The report covers the period from 1 September last year to 31 August this year. Over the past year, the unrealised loss on the revaluation of digital assets reached $6.23 billion, according to Bits.media.
A year earlier, the company had recorded a profit of $805 million on this item.
BitMine attributes the negative result to the fall in the value of cryptocurrencies. However, the bulk of the loss is of an accounting nature: the company has reflected in its accounts a decline in the market price of its assets, rather than losses arising from their sale.
BitMine’s operating loss amounted to $6.5 billion, compared with a profit of $444.2 million a year earlier. The net financial result also changed (a year ago, the company recorded a profit of $348.6 million).
Despite the losses, annual revenue rose from $6.1 million to $124.8 million. Almost all of this revenue – $121.4 million – came from staking and transaction validation operations on the Ethereum network.
During the financial year, BitMine spent $12.55 billion on the acquisition of Ether and other digital assets. To finance these purchases and its day-to-day operations, the company raised funds through the issuance of securities. Net revenue from financial activities amounted to $13.19 billion.
As at 31 August, BitMine’s crypto reserves stood at 5.9 million ETH, with a market value of $14.56 billion.
This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.
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