The largest bitcoin miners lost about $1 billion

- Advertisement -

As a result of the collapse of bitcoin, the largest mining companies suffered heavy losses. According to Bloomberg, the list of victims is headed by miners Core Scientific, Marathon and Riot. Their total losses have exceeded $1 billion since the collapse of the Terra ecosystem.

Other companies Bitfarms and Greenidge also reported losses earlier this week. In July and August, miner stocks bounced back a little, thanks to a bounce in BTC.

- Advertisement -

However, in general, the first half of the year turned out to be extremely unsuccessful for companies mining cryptocurrency. In July alone, they were forced to sell 6,200 bitcoins, said Arcane Research analyst Jarande Mellerud.

In June, miners sold 14,600 coins, while they only managed to mine 3,900 BTC. For example, Core Scientific sold almost 80% of the cryptocurrency.

- Advertisement -

Companies such as Stronghold Digital Mining were forced to give a part of their equipment to a creditor in order to pay off their debts. This miner announced the transfer of about 26,000 BTC mining devices to the New York Digital Investment Group. Thus, Stronghold will repay the debt to the creditor in the amount of $67.4 million.

Stay in touch! Subscribe to World Stock Market at Telegram.

Source: Cryptocurrency

- Advertisement -


Please enter your comment!
Please enter your name here

Hot Topics

Related Articles