A large U.S. cryptocurrency mining company has disposed of Bitcoin worth nearly 219 billion won to pay off its debts.

Core Scientific, a mining company based in Austin, Texas, announced this on the 5th (local time). The company is one of the largest bitcoin miners in the world

It accounts for 10% of computing power (computer computing power that contributes to blockchain creation) in Bitcoin networks.

Core Scientific sold 7,202 bitcoin mining last month for $167 million (218.6 billion won).

As liquidity crunch occurred due to falling virtual currency prices, Bitcoin was disposed of to pay off debts and raise funds to buy expensive mining machines.

The sale reduced the company’s bitcoin holdings by 79%, while the remaining bitcoin decreased to 1959.

CEO Mike Levitt said, “The cryptocurrency industry is under tremendous pressure due to weak capital markets, rising interest rates, and inflation.”

“We will continue to sell bitcoin mined to raise operating funds and repay debts to strengthen liquidity,” he said.

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