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.

Avots: 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.

Ne tikai kalnračiem pagājušajā ceturksnī bija milzīgi zaudējumi; arī citi nozares pārstāvji. Lielākā ASV kriptovalūtu birža Coinbase Global Inc. ziņoja par zaudējumiem 1.1 miljarda ASV dolāru apmērā, un MicroStrategy Inc. arī piedzīvoja neto zaudējumus vairāk nekā 1 miljarda ASV dolāru apmērā.

Saskaņā ar Melleruda teikto, vadošie valsts kalnrači jūnijā ieguva 3,900 monētu, bet pārdeva no tām 14,600 80. Jūnijā Core Scientific pārdeva aptuveni XNUMX% savu monētu, lai segtu darbības izdevumus un atbalstītu izaugsmi.

Lai saglabātu maksātspēju, kalnrači pārdod savus aktīvus un kalnrūpniecības iekārtas un uzņemas lielākus parādus. Marathon jūlijā paplašināja savu iepriekšējo 100 miljonu ASV dolāru kredītlīniju, refinansējot to ar jaunu 100 miljonu ASV dolāru termiņa aizdevumu no kriptovalūtām labvēlīgas bankas Silvergate Capital Corp. Turklāt kalnracis pārdeva savu ieguves aprīkojumu par 58 miljoniem ASV dolāru. Ar B. Riley Principal Capital II Core Scientific ir parakstījis kopēju akciju pirkuma līgumu par 100 miljoniem ASV dolāru.

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

Oriģināls avots: ZiņasBTC