The biggest bitcoin miners lost over 1B during this years crypto crash Giant Bitcoin Miners Finally Win Big After years of Hardship

Giant Bitcoin Miners Finally Win Big After years of Hardship

-Core Scientific, Riot Blockchain, and Marathon collectively lost more than $1 billion in H2 this year.
-The losses are because of the ongoing volatility and downtrend of the crypto market.
-Core Scientific suffered the biggest loss of the three with a loss of $862 million.
-The downtrend and the crash in the crypto market forced bitcoin miners to sell off more Bitcoin holdings than before to pay for their debts and cover functioning costs.
-Jaranc Mellerud, a senior analyst at Arcane Crypto, believes that “public miners are still dumping their bitcoin holdings at a higher rate than their production rate.”
-At the end of the first quarter of 2022, Bitcoin miners sold out approximately 14600 coins and have only mined 3900 coins until that time.
-Bitcoin miners like Marathon Digital and Riot Blockchain sold more bitcoin in May than they created.
-Core Scientific has sold its 80% BTC holdings and has invested $100 million in stock purchasing with a collaboration of venture capital firm.
-The prices of Bitcoin have been decreasing over the last year, and these volatile prices are scaring the miners.

 

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