled repayment of debt, according to Core Scientific.

The company says it will continue to sell its mined Bitcoins to pay operating expenses and maintain liquidity, among other things.


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