Bitcoin Miners Suffer Over $1 Billion Loss In Q2 2022

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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 Red

In 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.

Iturria: Bloomberg

Although 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.

Ez bakarrik meatzariek galera handiak izan zituzten azken hiruhilekoan; sektoreko beste kide batzuk ere. AEBetako kriptomoneta truke handienak, Coinbase Global Inc.-ek, 1.1 milioi dolarreko galera izan zuen, eta MicroStrategy Inc.-k ere 1 milioi dolarreko galera garbia izan zuen.

Meatzari publiko nagusiek 3,900 txanpon atera zituzten ekainean, baina horietako 14,600 saldu zituzten, Melleruden arabera. Ekainean, Core Scientific-ek bere txanponen % 80 inguru saldu zituen funtzionamendu gastuak ordaintzeko eta hazkundea laguntzeko.

Kaudimena mantentzeko, meatzariak beren aktiboak eta meatze-makinak saltzen ari dira eta zor gehiago hartzen ari dira. Marathonek bere aurreko 100 milioi dolarreko kreditu-lerroa zabaldu zuen uztailean, kriptomoneta errespetatzen duen Silvergate Capital Corp-eko bankuaren 100 milioi dolarreko mailegu berri batekin birfinantzatuz. Horrez gain, meatzariak bere meatze-ekipoa saldu zuen 58 milioi dolarren truke. B. Riley Principal Capital II-rekin, Core Scientific-ek 100 milioi dolarreko akzioen erosteko akordio komuna sinatu du.

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 Bloomberg

Jatorrizko iturria: AlbisteakBTC