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Bitcoin Miners Are Struggling to Cope With the Crypto Winter

Soegeefx AppsCrypto MarketBitcoin Miners Are Struggling to Cope With the Crypto Winter

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.

Source: Bloomberg

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