Digital gold fallen down brought great losses for miners

  • 17:55 Aug 19, 2022
Digital gold fallen down brought great losses for miners

Losses of the largest mining companies reached billions of dollars. Just Core Scientific, Marathon, Riot lost more than $1 billion after Terra’s collapse. Despite the short rise of BTC many companies faced great wastes. For example, Bitfarms and Greenidge also reported losses.

Insignificant rise of BTC couldn't affect the big picture in mining companies which had to sell mined coins to pay off the current expenses and payments for the loans. According to the Arcane Research information, just in July miners sold 6200 BTC.

In June the situation was much more difficult and with a production condition of 3900 coins, 14600 were sold. For example, Core Scientific sold 80% BTC from reserves.

Unfortunately not all the companies were able to solve the problems by realizing mined coins. Stronghold Digital Mining gave the bigger part of its hardware to pay for the loan. 20 000 units were given for the repayment of $67.4 million in debt.

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