Public Bitcoin mining companies plagued with $4B of collective debt

Bitcoin Mining Companies Together Owe $4B In Debt

The past year was evidently rough for Bitcoin investors. Apart from them, even miners took a hit. The lagging price of...

Bitcoin mining companies close out year $4 billion in debt: Report

Bitcoin mining companies are set to close out the year with a big debt burden after a borrowing spree in 2021.

Bitcoin Mining Companies Together Owe $4B In Debt

Bitcoin Mining Companies Together Owe $4B In Debt Source link

Bitcoin mining companies close out year $4 billion in debt: Report

Public Bitcoin mining firms have struggled under the weight of a year-long bear market and are set to end 2022 with a collective debt profile of more than $4 billion, according to a report by Hashrate Index. Bitcoin miner Core Scientific is the hardest hit among the lot, according to the report. The company owes $1.3 billion to creditors and has filed for Chapter 11 bankruptcy protection, as reported by The Block. The troubled miner is trying to…

Public Bitcoin mining companies plagued with $4B of collective debt

The Bitcoin mining community took up massive loans during the 2021 bull market, negatively impacting their bottom lines during a subsequent bear market.

Public Bitcoin mining companies plagued with $4B of collective debt

Most Bitcoin miners, including the third-biggest debtor, Greenidge, are undergoing a restructuring process to reduce debt.