The cryptocurrency market hasn’t shown any signs of strength or pattern reversals. BTC has thus far been unable to establish a new higher high in the daily timeframe. Therefore, it is impossible to predict a bullish rally until it forms a reversal pattern and sets a new important high.
The largest publicly traded mining corporation, Core Scientific, released its first-half 2022 results. Particularly noteworthy was the fact that the miner sold 7,202 BTC in June for 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 more than 78.6% of its entire Bitcoin holdings.
The miner continued by describing how the money from the sale was utilised to pay for servers for ASICs, capital expenses for further data centres, and debt repayments.
The company currently has 103,000 ASIC servers available, and it aims to deploy an additional 70,000 ASIC servers over the course of the rest of the year.
Additionally, Core Scientific has declared that it would keep on selling mined Bitcoin in order to cover costs and provide adequate liquidity.
Was This Already Predicted?
Midway through June, Will Clemente, the principal analyst at Blockware Solutions, accurately projected these sales from miners.
Clemente said that the low price of Bitcoin, along with the challenging nature of mining and high energy expenses, put significant pressure on miners’ profit margins.
The graphs the analyst provided back on June 18 show that the hash price is declining more rapidly than the price of Bitcoin.
The graph’s intersection of hash ribbons also plainly shows a reduction in the number of operating machines, which is further corroborated by miners’ rising BTC sales.