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Bitmine Reports $6.3 Billion Net Loss Driven by Ether Price Decline

(2 hours ago) · 1 source · Summarized by CryptoBipto

Bitmine reported a $6.3 billion net loss for its latest fiscal year. The company attributed the loss largely to a 44% decline in the price of ether during the period. The loss highlights the impact of cryptocurrency price swings on companies with significant digital asset holdings.

WHY IT MATTERS

When a company holds a lot of cryptocurrency, its financial results can swing dramatically based on price changes — even if it has not actually sold anything.

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SOURCES

  • theblock.co

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