As crypto prices hover well below their all-time highs, the companies that mine Bitcoin are starting to show signs of financial strain. Second quarter earnings reports show that some of the largest U.S. publicly traded Bitcoin mining companies have over $1 billion) in losses. Companies such as Core Scientific Inc. and Marathon Digital Holdings Inc. have each reported net losses of more than $100 million. Bloomberg reporter David Pan and Galaxy Digital’s Head of Crypto Mining, Amanda Fabiano join this episode to discuss what’s driving this distress.
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