Miner capitulation continues - Core Scientific sells 7202 Bitcoin
7/16/2022, 08:39 AM
It is a tough time for the crypto industry and the cryptowinter is claiming more losses. Many people are doubting that we have seen the bottom yet. The miner capitulation is in full swing.
However, due to the price drop in the crypto market, some miners are now having difficulty paying off the debts they incurred when buying their rigs. Therefore, every price recovery is used by miners to sell their accumulated bitcoins with as little loss as possible.
Core Scientific, another big player in the mining business, has now sold 80% of its Bitcoin holdings. The company is doing well according to its own statements. Core Scientific operates 180,000 servers and is one of the largest in the industry. In June alone, the company mined almost 10,000 bitcoins. Of these, 7202 were sold at a price of around 23,000 dollars.
We have already reported that both Bitfarms Ltd and Riot Blockchain Inc. have sold some of their mined coins. Therefore, a too early recovery of the prices is currently not expected among the large miners.
The reason is the tense economic situation and energy crisis. The ongoing regulation and bans are also causing concern among Bitcoin miners. Russia has recently decided to ban the trade in cryptocurrencies. The EU is already considering doing the same for PoW-based cryptocurrencies. On the other hand, we see a record inflation.
In addition, many currencies are weak against the dollar, for example the euro has lost almost 20% value against the dollar since the beginning of the year.
To find out more about Core Scientific visit their website:
https://corescientific.com
However, due to the price drop in the crypto market, some miners are now having difficulty paying off the debts they incurred when buying their rigs. Therefore, every price recovery is used by miners to sell their accumulated bitcoins with as little loss as possible.
Core Scientific, another big player in the mining business, has now sold 80% of its Bitcoin holdings. The company is doing well according to its own statements. Core Scientific operates 180,000 servers and is one of the largest in the industry. In June alone, the company mined almost 10,000 bitcoins. Of these, 7202 were sold at a price of around 23,000 dollars.
We have already reported that both Bitfarms Ltd and Riot Blockchain Inc. have sold some of their mined coins. Therefore, a too early recovery of the prices is currently not expected among the large miners.
The reason is the tense economic situation and energy crisis. The ongoing regulation and bans are also causing concern among Bitcoin miners. Russia has recently decided to ban the trade in cryptocurrencies. The EU is already considering doing the same for PoW-based cryptocurrencies. On the other hand, we see a record inflation.
In addition, many currencies are weak against the dollar, for example the euro has lost almost 20% value against the dollar since the beginning of the year.
To find out more about Core Scientific visit their website:
https://corescientific.com