Crypto Recession: Bitcoin Mining Company Had to Sell Its Bitcoin Holdings

The impact of the recession of cryptocurrencies was visible from investors to crypto exchanges and platforms, but now even the firms making cryptocurrencies have come under its influence. US-based cryptocurrency mining firm Core Scientific conducted a massive sale of bitcoin tokens in June to raise funds for its servers, increase data capacity and reduce the firm’s liabilities.

US-based crypto mining firm Core Scientific sold more than 7,000 bitcoins last month. The company gave this information by making an announcement. The value of these coins is being said to be $ 167 million (about Rs 13 billion). In June, the average price of bitcoin was running at 23 thousand dollars (about 18 lakh rupees). At that time the company sold 7,202 BTC. After the sale, the company was left with 1,959 BTC, which is 21 percent of its total holding.

Before the sale, the company had 8,058 BTC as of May 31. Accordingly, the holdings of the company have come down by 75%. Core Scientific says that it will invest the funds from the crypto cell in ASIC servers, reduce the company’s liability and invest in additional data center capacity. In its report, the company stated that it created 1,106 BTC in June.

Mike Levitt, CEO of Core Scientific, said that the industry (crypto industry) is feeling a lot of pressure and stress at the moment. Capital markets are very weak, interest rates are rising and the economy is facing historic inflation. He further said that his company has faced downturns and downturns well in the past and he is confident that they will handle this downturn in the market well this time too.

The slowdown in the cryptocurrency market is not taking the name of stopping and the price of tokens is registering a decline every day. Even today, the prices of most popular tokens have fallen, including bitcoin and ether, the two largest cryptocurrencies. The red color of the cryptocurrency price chart has been dominating the market for a long time, which indicates that the troubles of the crypto industry do not seem to be over for the time being.

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