Bitcoin firm sees 23% price drop, loses $8,058 BTC in Q2

2 mins

Seeing that Q2 ended with the Bitcoin at $7,061 and since Q1 the price has fallen 23%, May 31's 8,058 BTC reportedly held by firm shrunk to a subtantial reduction amount.

In June, United States-based cryptocurrency mining firm Core Scientific sold over 7,000 Bitcoin to pay for servers, increase its data capacity, and settle debts.

Core Scientific said that as of June 30, it held 1,959 Bitcoin (BTC), worth around $132 million — a drop of more than 75% from its May 31 holdings.

The company reported that it had produced 1,106 BTC in June, with self-mining accounting for 57% of its data center capacity and crypto mining operations as of June 30.

CEO Mike Levitt said, "The capital markets are under incredible strain as the economy deals with historic inflation and interest rates increase. Our industry has weathered similar situations in the past, and we have no doubt that we will be able to manage this downturn."

In the face of a downturn in the market and extreme price volatility in cryptocurrencies, many crypto miners reportedly sold their self-mined coins, and at times liquidated holdings. In June, Canadian crypto mining firm Bitfarms sold 3,000 BTC—nearly 47% of its holdings at the time—for $62 million as part of a strategy to improve liquidity and pay debts.

Levitt said that Core Scientific aimed to increase its capacity to 30 exahashes/second by the end of 2022, and "that it would take advantage of any opportunities that might arise from distress." The company plans to release its earnings report for Q2 2022 on Aug. 11.

Vestibulum iaculis ligula et accumsan tristique. Nullam et odio id ante feugiat ultricies ut vel orci. Sed finibus faucibus purus quis suscipit. Vestibulum mattis, odio imperdiet commodo ullamcorper, sem justo rhoncus nunc, quis lacinia felis erat eu nunc.