But they’ve all still lost money since early 2022.īitcoin mining is the process by which a network of computers validates a block of transactions on the blockchain. The spring thaw has seen investors flock back to publicly traded crypto mining companies Among the biggest players, Marathon and Riot Platforms have seen their share price more than triple this year, while the Valkyrie Bitcoin Miners ETF is up 162% and Greenidge has gained 137%. Marathon Digital Holdings’ debt-to-equity ratio has dropped to 0.5 from 2 since the start of this year, for example, while Greenidge Generation Holdings’ has dropped to 5.8 from 11.7, according to data from Luxor. Miners’ debt-to-equity ratios now look much healthier, said Mellerud, adding that many companies had restructured and paid down debt over the past few months. At the current bitcoin price, these companies’ cash flows have substantially improved and most of them should have no problem paying their obligations,” said Jaran Mellerud, analyst at bitcoin mining services company Luxor. “Many public miners were on the brink of bankruptcy at the end of last year. They’re still some way off a peak of $61.2 million hit in November 2021, though. That’s a relief for miners that struggled to service large debt burdens as revenues languished between $15 million and $21 million for most of the second half of 2022.

The 30-day average of mining revenues has risen to $27.34 million a day, the highest level since last June, according to data from. The power-hungry companies that pump new bitcoin into circulation have been thrown a lifeline by the cryptocurrency’s rally to above $30,000 this year, which has conspired with falling electricity prices to boost their profitability. (Reuters) – Beleaguered bitcoin miners are finally feeling the spring sunshine after a cold, hard crypto winter. By Medha Singh and Lisa Pauline Mattackal

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