{"id":141288,"date":"2023-09-01T21:52:55","date_gmt":"2023-09-01T16:22:55","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=141288"},"modified":"2023-09-01T21:52:55","modified_gmt":"2023-09-01T16:22:55","slug":"bitcoin-mining-giants-lose-2-8b-in-market-cap-to-crypto-markets-sudden-crash-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-mining-giants-lose-2-8b-in-market-cap-to-crypto-markets-sudden-crash-crypto-news\/","title":{"rendered":"Bitcoin mining giants lose $2.8B in market cap to crypto market\u2019s sudden crash – Crypto News"},"content":{"rendered":"

<\/p>\n

The top five largest crypto mining companies collectively lost $2.8 billion of their market Cap following last Thursday\u2019s Bitcoin (BTC<\/a>) flash crash<\/a>.<\/p>\n

AltIndex data reveals a 30% decline over the past month among the prominent BTC miners. This group, consisting of Riot Blockchain, Marathon Digital Holdings, Canaan Inc., Hut 8 Mining, and Cipher Mining Technologies, saw their combined market capitalization drop to approximately $6.7 billion from the $9.5 billion recorded in July.<\/p>\n

Bitcoin Miners Market Capitalization (Source: AltIndex)<\/figcaption><\/figure>\n

Hut 8 and Cipher experienced the most significant percentage decline, losing 32%, equivalent to over $400 million of their market capitalization, respectively. Meanwhile, Riot Blockchain led the losses in terms of monetary value, with its 31% drop equaling $1.08 billion.<\/p>\n

Marathon Digital Holdings, the world\u2019s second-largest crypto miner, wasn\u2019t spared either, as it saw a 25% decrease, resulting in a $790 million market cap loss. Additionally, Canaan Inc. observed a 16% drop, reducing its valuation to $460 million.<\/p>\n

Mining revenue rises<\/h2>\n

Despite the crypto-mining companies\u2019 decreasing market capitalization, AltIndex noted a consistent rise in miners\u2019 revenue<\/a>.<\/p>\n

\"Bitcoin
Bitcoin Miners Revenue (Source: AltIndex)<\/figcaption><\/figure>\n

AltIndex, citing TheBlock data, reported a substantial 43% increase in miner revenue from the beginning of the year. The report underscores an impressive ascent, with miners\u2019 earnings climbing from $601.2 million in January to $856 million in July.<\/p>\n

This upward trajectory was not without its fluctuations. In the initial four months of the year, miner earnings exhibited steady growth, culminating in a peak of $920 million in May. However, this peak was followed by a dip to $783.7 million in June. Remarkably, July marked a resurgence, with earnings surging back to $856 million. This positive momentum has continued unabated into the current month, with miner revenue already exceeding $455 million.<\/p>\n

Bitcoin mining difficulty climbs to ATH.<\/h2>\n

On Aug. 22, Bitcoin mining difficulty surged by 6.17% to reach an unprecedented high of 55.62 trillion hashes, according to mempool.space data<\/a>. This difficulty increase is coming on the heels of Bitcoin rising to an all-time high of more than 400 trillion hashes per second (Th\/s) for the first time during the past week.<\/p>\n

\"Bitcoin
Source: Mempool.space<\/figcaption><\/figure>\n

CryptoSlate<\/em> Insight reported<\/a> that the surging numbers highlight the significant uptick in miners\u2019 hash rates, signaling a potential end of miners\u2019 capitulation.<\/p>\n

The post Bitcoin mining giants lose $2.8B in market cap to crypto market\u2019s sudden crash<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The top five largest crypto mining companies collectively lost $2.8 billion of their market Cap following last Thursday\u2019s Bitcoin (BTC) flash crash. AltIndex data reveals a 30% decline over the past month among the prominent BTC miners. This group, consisting of Riot Blockchain, Marathon Digital Holdings, Canaan Inc., Hut 8 Mining, and Cipher Mining Technologies, […]<\/p>\n","protected":false},"author":2,"featured_media":141289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-141288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/141288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=141288"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/141288\/revisions"}],"predecessor-version":[{"id":141290,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/141288\/revisions\/141290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/141289"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=141288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=141288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=141288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}