It's been a tough summer for big crypto miners.
Currently, some bitcoin miners are taking out additional loans in addition to selling off bitcoin to stay afloat. Core Scientific has sold over 80% of its holdings and entered a $100 million stock purchase with a venture capital firm.
Meanwhile, Marathon picked up a $100 million term loan and refinanced an existing $100 million loan. Oh, and it sold nearly $60 million in mining rigs to help pay the debt. If Riot Blockchain seems familiar, it's because just last week the bitcoin mining company got the state of Texas to pay its electricity bill for a month by mining less bitcoin, making millions in the process.
The crypto crash didn't just affect miners but crypto exchanges as well. Coinbase, the largest US online platform for buying, selling, and storing crypto, reported losses of over $1 billion last quarter. This resulted in Coinbase laying off 18% of its staff in preparation for a"crypto winter." Jorge is a hardware writer from the enchanted lands of New Jersey.
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