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.

Manba: 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.

O'tgan chorakda nafaqat konchilar katta yo'qotishlarga duch kelishdi; sektorning boshqa a'zolari ham. AQShning eng yirik kriptovalyuta birjasi Coinbase Global Inc. 1.1 milliard AQSh dollari zarar ko'rgani haqida xabar bergan va MicroStrategy Inc. ham 1 milliard AQSh dollaridan ortiq sof zarar ko'rgan.

Mellerud ma'lumotlariga ko'ra, eng yaxshi jamoat konchilari iyun oyida 3,900 tanga qazib olishgan, ammo ulardan 14,600 tasini sotgan. Iyun oyida Core Scientific operatsion xarajatlarni to'lash va o'sishni qo'llab-quvvatlash uchun tangalarining taxminan 80 foizini sotdi.

To'lov qobiliyatini saqlab qolish uchun konchilar o'z aktivlari va qazib olish mashinalarini sotishadi va ko'proq qarz olishadi. Marafon oʻzining oldingi 100 million dollarlik kredit liniyasini iyul oyida kriptovalyutalarga qulay boʻlgan Silvergate Capital Corp bankidan yangi 100 million dollarlik muddatli kredit bilan qayta moliyalash orqali kengaytirdi. Bundan tashqari, konchi oʻzining kon uskunasini 58 million AQSh dollariga sotdi. B. Riley Principal Capital II bilan Core Scientific 100 million AQSh dollariga oddiy aktsiyalarni sotib olish shartnomasini imzoladi.

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

Asl manba: newsbtc