{"id":504285,"date":"2022-09-29T23:00:56","date_gmt":"2022-09-29T23:00:56","guid":{"rendered":"https:\/\/uniquehot.com\/?p=504285"},"modified":"2024-06-11T14:26:51","modified_gmt":"2024-06-11T14:26:51","slug":"why-most-public-bitcoin-miners-have-performed-terribly-in-their-lifetimes","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-most-public-bitcoin-miners-have-performed-terribly-in-their-lifetimes\/","title":{"rendered":"Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes"},"content":{"rendered":"

Bitcoin public mining companies have been struggling along with the rest of the crypto market. With the decline in the price of bitcoin, these companies had seen their cash flow decline, driving come to the brink of bankruptcy. However, while it seemed like the losses that public BTC miners have incurred have happened in the bear market run, it goes back even father back.<\/p>\n

Bitcoin Miners Are Barely Profitable<\/h2>\n

Public bitcoin miners, both large and small, had grown in popularity over the last year. Their stocks allowed investors to bet on the crypto market without having to buy any of the digital assets themselves. Thus, these public miners had seen millions of dollars in revenue. The problem comes from the ability of these companies to actually retain their earnings over their lifetime.<\/p>\n

Related Reading: Why Single-Digit Gains Is The Best Case Scenario For Bitcoin This September<\/a><\/strong><\/em><\/div>\n

The retained earnings are how a company shows its total accumulated net income over its lifetime and looking at the financial statements of these public miners, they are less than encouraging. They shows that most public bitcoin miners have been unable to retain any of their net earnings since they were founded.<\/p>\n

An obvious problem with these miners have been how much of their earnings is being put towards administrative expenses. This report<\/a> shows that compared to their counterparts in gold and oil & gas, bitcoin mines used an average of 50% of their earnings for administrative costs.\u00a0<\/span><\/p>\n

