Report: Several listed crypto miners have illiquid balance sheets

09/09 08:43

Bitcoin miners are currently in a difficult position due to the combined effects of plummeting bitcoin prices, difficult growth and rising energy prices, according to a report released by Arcane Research. Of the eight listed miners it analysed, six have seen their quick ratio (the ratio of a company's quick assets to current liabilities) fall significantly since 31 March, indicating that a number of listed crypto miners have illiquid balance sheets. Only Riot and CleanSpark are positive, with Riot increasing to 3.9 from 2.1 on March 31. The report says that while listed bitcoin miners are struggling and have been forced to sell off large amounts of bitcoin, none have gone bankrupt so far. The main reason listed miners have been able to emerge unscathed so far is that they held large amounts of cash and bitcoin earlier this summer. Throughout the summer, these companies have been selling off bitcoin and using some of their cash reserves to pay for miner transportation and other expenses.
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