Crypto Mining Companies Sell off Coins and Gear to Recoup Losses

A series of impairment charges contributed to a $1 billion second quarter loss for the largest publicly-traded Bitcoin mining companies in the United States. In the three months ending June 30, Core Scientific, Riot Blockchain, Marathon Digital Holdings, booked net losses of $862 million,$366 million, and $192 million, respectively. The 60% drop in the price of Bitcoin over the past quarter also compelled other significant miners, such as Bitfarms and Greenidge Generation Holdings, to write down the value of their holdings.