Bitcoin mining companies were also seriously affected by the process that started with the collapse of Terra LUNA and then continued with the bankruptcy of various crypto banking companies, especially Celsius. In the news of Bloomberg from the US media, quarterly reports of Bitcoin mining companies were revealed and it was written that only the 2nd quarter loss of the 3 largest mining companies was more than $ 1 billion.
In the second quarter of the year ended June 30, Core Scientific reported losses of $862 million, Marathon Digital of $192 million and Riot Blockchain of $366 million.
They had to sell bitcoin
Although the shares of the companies have been on the rise recently, the decline has been so severe that the numbers still appear in the “red” compared to the New Year’s Eve. These companies also had to give up their Bitcoin holding positions due to this great crisis and sold thousands of BTC. Looking at the reports of the companies, it is seen that the sales are mostly made due to issues such as debt payments, growth costs and new device purchases.
Speaking to Bloomberg on the subject, Arcane Crypto analyst Jarand Mellerud stated that the miners are still selling at a price above their production costs, and said, “These miners sold 6200 BTC in July. July was the second month with the most BTC sales in 2022. In the first place, there is the month of June, when the sale went up to 14 thousand 600 BTC. Core Scientific has sold almost 80% of its BTCs,” he said.
Of course, it wasn’t just miners who were negatively impacted by the massive crypto crash. Coinbase, which is seen as the largest cryptocurrency exchange in the USA, also announced a loss of $ 1.1 billion and software company MicroStrategy announced a loss of $ 1 billion in this period.
Marathon gets an additional $100 million loan
As the mining companies restructured their debt payments, Marathon Digital not only adjusted the payment adjustments on its $100 million existing loan, but also secured a new $100 million loan from “crypto-friendly” bank Silvergate.
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