![]() ![]() But they’ve all still lost money since early 2022.īitcoin mining is the process by which a network of computers validates a block of transactions on the blockchain. The spring thaw has seen investors flocking back to publicly traded crypto mining companies Among the biggest players, Marathon and Riot Platforms have seen their share price more than triple this year, while the Valkyrie Bitcoin Miners ETF is up 162 percent and Greenidge 137 percent. Marathon Digital Holdings’ debt-to-equity ratio has fallen from 2 to 0.5 since the beginning of the year, according to Luxor data, for example, while Greenidge Generation Holdings’ has dropped from 11.7 to 5.8. Melrud said the miners’ debt-to-equity ratio now looks very healthy, adding that several companies restructured and paid down debt over the past few months. At current bitcoin prices, these companies have significantly improved cash flow and most of them should have no problem paying their obligations,” Jaren said. “Many public miners were on the verge of bankruptcy at the end of last year. We will not share your details with third parties. I have read and accepted the Privacy Policy and Terms and Conditions and by submitting my email address I agree to receive digital nation Receive newsletters and special offers from digital nation, NextMedia and its valued partners. They’re still a long way off the $61.2 million hit in November 2021. ![]() This comes as a relief to miners who are struggling to reduce the burden of huge debt as revenue is expected to be between $15 million and $21 million in the second half of 2022. The cryptocurrency’s rally above US$30,000 this year has been thrown a lifeline by power-hungry companies that pump new bitcoin into circulation, conspiring with falling electricity prices to boost their profitability.Īccording to data from, the 30-day average of mining revenue rose to $27.34 million per day, the highest level since last June. Bitcoin miners see light at the end of the tunnelīeleaguered bitcoin miners are finally feeling the sunshine of spring after a cold, hard crypto winter.
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