Bitcoin miners are bleeding cash as predicted.
Here are the top ten Bitcoin miners:
Core Scientific: $805 million net loss in Q2
CleanSpark: net loss of ($236.2) million
Marathon Digital: Net Loss: $199.7 million
Riot Holdings: Second-Quarter Loss Widens to $84.4M
Bitdeer Technologies Group: a net loss of $17.7 million
Tera Wolf: a net loss of $11.2 million
Bitfarms: $27 Million Net Loss in Q2
Cipher Mining: 2024 GAAP Net Loss of $15m
Hive Technologies: a net loss of $51.2 million,
Iris Energy: Net Loss After Tax for the quarter was $2.7 million
Net loss of $1.45 billion for 2nd quarter, almost exactly what I predicted using net income / net energy cost calculation. Now let's re-calculate current loss rate:
coin income: 165K coins @ $61K = $10.1 billion
energy cost: 167 terawatts @ $0.10/kwatt = $16.7 billion
Current net loss: $6.6 billion annually or $1.65 billion per quarter.
Yay!
Meanwhile, in the land of confirmation time:
October 04, 2024 435.21 minutes
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