A Top Crypto Mining firm is Forced to Sell 79% Of Its Bitcoin To Settle Debt

 

‘Core Scientific’, a large mining firm, is forced to sell out tokens which the firm mined in June. Core Scientific is one of the world’s leading mining firms with over 180,000 servers around the globe, which account for 10% of the world’s crypto mining computing power. It needed to settle some debt and purchase new machinery for its operations. It made massive sales of about 7202 Bitcoins. A total of $166 million was realized for selling each Bitcoin for $23000. Core Scientific has a total of 1959 BTCs in hand. This is Worthing $132 million.

 

Mike Levitt, the CEO of the company, stated that the current crisis in the crypto market is putting a lot of pressure on companies in the market. In addition to this, rising interest rate and Inflation is adding more pressure on the market. The CEO stated that although they have properly managed economic recessions in the past, this particular condition makes it very hard for them to balance their sheets.

 

The Harshest Conditions in Crypto Market

There have been periods of recession in the crypto market in time past, but this one is the worst. Bitcoin and Ethereum have fallen in value below their sustainable prices. This is forcing firms to take drastic decisions so that they can survive. June 2022 is Bitcoin’s worst month since 2011. At the same time, investors are taking advantage of the fall in price to acquire more BTCs monthly. Although it is the harshest time in the market, the crypto purchasing rate is also very high.

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