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TipRanks 2022-08-25 19:29:17

Top Bitcoin Miners Bleeding Cash, but Analysts Remain Bullish

The three biggest bitcoin (BTC-USD) mining companies racked up over $1 billion in losses in Q2 amid this year's "crypto winter." Despite the heavy losses, analysts expect high upside potential from these companies. According to Bloomberg, in Q2, Core Scientific (CORZ) booked net losses of $862 million, Riot Blockchain (RIOT) lost $366 million, and Marathon Digital Holdings (MARA) lost another $192 million. Crypto winter is a term that was first introduced during the previous bear market of 2018-2020. It refers to a state where the crypto market experiences big drops, sideways movements, and fear. What is the Crypto Mining Industry?  Bitcoin works in a system called "Proof of Work.

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