Losses of the largest bitcoin miners exceeded $1 billion

by in Cryptocurrency News

Mining

As a result of the collapse of bitcoin, the largest mining companies suffered heavy losses. 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.

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.

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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.

Companies such as Stronghold Digital Mining were forced to give a part of their equipment to a creditor 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 for $67.4 million.