The cryptocurrency market is showing no signs of strength or pattern reversal. BTC has so far been unable to establish new highs on the daily time frame. Therefore, it is impossible to predict a bullish rally unless it forms a reversal pattern and sets a new important high.
Core Scientific, the largest publicly traded mining corporation, released results for the first half of 2022. Particularly noteworthy was the fact that miners sold 7,202 BTC in June at an average price of $23,000 and received $167 million in total revenue from the sale.
The corporation has 1,959 BTC and $132 million in cash on its financial sheet as of the end of June. Therefore, we can conclude that Core Scientific has sold over 78.6% of its entire bitcoin holdings.
The miners continued to describe that the proceeds from the sale were used to pay for ASIC’s servers, capital expenditures for further data centers, and loan repayments.
The company currently has 103,000 ASIC servers available, and aims to deploy an additional 70,000 ASIC servers during the rest of the year.
Additionally, Core Scientific has announced that it will continue selling mined bitcoins to cover costs and provide sufficient liquidity.
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In mid-June, Blockware Solutions lead analyst Will Clemente accurately estimated these sales from miners.
Clemente said bitcoin’s low price, coupled with the challenging nature of mining and high energy expenditure, put significant pressure on miners’ profit margins.
The graph provided by analysts on June 18 shows that the hashrate price is declining more rapidly than the bitcoin price.
The intersection of the graphs of the hash ribbon also clearly shows a decrease in the number of operating machines, which is further confirmed by increasing BTC sales by miners.
