The three largest U.S. bitcoin mining companies posted losses totaling more than $1 billion in the second quarter after facing impairments caused by the slump in cryptocurrency prices.
Core Scientific posted a net loss of $862 million, Marathon Digital Holdings posted a net loss of $192 million, and Riot Blockchain posted a net loss of $366 million in Q2.
Other bitcoin mining companies such as Bitcoin Farms and Greenridge Generation Holdings were forced to lower the book value of their holdings after the bitcoin price fell nearly 60% in the second quarter.
Meanwhile, the share price of crypto mining companies has recovered in recent weeks. But prices this year are still far below those at the end of last year. The company has shifted from accumulating bitcoins to selling them to pay off debt and pay operating expenses in the second quarter, which will continue in the third quarter of this year.