The public miners have less liquid balance sheets
The balance sheets of the public bitcoin mining companies reveal that most of them are in less liquid positions now than this spring.
Sep 5th 2022
Source: Public miners’ Q2 2022 filings, Yahoo Finance
Times are currently tough for bitcoin mining companies due to a combination of bitcoin price collapse, difficulty growth and rising energy prices. Although the public bitcoin miners are struggling and have been forced to sell significant amounts of their bitcoin holdings, none have gone bankrupt so far.
The main reason the public miners have stayed afloat is that they held massive amounts of cash and bitcoin at the start of the summer. Throughout the summer, these companies have dumped their bitcoin and used some of their cash reserves to pay for miner deliveries and other expenses.