Bitcoin Miners Lost More Than $1 Billion In Crypto Rout

The three biggest Bitcoin (BTC) mining companies in America lost more than $1 billion U.S. in the second quarter as cryptocurrency prices collapsed.

Core Scientific (CORZ), Marathon Digital (MARA), and Riot Blockchain (RIOT) posted net losses of $862 million U.S., $192 million U.S. and $366 million U.S., respectively, in the three months ended June 30.

The losses were due to the price of Bitcoin falling more than 60% during Q2. The miners each had to sell some of their Bitcoin holdings as they struggled to repay debt and cover operational costs in the April through June quarter.

The miners weren’t the only crypto focused companies to record losses last quarter. Coinbase Global (COIN), the largest cryptocurrency exchange in America, posted a $1.1 billion U.S. Q2 loss.

The top publicly traded Bitcoin miners collectively sold 14,600 coins in June while they produced 3,900.

Core Scientific sold nearly 80% of its Bitcoin to cover operational costs, while Marathon Digital sold its Bitcoin mining rigs for $58 million U.S. during the second quarter.

The stocks of all three Bitcoin miners are down 50% or more this year.