Cipher, Hyperscale continue to offload BTC sale to fund AI pivot
An increasing number of miners have been letting go of their Bitcoin holdings to fund a pivot into AI data centers, and just a few days into August, more Bitcoin has been sold for the same purpose.
Cipher Digital (NASDAQ: CIFR) and Hyperscale Data (NYSEAMERICAN: GPUS) are the latest miners to sell Bitcoin. So far, the number of Bitcoins sold by public miners has crossed 15,000 since their treasuries peaked.
Hyperscale Data cashed out 150 coins in a single week
In a company release, Hyperscale Data said its Bitcoin holdings stood at 959 coins, worth about $60.8 million, after it converted around 150.5 BTC into $9.6 million during the week that ended August 2.
The company is not the only miner that is draining the treasury they once built up. In July, Empery Digital sold 1,400 BTC at an average of $62,200, raising about $87.1 million to pay down debt and buy a stake in a Midwest data center project. Bitdeer took its holdings to zero back in February.
Cipher’s mining revenue slid as the data center bet piled up losses
Cipher Digital, formerly Cipher Mining, released its second-quarter revenue figures on August 4. It recorded a revenue of $25 million and an adjusted EBITDA of negative $30 million.
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