Most public bitcoin miners have racked up losses in their lifetimes

The financial statements of public bitcoin mining companies look grim, revealing that most of them have lost money in their lifetimes.
Source: All these companies’ Q2 2022 reports

Retained earnings is an accounting term showing a company's accumulated net income in its lifetime. Most public miners have retained earnings deeply in the negative, revealing that they have lost money over the years.

Last week, we showed how much the public mining companies spend on administrative activities. This massive spending, along with unfavorable investments in bitcoin and overexpansion during the bull run in 2021, has led their retained earnings to go deep in the negative.

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