Mining firm Core Scientific generated $167 million in revenue by selling 7,202 Bitcoins.
The company said in a statement today that the proceeds are used for equipment payments, capital investments and debt payments.
Bitcoins sold represent a large portion of the company’s total assets. The company held 8,058 Bitcoins at the end of May.
Core Scientific CEO Mike Levitt said:
“We are working to face this challenging environment, strengthen our balance sheet and increase liquidity.
Our industry is under tremendous stress as capital markets weaken, interest rates soar, and the economy is dealing with historic inflation. Our company has successfully withstood crises in the past. We are confident in our ability to manage the current market turmoil.”
Along with Core Scientific, different mining companies have also recently divested a large portion of their Bitcoin holdings. Bitfarms sold 3,000 Bitcoins to pay off part of the $100 million loan from Galaxy Digital.
