Mining companies’ earnings are being pummeled by falling crypto prices and rising costs.
Power and ethernet cables connected to mining rigs at a cryptocurrency mining center.
Victoria Vergolina
- Listen to Bloomberg Crypto on the iHeartRadio App
- Listen to Bloomberg Crypto on Apple Podcasts
- Listen to Bloomberg Crypto on Spotify
As crypto prices remain stuck well below their all-time highs, the companies that mine Bitcoin are starting to show signs of financial strain. Second-quarter earnings reports laid bare the industry’s troubles, with the largest U.S. publicly traded Bitcoin mining firms recording over $1 billion in combined losses. Core Scientific Inc. and Marathon Digital Holdings Inc. each reported net losses topping $100 million.
Bloomberg reporter David Pan and Galaxy Digital’s Head of Crypto Mining, Amanda Fabiano, join this episode to discuss what’s driving this distress.
Follow us on Twitter @crypto, and subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter