Largest Bitcoin Miners Lost Over $1 Billion During Crypto Crash

Bloomberg2022-08-17

Top three US publicly-traded miners hit by impairment chargesCompanies turn to more debt, sales of machines for liquidityThe three-largest US publicly traded Bitcoin mining companies lost more than $1...

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HengHuat
2022-08-19
HengHuat
Somebody must have gain in this crazy crypto market
boonk
2022-08-18
boonk
Ok
PearlynCSY
2022-08-18
PearlynCSY
US Federal Reserve Minutes Show More Rate Hikes Coming, Concern About Stablecoin Risks. U.S. Federal Reserve governors anticipate announcing more interest rate increases in the coming months, but the pace of the hikes will likely slow if the inflation rate starts to come down, according to meeting minutes released Wednesday.But more than interest rates came up during the meeting. The financial stability of digital assets, particularly stablecoins, was also discussed, according to the minutes.Bitcoin (BTC) and most other major digital-asset prices changed little following the release of the meeting minutes. The largest cryptocurrency by market capitalization was trading 0.4% higher in the 30 minutes after the release but was down about 1% over the past 24 hours. Bitcoin has declined for fou
Looyusooi
2022-08-18
Looyusooi
Ok
Simonnov
2022-08-18
Simonnov
Ic
FT585
2022-08-18
FT585
Like

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Other significant miners such asBitfarms Ltd.andGreenidge Generation Holdings Inc., which reported results Monday, were also forced to write down the value of their holdings in the wake of the almost 60% drop in the price of Bitcoin during the quarter.While the shares of crypto-mining companies have enjoyed a respite in recent weeks, they are still deep in the red this year. The miners had to shift from their Bitcoin-hoarding positions and sell coins as they struggled to repay debt and cover operational costs in the recent quarter. That continued into the third quarter.“Public miners are still dumping their Bitcoin holdings at a higher rate than their production rate,” Jarand Mellerud, an analyst at Arcane Crypto, wrote in a research note. “Public miners sold 6,200 coins in July, making July the second highest BTC selling month in 2022.”The miners weren’t the only industry participants to take significant hits last quarter.Coinbase Global Inc.,the largest US crypto exchange, registered a $1.1 billion loss, whileMicroStrategy Inc.also had a net loss of more than $1 billion.Top public miners sold 14,600 coins in June whereas they produced 3,900, Mellerud said. Core Scientific sold nearly 80% of its coins to cover operational costs and fund expansion in June. Bitfarms sold nearly half of its holdings to pay down a $100 million loan in the same month.The miners are raising more debt and sell their holdings and mining rigs to stay afloat. Marathonaddedan additional $100 million term loan with crypto-friendly bank Silvergate Capital Corp., while refinancing its existing $100 million line of credit in July. The miner also sold its mining rigs for $58 million. Core Scientific hasentereda $100 million common stock purchase agreement with B. Riley Principal Capital II.TheUS Securities and Exchange Commissionhas told public companies with large Bitcoin holdings on their balance sheets they can’t strip out the price swings while disclosing results. 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U.S. Federal Reserve governors anticipate announcing more interest rate increases in the coming months, but the pace of the hikes will likely slow if the inflation rate starts to come down, according to meeting minutes released Wednesday.But more than interest rates came up during the meeting. The financial stability of digital assets, particularly stablecoins, was also discussed, according to the minutes.Bitcoin (BTC) and most other major digital-asset prices changed little following the release of the meeting minutes. The largest cryptocurrency by market capitalization was trading 0.4% higher in the 30 minutes after the release but was down about 1% over the past 24 hours. Bitcoin has declined for fou","listText":"US Federal Reserve Minutes Show More Rate Hikes Coming, Concern About Stablecoin Risks. U.S. Federal Reserve governors anticipate announcing more interest rate increases in the coming months, but the pace of the hikes will likely slow if the inflation rate starts to come down, according to meeting minutes released Wednesday.But more than interest rates came up during the meeting. The financial stability of digital assets, particularly stablecoins, was also discussed, according to the minutes.Bitcoin (BTC) and most other major digital-asset prices changed little following the release of the meeting minutes. The largest cryptocurrency by market capitalization was trading 0.4% higher in the 30 minutes after the release but was down about 1% over the past 24 hours. Bitcoin has declined for fou","text":"US Federal Reserve Minutes Show More Rate Hikes Coming, Concern About Stablecoin Risks. U.S. Federal Reserve governors anticipate announcing more interest rate increases in the coming months, but the pace of the hikes will likely slow if the inflation rate starts to come down, according to meeting minutes released Wednesday.But more than interest rates came up during the meeting. The financial stability of digital assets, particularly stablecoins, was also discussed, according to the minutes.Bitcoin (BTC) and most other major digital-asset prices changed little following the release of the meeting minutes. The largest cryptocurrency by market capitalization was trading 0.4% higher in the 30 minutes after the release but was down about 1% over the past 24 hours. 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