More announcements from public bitcoin miners on potential capitulation. Debt needs to be paid and cash is tight due to high hash rate and a low bitcoin price.
Miner capitulation is here. Core Scientific talks about potential bankruptcy, highlighting that cash resources will be depleted by the end of the year.
The company still holds a large treasury and ramped up its infrastructure through a $14 million bitcoin sale and dumping over 30 million shares onto the market.
As June monthly production updates roll out over the next week, Core Scientific and Bitfarms have both sold nearly 50% or more of their bitcoin treasuries.
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