Bitcoin Miners Suffer Over $1 Billion Loss In Q2 2022

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Tue, Aug 16, 2022 10:22 PM

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.

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.

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.

Kwete chete vacheri vakarasikirwa zvikuru kota yapfuura; dzimwe nhengo dzechikamu zvakare. Iko huru yeUS cryptocurrency exchange, Coinbase Global Inc., yakashuma kurasikirwa kweUS $ 1.1 bhiriyoni, uye MicroStrategy Inc. yakawanawo kurasikirwa kwemari inodarika US $ 1 bhiriyoni.

Vepamusoro vemigodhi vevanhu vakachera 3,900 mari muna Chikumi, asi vakatengesa zviuru gumi nezvina nemazana matanhatu, sekureva kwaMellerud. Muna Chikumi, Core Scientific yakatengesa ingangoita 14,600% yemari yayo kubhadhara mari yekushandisa uye kukura kwekutsigira.

Kuti varambe vakanyungudika, vashandi vemumigodhi vari kutengesa midziyo yavo nemichina yekuchera uye kutora chikwereti chakawanda. Marathon yakawedzera yayo yapfuura US $ 100 mamiriyoni mutsetse wechikwereti muna July kuburikidza refinancing nayo itsva US$100 mamiriyoni nguva chikwereti kubva cryptocurrency-ushamwari kubhengi Silvergate Capital Corp. Uyezve, mugodhi akatengesa midziyo yayo mugodhi US $58 mamiriyoni. Na B. Riley Principal Capital II, Core Scientific yakasaina chibvumirano chekutenga masheya cheUS$100 miriyoni.

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.

Original source: NhauBTC