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Largest Bitcoin Miners Lost Over $1 Billion During Crypto Crash

  • Top three US publicly-traded miners hit by impairment charges
  • Companies turn to more debt, sales of machines for liquidity
Bloomberg business news
Celsius Considers Financing Proposals

The three-largest US publicly traded Bitcoin mining companies lost more than $1 billion in the second quarter after taking a series of impairment charges spurred by the collapse of cryptocurrency prices. 

Core Scientific Inc., Marathon Digital Holdings Inc. and Riot Blockchain Inc. posted net losses of $862 million, $192 million and $366 million, respectively, in the three months ended June 30, recent quarterly earnings reports show. Other significant miners such as Bitfarms Ltd. and Greenidge 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.