Bitcoin mining giants lose $2.8B in market cap to crypto market’s sudden crash

The apical 5 largest crypto mining companies collectively mislaid $2.8 cardinal of their marketplace Cap pursuing past Thursday’s Bitcoin (BTC) flash crash.

AltIndex information reveals a 30% diminution implicit the past period among the salient BTC miners. This group, consisting of Riot Blockchain, Marathon Digital Holdings, Canaan Inc., Hut 8 Mining, and Cipher Mining Technologies, saw their combined marketplace capitalization driblet to astir $6.7 cardinal from the $9.5 cardinal recorded successful July.

Bitcoin Miners Market Capitalization (Source: AltIndex)

Hut 8 and Cipher experienced the astir important percent decline, losing 32%, equivalent to implicit $400 cardinal of their marketplace capitalization, respectively. Meanwhile, Riot Blockchain led the losses successful presumption of monetary value, with its 31% driblet equaling $1.08 billion.

Marathon Digital Holdings, the world’s second-largest crypto miner, wasn’t spared either, arsenic it saw a 25% decrease, resulting successful a $790 cardinal marketplace headdress loss. Additionally, Canaan Inc. observed a 16% drop, reducing its valuation to $460 million.

Mining gross rises

Despite the crypto-mining companies’ decreasing marketplace capitalization, AltIndex noted a accordant emergence successful miners’ revenue.

Bitcoin Miners Revenue (Source: AltIndex)

AltIndex, citing TheBlock data, reported a important 43% summation successful miner gross from the opening of the year. The study underscores an awesome ascent, with miners’ net climbing from $601.2 cardinal successful January to $856 cardinal successful July.

This upward trajectory was not without its fluctuations. In the archetypal 4 months of the year, miner net exhibited dependable growth, culminating successful a highest of $920 cardinal successful May. However, this highest was followed by a dip to $783.7 cardinal successful June. Remarkably, July marked a resurgence, with net surging backmost to $856 million. This affirmative momentum has continued unabated into the existent month, with miner gross already exceeding $455 million.

Bitcoin mining trouble climbs to ATH.

On Aug. 22, Bitcoin mining trouble surged by 6.17% to scope an unprecedented precocious of 55.62 trillion hashes, according to mempool.space data. This trouble summation is coming connected the heels of Bitcoin rising to an all-time precocious of much than 400 trillion hashes per 2nd (Th/s) for the archetypal clip during the past week.

Source: Mempool.space

CryptoSlate Insight reported that the surging numbers item the important uptick successful miners’ hash rates, signaling a imaginable extremity of miners’ capitulation.

The station Bitcoin mining giants suffer $2.8B successful marketplace headdress to crypto market’s abrupt crash appeared archetypal connected CryptoSlate.