this post was submitted on 01 May 2025
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I don't believe this is necessarily true. Miners like Riot Blockchain are operating at a loss and other people are stealing electricity.
I'm not a finance wizard, but I peeked at their last SEC filing, and first 3 quarters of 2024 they posted a 35m operating loss, but added almost 900m worth of assets to their balance sheet (mostly Bitcoin), which to me tells a very different story
That's because they diluted their stock and sold it. The income doesn't come from mining Bitcoin.