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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.
Font: 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.
No només els miners van tenir grans pèrdues el trimestre passat; també altres membres del sector. L'intercanvi de criptomonedes més gran dels Estats Units, Coinbase Global Inc., va registrar una pèrdua de 1.1 milions de dòlars EUA, i MicroStrategy Inc. també va experimentar una pèrdua neta de més de 1 milions de dòlars.
Els principals miners públics van extreure 3,900 monedes al juny, però en van vendre 14,600, segons Mellerud. Al juny, Core Scientific va vendre aproximadament el 80% de les seves monedes per pagar les despeses operatives i donar suport al creixement.
Per mantenir-se solvents, els miners venen els seus actius i màquines mineres i s'endeutaran més. Marathon va ampliar la seva línia de crèdit anterior de 100 milions de dòlars al juliol refinançant-la amb un nou préstec a termini de 100 milions de dòlars del banc Silvergate Capital Corp, compatible amb les criptomonedes. A més, el miner va vendre el seu equip de mineria per 58 milions de dòlars. Amb B. Riley Principal Capital II, Core Scientific ha signat un acord de compra d'accions comuns per 100 milions de dòlars EUA.
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 BloombergFont original: NewsBTC