\"Public<\/p>\n

Public miners see in deficit | Source: Arcane Research<\/a><\/pre>\n
Additionally, these companies had committed to extensive expansion plans during the bull market that has become harder to pull off in the bear market. This has translated to a steep decline in the retained earnings of most public miners.<\/p>\n
Are Any Mining Companies Profitable?<\/h2>\n
Over time, there are some public bitcoin miners that have been able to go against the grain and have their retained earnings in the green even during these troubled times. One of those is the Argo Blockchain mining company. In a report by Arcane Research, Argo Blockchain is listed as the only public BTC miner with positive retained earnings of $26 million. The rest of the report paints a grim picture of the bitcoin mining industry.<\/p>\n
Related Reading: Is Short Bitcoin ETF Exposure Gearing Up For A Squeeze?<\/a><\/strong><\/em><\/div>\n
Most of the companies had significant deficits of varying degrees throughout their lifetimes. The largest deficit was recorded by Core Scientific at $1.304 billion. The next in line is Riot Blockchain which had seen a significant deficit of $569 million over its lifetime.<\/p>\n
\"Bitcoin<\/p>\n
BTC holds above $19,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Others on the list included Marathon Digital, Hut 8, and Stronghold, with deficits of $357 million, $221 million, and $156 million, respectively. Two others, CleanSpark and Bitframs, came out with deficits of $154 million and $137 million.<\/p>\n
What this shows is that these companies are spending more money than they are making during this time. The numbers show that even during the bull market, when the cash flow for BTC mining machines was high, most of these companies continued to lose money. So investing in the stocks of these companies should be approached with caution and proper risk management.\u00a0<\/span><\/p>\n
Featured image from Blockchain News, charts from Arcane Research and TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin public mining companies have been struggling along with the rest of the crypto market. With the decline in the price of bitcoin, these companies had seen their cash flow decline, driving come to the brink of bankruptcy. However, while it seemed like the losses that public BTC miners have incurred have happened in the bear market run, it goes back even father back. Bitcoin Miners Are Barely Profitable Public bitcoin miners, both large and small, had grown in popularity over the last year. Their stocks allowed investors to bet on the crypto market without having to buy any of the digital assets themselves. Thus, these public miners had seen millions of dollars in revenue. The problem comes from the ability of these companies to actually retain their earnings over their lifetime. Related Reading: Why Single-Digit Gains Is The Best Case Scenario For Bitcoin This September The retained earnings are how a company shows its total accumulated net income over its lifetime and looking at the financial statements of these public miners, they are less than encouraging. They shows that most public bitcoin miners have been unable to retain any of their net earnings since they were founded. An obvious problem with these miners have been how much of their earnings is being put towards administrative expenses. This report shows that compared to their counterparts in gold and oil & gas, bitcoin mines used an average of 50% of their earnings for administrative costs.\u00a0 Public miners see in deficit | Source: Arcane Research Additionally, these companies had committed to extensive expansion plans during the bull market that has become harder to pull off in the bear market. This has translated to a steep decline in the retained earnings of most public miners. Are Any Mining Companies Profitable? Over time, there are some public bitcoin miners that have been able to go against the grain and have their retained earnings in the green even during these troubled times. One of those is the Argo Blockchain mining company. In a report by Arcane Research, Argo Blockchain is listed as the only public BTC miner with positive retained earnings of $26 million. The rest of the report paints a grim picture of the bitcoin mining industry. Related Reading: Is Short Bitcoin ETF Exposure Gearing Up For A Squeeze? Most of the companies had significant deficits of varying degrees throughout their lifetimes. The largest deficit was recorded by Core Scientific at $1.304 billion. The next in line is Riot Blockchain which had seen a significant deficit of $569 million over its lifetime. BTC holds above $19,000 | Source: BTCUSD on TradingView.com Others on the list included Marathon Digital, Hut 8, and Stronghold, with deficits of $357 million, $221 million, and $156 million, respectively. Two others, CleanSpark and Bitframs, came out with deficits of $154 million and $137 million. What this shows is that these companies are spending more money than they are making during this time. The numbers show that even during the bull market, when the cash flow for BTC mining machines was high, most of these companies continued to lose money. So investing in the stocks of these companies should be approached with caution and proper risk management.\u00a0 Featured image from Blockchain News, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":504290,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,640,6128,1119,84159,1144,2990,87035],"class_list":["post-504285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-mining-companies","tag-btc","tag-btc-mining","tag-btcusd","tag-mining","tag-public-bitcoin-miners"],"acf":[],"yoast_head":"\nWhy Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes<\/title>\n<meta name=\"description\" content=\"Bitcoin public mining companies have been struggling along with the rest of the crypto market. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes","url":"http:\/\/uniquehot.com\/news\/why-most-public-bitcoin-miners-have-performed-terribly-in-their-lifetimes\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/why-most-public-bitcoin-miners-have-performed-terribly-in-their-lifetimes\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/09\/bitcoin-public-miners.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/09\/bitcoin-public-miners.jpeg?fit=600%2C315"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mining","bitcoin mining companies","btc","btc mining","btcusd","mining","public bitcoin miners"],"dateCreated":"2022-09-29T23:00:56Z","datePublished":"2022-09-29T23:00:56Z","dateModified":"2024-06-11T14:26:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-most-public-bitcoin-miners-have-performed-terribly-in-their-lifetimes\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-most-public-bitcoin-miners-have-performed-terribly-in-their-lifetimes\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/bitcoin-public-miners.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/bitcoin-public-miners.jpeg?fit=600%2C315\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mining\",\"bitcoin mining companies\",\"btc\",\"btc mining\",\"btcusd\",\"mining\",\"public bitcoin miners\"],\"dateCreated\":\"2022-09-29T23:00:56Z\",\"datePublished\":\"2022-09-29T23:00:56Z\",\"dateModified\":\"2024-06-11T14:26:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/09\/bitcoin-public-miners.jpeg?fit=600%2C315","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/504285"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=504285"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/504285\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/504290"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=504285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=504285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=504285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}