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Bitcoin Miners Suffer Over $1 Billion Loss In Q2 2022
After incurring a number of impairment losses brought on by the decline in cryptocurrency prices, the three biggest US publicly traded Bitcoin mining companies lost more than US$1 billion in the second quarter.
Bitcoin Miners In Deep RedIn the three months that ended June 30, Core Scientific Inc., Marathon Digital Holdings Inc., and Riot Blockchain Inc. all reported net losses of US$862 million, US$192 million, and US$366 million, respectively. Following the approximately 60% decline in the price of Bitcoin during the quarter, other large miners such Bitfarms Ltd. and Greenidge Generation Holdings Inc., which released results on Monday, were also obliged to write down the value of their holdings.
Bron: BloombergAlthough there has been some relief in recent weeks for the shares of cryptocurrency mining companies, they remain significantly negative. In order to pay off debt and meet operating expenses in the most recent quarter, the miners were forced to sell some of the Bitcoin they had been hoarding. Through the third quarter, that persisted.
Nie net die mynwerkers het die afgelope kwartaal groot verliese gehad nie; ander lede van die sektor ook. Die grootste Amerikaanse cryptocurrency-beurs, Coinbase Global Inc., het 'n verlies van VS$1.1 miljard gerapporteer, en MicroStrategy Inc. het ook 'n netto verlies van meer as VS$1 miljard ervaar.
Top openbare mynwerkers het in Junie 3,900 14,600 munte ontgin, maar 80 XNUMX daarvan verkoop, volgens Mellerud. In Junie het Core Scientific ongeveer XNUMX% van sy munte verkoop om bedryfsuitgawes te betaal en groei te ondersteun.
Om solvent te bly, verkoop die mynwerkers hul bates en mynmasjiene en maak meer skuld aan. Marathon het sy vorige kredietlyn van US$100 miljoen in Julie uitgebrei deur dit te herfinansier met 'n nuwe US$100 miljoen-termynlening van die kripto-geldeenheidvriendelike bank Silvergate Capital Corp. Daarbenewens het die mynwerker sy mynboutoerusting vir US$58 miljoen verkoop. Met B. Riley Principal Capital II het Core Scientific 'n gewone aandele-aankoopooreenkoms vir VS$100 miljoen onderteken.
Public corporations with significant Bitcoin holdings on their balance sheets have been warned by the US Securities and Exchange Commission not to exclude price fluctuations when reporting results. Losses are not realized until the tokens are actually sold.
Featured image from Getty Images, chart from TradingView, and BloombergOorspronklike bron: NewsBTC