Three largest miners lost $1 billion due to the market downturn
Experts note that public companies sell bitcoins faster than they have time to mine them
17.08.2022 - 07:30
398
1 min
0
What’s new? During the second quarter of 2022, the three largest publicly traded bitcoin mining companies in the United States collectively lost more than $1 billion due to declining cryptocurrency prices. Core Scientific, Riot Blockchain, and Marathon Digital Holdings reported net losses of $862 million, $366 million, and $192 million, respectively, in their reports. According to Bloomberg, the miners had to sell most of their BTC reserves to pay off operating expenses. Arcane Crypto analyst Jarand Mellerud said that a record 6200 coins were sold during July.
More details about what is going on. Other first cryptocurrency mining firms, including Bitfarms and Greenidge Generation Holdings, also reported losses. Mellerud noted that publicly traded mining companies sell bitcoins faster than they can mine them.
In July, Ethereum mining profitability once again overtook bitcoin. For this month, the total mining revenue amounted to $596,33 million and $574,89 million, respectively. However, despite the negative performance of previous months, between July 12 and August 13, bitcoin mining revenue increased by 68%, from $13,92 million to $23,48 million.
Useful material?
Market
Earlier, Trump promised to include the first cryptocurrency in the country’s reserves if re-elected as president
Nov 7, 2024
Incidents
According to the publication, the platform’s activities fall under the definition of gambling
Nov 7, 2024
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024