A famous mining company reported that it sold 7202 Bitcoins in June. While the company generates $167 million in revenue from these sales, it says it plans to cash out the Bitcoins it holds.
Core Scientific will sell more Bitcoin
According to a statement released on Tuesday, Core Scientific (CORZ) sold 7,202 Bitcoins, down from an average of $23,000 last month. The company earned a total revenue of $167 million from this sale. The mining giant says these sales are used for payments to ASIC servers, capital investments in additional data center capacity, and debt repayments. He also said that he will continue to sell self-issued Bitcoins to pay operating expenses, finance growth, retire debt and maintain liquidity.
Core Scientific CEO Mike Levitt’s statements on the subject:
We are working to strengthen our balance sheet and increase liquidity to meet this challenging environment. We also continue to believe that we will operate at more than 30 EH/s in our data centers by the end of 2022… While we take advantage of any troubling opportunities that may arise, we continue to focus on implementing our plan.
The mining company produced approximately 36.9 Bitcoins per day in June, with 1,106 Bitcoins slightly higher than in May. In the Core update, server deployments helped Bitcoin production in June. Production advances, however, were limited by a “significant increase in restraint activity”. During the month, daily production increased by approximately 14%.
What does on-chain data say for Bitcoin as miners sell?
The latest issue of CoinShares’ weekly “Cryptocurrency Fund Flows” report has brought some relief to the market. According to the report, crypto investment products saw a total inflow of $64 million from June 27 to July 1.
By geographies, regions such as Brazil, Canada, Germany, and Switzerland had inflows totaling $20 million. According to the report, “this highlights that investors are adding to long positions at current prices.”
Additionally, US investors registered $46.2 million inflows in strong demand short BTC investment products. The introductions to short-Bitcoin are likely due to the first time short-BTC investment products are available.
So how much demand are altcoin projects in this environment?
Moving on to altcoins, on the other hand, short-Bitcoin investment products saw a record $51 million inflow considering the product launch. Ethereum saw its second week of total inflows of $5 million last week. Additionally, he broke his 11-week exit spell. However, year-to-date outflows remain at a staggering $433 million.
Finally, Solana, Polkadot, and Cardano products registered minor entries of $1 million, $700,000, and $600,000, respectively.
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