Amid a challenging 12 months for Bitcoin (BTC), with the leading cryptocurrency being traded as low as $15,480 in the last quarter of 2022, after reaching its all-time high of $69,000 one year before, the Bitcoin mining industry is also struggling to keep their operations going with negative reported earnings.
Data retrieved by Finbold from CompaniesMarketCap shows that the 16 publicly traded Bitcoin mining companies have accumulated over $4.47 billion in losses in the past 12 consecutive months (TTM).
Core Scientific (OTC:CORZQ) is the top loser with $1.66 billion in losses for the period. Followed by the two largest Bitcoin mining companies by market capitalization, which are both owned by BlackRock (NYSE: BLK), a recent major shareholder in the Bitcoin mining industry.
Both Marathon Digital Holdings Inc. (NASDAQ:MARA) and Riot Platforms Inc. (NASDAQ:RIOT) accumulated over $600 million in losses year-over-year (YoY) each. All nine Bitcoin mining companies with bigger losses have nega
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