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Crypto Mining Giant Dumped Most of Its Bitcoin Holdings in June

  • Core Scientific is selling tokens to buy machines, repay debt
  • Distress grows for mining companies facing a crypto winter
Darin Feinstein, co-founder of Core Scientific, during the Bitcoin 2022 conference in Miami, Florida.

Darin Feinstein, co-founder of Core Scientific, during the Bitcoin 2022 conference in Miami, Florida.

Photographer: Eva Marie Uzcategui/Bloomberg
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Core Scientific Inc., a top crypto miner, sold the bulk of its Bitcoin holdings in June as a steep drop in digital assets squeezes finances for even the leaders of the industry.

Core Scientific sold 7,202 mined coins for $167 million last month, leading to a 79% drop in Bitcoin holdings on its balance sheet, according to the company’s monthly update. The Austin, Texas-based company now holds 1,959 coins.