{"id":69671,"date":"2022-11-07T17:27:53","date_gmt":"2022-11-07T15:27:53","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69671"},"modified":"2025-09-07T21:28:29","modified_gmt":"2025-09-07T18:28:29","slug":"wsj-reports-bitcoin-miners-on-sale-with-discounts-exceeding-70","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/wsj-reports-bitcoin-miners-on-sale-with-discounts-exceeding-70\/","title":{"rendered":"WSJ reports bitcoin miners on sale with discounts exceeding 70%"},"content":{"rendered":"

Mining companies are forced to heavily liquidate their cryptocurrency mining equipment to cover losses from the market decline. The The Wall Street Journal<\/a> reports.<\/p>\n

According to Luxor Technology, 100-terahash ASIC miners are currently priced at around $24, whereas last year their average price was $106. The discount thus reaches 77%.<\/p>\n

Mining companies were actively purchasing equipment and renting warehouse space during the rise in crypto prices, often financed with debt.<\/p>\n

After a series of rate hikes<\/a> by the U.S. Federal Reserve, the market reacted with a prolonged correction. As a result, producers of cryptocurrency mining hardware faced sizable losses. For many of them, selling ASIC miners is the only way to earn a living.<\/p>\n

Last week, the publicly traded mining company and blockchain-hosting provider Core Scientific warned the SEC<\/span> that it would not fulfill its obligations<\/a>, including payment for equipment. Against the backdrop of bankruptcy threats, the company’s shares have fallen nearly 99% since the start of the year.<\/p>\n

Similar circumstances are seen across other players. TeraWulf has lost 93% of its market capitalization. Stronghold Digital Mining’s shares have fallen 94%, Riot Blockchain by 74%, Hut 8 Mining by 70%, and Marathon Digital Holdings by 67%.<\/p>\n

Some firms are forced to dispose of just-acquired equipment. At the end of October, Argo Blockchain said it will sell 3,843 new machines<\/a> to raise capital.<\/p>\n

The situation has attracted buyers of distressed assets. Grayscale Investments, a digital asset manager, has launched a product for co-investing in Bitcoin mining equipment<\/a>.<\/p>\n

Bitdeer, a mining-services provider founded by Jihan Wu, will establish a $250 million fund<\/a> to purchase and operate cryptocurrency mining devices.<\/p>\n

Yet mining can still be profitable for companies with low debt loads. According to Blockchain.com, the record hash rate indicates that more machines are joining the network.<\/p>\n

Earlier, Compute North, a mining company and provider of infrastructure solutions for cloud crypto mining, filed for bankruptcy<\/a>.<\/p>\n

ForkLog previously reported that miners faced difficulties amid market stagnation, rising energy costs, and a drop in hash rate<\/a>.<\/p>\n

According to Arcane Research, the vast majority of public mining companies posted undistributed losses<\/a> on their balance sheets, despite a strong 2021.<\/p>\n

Read ForkLog\u2019s bitcoin news in our Telegram \u2014 crypto news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"

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