Over 7,000 Bitcoin were sold in June to pay for a crypto mining company's ongoing costs. But that isn't holding it back from expanding.
) in June at an average price of $23,000 — 7,202 BTC. The sale left the firm with 1,959 BTC — roughly 21% of its holdings — and $132 million in cash as of June 30, a more than 75% drop when compared with itsAccording to the firm, it used proceeds from the crypto sale to pay for ASIC servers, schedule debt repayments, and invest in additional data center capacity.
“Our industry is enduring tremendous stress as capital markets have weakened, interest rates are rising and the economy deals with historic inflation,” said CEO Mike Levitt. “Our company has successfully endured downturns in the past, and we are confident in our ability to navigate the current market turmoil.”
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