Big crypto mining shop sells almost all its bitcoin

Core Scientific, among the largest publicly traded crypto mining operators in North America, sold almost all of its bitcoin holdings last month.

Why it matters: Crypto miners typically enjoy fat profit margins comparable to that of the luxury goods sector, but with bitcoin falling below $20,000 last month, some operators have started strategically selling crypto stockpiles to weather market turmoil.

Driving the news: The crypto mining shop sold 7,202 bitcoins at an average price of roughly $23,000, for total proceeds of approximately $167 million in June, according to the company.