Mining crypto

With growing pressure from the crypto market, these top miners sold more Bitcoin than they mined

One of the largest Bitcoin BTC/USD minors, Core Scientific Inc CORZclaims to have produced nearly 1,221 Bitcoins in July and sold 1,975 Bitcoins to pay for growth expenses.

The company accumulated $44 million and used this money for capital investment. It spent to increase its data center capacity and paid mining rig manufacturer Bitmain for 100,000 mining rigs.

Regarding the performance of the month, Core Scientific CEM mike levitt said: “In July, we continued to improve our liquidity, strengthen our balance sheet, streamline our organization and make further progress towards our 2022 operating objectives.”

Also Read: Crypto Analyst Who Correctly Predicted Bitcoin Will Pull Back to $21,000 Now Has This New Alert

The company said it has less than $10 million in payouts for the platforms. He holds 1,205 Bitcoins and has approximately $83 million in cash on his balance sheet.

Core Scientific mentioned in a statement that it has around 195,000 mining rigs with a total hash rate of around 19.3 exahash per second (EH/s).

Additionally, the company plans to continue selling self-mined bitcoins to pay operating expenses, pay down debt, and maintain liquidity.

Recently, another bitcoin miner, Blockchain Riot Inc RIOT sold some of its operated digital assets in July. The company sold around 275 Bitcoins for $5.6 million.