Largest Bitcoin miners lost over US$1B during crypto crash - BNN Bloomberg

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

While the shares of crypto-mining companies have enjoyed a respite in recent weeks, they are still deep in the red this year. The miners had to shift from their Bitcoin-hoarding positions and sell coins as they struggled to repay debt and cover operational costs in the recent quarter. That continued into the third quarter.

The miners weren’t the only industry participants to take significant hits last quarter. Coinbase Global Inc., the largest US crypto exchange, registered a US$1.1 billion loss, while MicroStrategy Inc. also had a net loss of more than US$1 billion.

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