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The balance sheet of the collapse in cryptocurrencies in the past months has become clear. It turns out that the three largest BitCoin mining companies lost more than $1 billion over the summer. It was reported that this loss was mainly due to the decline in cryptocurrencies.
BitCoin miners reported a loss of $ 1.4 billion
According to the latest report by Bloomberg, the financial reports of the three largest mining companies in the USA not opener. Core Scientific, Marathon Digital Holdings, and Riot Blockchain reportedly lost $1.4 billion in total.
Of these three mining companies, Core Scientific lost the most with $862 million. Just behind it was Riot Blockchain with a loss of $366 million and Marathon Digital Holdings with $192 million. The fact that companies have lost so much has started to worry BitCoin investors.
For the past quarter Companies that wanted to pay off their corporate debts sold more BitCoin s than they produced to cover costs. According to Arcane Crypto analyst Jaranc Mellerud, 3900 BitCoin producing companies sold 14,600 cryptocurrencies.
It has also been reported that some companies have applied for additional loans. Core Scientific, for example, has sold more than 80 percent of its holdings in cryptocurrencies and also bought $100 million worth of stock from the venture capital firm.
This situation, which affected BitCoin miners, reduced confidence in cryptocurrencies and led investments to enter the zone of more fear. In addition, Coin base, one of the largest crypto exchanges, announced that it lost more than $ 1 billion last quarter.
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