The collapse of the market for cryptocurrency caused billionaire losses at the largest specialized companies miningthat is, companies that, using hardware capable of solving highly complex operations, participate in the process of creating blocks of the Blockchain and obtain cryptocurrencies in return.
The three largest companies listed on the Wall Street Stock Exchange, all of which specialize in mining the Bitcoin cryptocurrency, lost more than $1 billion in the second quarter of 2022.
Core Scientific Inc., Marathon Digital Holdings Inc. And Riot Blockchain Inc reported losses of $862 million, $192 million and $366 million, respectively. Also Coinbase Worldwide, one of the largest cryptocurrency exchanges, closed the quarter with a loss of $1.1 billion. Similar story for Microstrategy Inc, which in turn lost more than $1 billion through its investments in cryptocurrencies.
And maybe it’s not the bottom of the abyss. Some of the companies in question have been forced to go into debt and sell some of the equipment used for mining. This is the case with Marathon Digital Holdings, while Core Scientific sold 100 million dollars of shares to an investment fund.
Source: Lega Nerd
