The cost of buying the dip: Inside BitMines a massive loss of $6.3 billion in Ethereum.
BitMine reported a net loss of $6.3 billion for the fiscal year ended Aug. 31, mainly due to an unrealized loss of $6.2 billion from the drop in Ethereum prices.
The company ended the fiscal year holding 5.9 million ETH, which cost $19.9 billion but was valued at $14.6 billion at the end of the year.
Staking and verification generated $121.4 million in revenue, accounting for about 97% of BitMines' total revenue, while general and administrative expenses rose to $376.9 million.