One more mining giant sold BTC-assets

  • Elena Klimovich
  • 08:57 Jul 07, 2022
  • 551
One more mining giant sold BTC-assets

One of the largest mining companies in the world earned $167 millions per 7020 BTC. Despite the reason for such a step was necessary to pay for loans, Core Scientific is in the optimistic mood and ready to continue mining. After the deal 1959 BTC and $132 millions fiat money left on the company's account.

It is not the first case of cryptoassets selling out and it attracts attention because as a rule public mining companies save tokens and act as intermediaries for investors who want to earn by changing rates. Also they are sure that saved coins will help to improve their balance in the future.

But the situation on the markets during last months has affected negatively on companies and their abilities led to difficulties with paying bills, loans and ordered equipment.

Increase of electricity cost making mining unprofitable. CEO Core Scientific said that the market is in the tough position when the rates increased and the economy faced the highest inflation in the last 40 years.

At the same time he admitted that mining will be continued and data-centers will be widened. 180 000 servers that belong to Core Scientific maintain the 10% of power needed for BTC security.

 Before Core Scientific sold its BTC the same deals had made Bitfarms and Riot Blockchain.

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