Public bitcoin mining companies plagued with $4 billion in collective debt by Cointelegraph

©Reuters.

The recent bankruptcy filing of (Bitcoin) miner Core Scientific despite a $72 million relief offer from creditors raised questions about the overall health of the bitcoin mining community amid an ongoing bear market. It turns out that public bitcoin miners owe more than $4 billion in liabilities and need an immediate restructuring to get out of unsustainable debt.

The bitcoin mining community borrowed massively during the 2021 bull market, which hurt their bottom line during a subsequent bear market. Bitcoin Mining Data analytics by Hashrate Index shows that the top 10 Bitcoin mining borrowers alone cumulatively owe over $2.6 billion.

Public bitcoin mining companies with the highest level of debt. Source: Hashrate Index Public bitcoin miners with the highest leverage ratios. Source: Hashrate Index

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