Even though the declines in the crypto money exchange have started to reverse a little, the shares of the companies continue to decline after the big drop. Companies are forced to sell Bitcoin as they look for various ways to pay off their debts and cover their costs. In addition, according to crypto analyst Jarand Mellerud, July was the second most sold Bitcoin month in 2022.
Cryptocurrencies are seen both as one of the technologies of the future and as a new currency to replace real money. Cryptocurrencies, which have come to the fore in the great declines it has experienced recently, came to the fore this time with the loss announced by the largest Bitcoin mining companies in the USA. According to the last quarterly earnings reports, companies have lost billions of dollars.
The loss of value in Bitcoin caused companies to lose $ 1 billion
According to the latest quarterly earnings reports of the largest Bitcoin mining companies in the USA, Core Scientific from companies for the second quarter ended June 30, $ 862 million, Marathon Digital Holdings $ 192 million and Riot Blockchain $ 366 million, or a total of $ 1.4 billion. net loss reported. The biggest reason for the loss of companies was explained as the loss of value up to 60% in Bitcoin.
Companies sold 14,600 cryptocurrencies in June and were able to generate only 3,900 cryptocurrencies. At the same time, Core Scientific sold about 80% of its Bitcoins in June to cover operational costs and fund expansion.
While this situation, which affects Bitcoin miners, worries investors, the largest crypto exchange in the USA, Coinbase Global Inc. While posting a $1.1 billion loss, MicroStrategy Inc. It also posted a net loss of more than $1 billion.
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