Bitcoin Miners Continue Selling to Cover Expenses as Core Scientific Sold 7.2k BTC in June for $167M 16

Bitcoin Miners Continue Selling to Cover Expenses as Core Scientific Sold 7.2k BTC in June for $167M

Summary:

  • Bitcoin miners are continually selling their BTC to cover operational expenses.
  • Bitcoin mining company, Core Scientific, has announced that it sold 7,202 BTC in June for $167 million.
  • The Core Scientific team further explained the revenue was used for payments for ASIC servers, capital investments in additional data center capacity, and scheduled repayment of debt.

The earlier identified trend by JP Morgan of Bitcoin miners selling their BTC to cover expenses continues as Core Scientific has announced that it sold 7,202 Bitcoins in June.

According to the official announcement by the Core Scientific team, the Bitcoin was sold at an average price of $23k, netting the company approximately $167 million in revenue. Additionally, as of June 20th, ‘the company held 1,959 Bitcoins and approximately $132 million in cash on its balance sheet.’

The Bitcoin Was Sold to Cover Expenses, Pay Debt – Core Scientific.

The team at Core Scientific further elaborated that the revenue generated from the sold Bitcoins was subsequently used ‘for payments for ASIC servers, capital investments in additional data center capacity and scheduled repayment of debt.’

Core Scientific Will Keep Selling its Self-Mined Bitcoin.

In addition, the company explained that they will likely keep selling self-mined Bitcoin to cover ‘operating expenses, fund growth, retire debt, and maintain liquidity.’

Core Scientific currently generates roughly 36.9 Bitcoins per day. Its daily production in June increased by 14%, from 34.8 BTC on June 1st to 39.8 BTC on June 30th. The company operates a fleet of approximately 103,000 ASIC miners with an expected increment of 70k more ASICs in the next six months.

Bitcoin Continues To Trade Below the 200-Week MA and Previous ATH of $19,798.

News of Core Scientific selling 7.2k Bitcoin in June comes when BTC continues to battle to regain the critical support zones of its 200-week moving average (red) and its previous all-time high value of $19,798 – Binance rate. The 1-day Bitcoin chart below further provides a visual cue of the situation.

Bitcoin Miners Continue Selling to Cover Expenses as Core Scientific Sold 7.2k BTC in June for $167M 17

Also, from the chart, it can be observed that the daily MFI and RSI hint at a return to selling by BTC traders. The daily MACD hints at low buyer interest for Bitcoin, with the trade volume clearly in the red.

Consequently, Bitcoin could continue to range above its local low of $17,600 and below the 200-week moving average (around $22,400) for the next few days or weeks before a clear direction is observed.