Bitcoin mining giants lose $2.8B in market cap to crypto market’s sudden crash – CryptoSlate


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The global crypto market cap is $1.07 trillion with a 24-hour volume of $37.28 billion. The price of Bitcoin is $26,566.50 and BTC market dominance is 48.4%. The price of Ethereum is $1,683.99 and ETH market dominance is 18.9%. The best performing cryptoasset sector is eCommerce, which gained 23%.
Bitcoin mining revenue has consistently risen since the beginning of the year.
Cover art/illustration via CryptoSlate
The top five largest crypto mining companies collectively lost $2.8 billion of their market Cap following last Thursday’s 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, saw their combined market capitalization drop to approximately $6.7 billion from the $9.5 billion recorded in July.
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.
Marathon Digital Holdings, the world’s second-largest crypto miner, wasn’t 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.
Despite the crypto-mining companies’ decreasing market capitalization, AltIndex noted a consistent rise in miners’ revenue.
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’ earnings climbing from $601.2 million in January to $856 million in July.
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.
On Aug. 22, Bitcoin mining difficulty surged by 6.17% to reach an unprecedented high of 55.62 trillion hashes, according to data. 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.
CryptoSlate Insight reported that the surging numbers highlight the significant uptick in miners’ hash rates, signaling a potential end of miners’ capitulation.
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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Riot Platforms, Inc.
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
Canaan Creative, known simply as Canaan, is a China-based computer hardware manufacturer.
Hut 8 is a digital asset miner with two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, Canada.
Cipher Mining is an industrial-scale Bitcoin mining company dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure in the United States.
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