{"id":66792,"date":"2022-09-07T10:21:02","date_gmt":"2022-09-07T07:21:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66792"},"modified":"2025-09-07T03:12:24","modified_gmt":"2025-09-07T00:12:24","slug":"arcane-research-notes-resilient-finances-among-public-miners","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/arcane-research-notes-resilient-finances-among-public-miners\/","title":{"rendered":"Arcane Research notes resilient finances among public miners."},"content":{"rendered":"<p>Public mining companies are going through difficult times due to the drop in Bitcoin price, higher electricity tariffs, and <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-mining-difficulty-jumps-9\">mining difficulties<\/a>. But none of them have gone bankrupt, according to experts at <a href=\"https:\/\/arcane.no\/research\/the-public-miners-have-less-liquid-balance-sheets\">Arcane Research<\/a>.<\/p>\n<p>Analysts cited the &#8220;enormous&#8221; cash and cryptocurrency reserves accumulated by miners by the start of the summer as the main reason for their financial resilience.<\/p>\n<p>The companies liquidated <a href=\"https:\/\/forklog.com\/en\/news\/public-miners-liquidated-a-quarter-of-their-bitcoin-reserves-in-june\">significant volumes of their Bitcoins in June<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/in-july-public-miners-continued-to-liquidate-bitcoin-reserves\">July<\/a> to cover equipment purchases and other expenses. However, most remain in good financial shape, Arcane Research noted.<\/p>\n<p>Analysts compared miners&#8217; quick liquidity ratios as of March 31 and to date. The metric is the ratio of liquid assets (fiat money, their equivalents and cryptocurrencies) to working capital.<\/p>\n<p>The summer drawdown of reserves predictably reduced the ratio for six of the eight companies studied. Marathon showed the largest drop.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"811\" height=\"414\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Publichnye-majnery-imeyut-menee-likvidnye-balansy-Tajnye-issledovaniya-Google-Chrome.jpg\" alt=\"\u0412 Arcane Research \u043e\u0442\u043c\u0435\u0442\u0438\u043b\u0438 \u0443\u0441\u0442\u043e\u0439\u0447\u0438\u0432\u043e\u0435 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u043e\u0435 \u043f\u043e\u043b\u043e\u0436\u0435\u043d\u0438\u0435 \u043f\u0443\u0431\u043b\u0438\u0447\u043d\u044b\u0445 \u043c\u0430\u0439\u043d\u0435\u0440\u043e\u0432\" class=\"wp-image-184060\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Publichnye-majnery-imeyut-menee-likvidnye-balansy-Tajnye-issledovaniya-Google-Chrome.jpg 811w, https:\/\/forklog.com\/wp-content\/uploads\/Publichnye-majnery-imeyut-menee-likvidnye-balansy-Tajnye-issledovaniya-Google-Chrome-300x153.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/Publichnye-majnery-imeyut-menee-likvidnye-balansy-Tajnye-issledovaniya-Google-Chrome-768x392.jpg 768w\" sizes=\"auto, (max-width: 811px) 100vw, 811px\" \/><figcaption>Data: Arcane Research.<\/figcaption><\/figure>\n<p>The financial position of the latter, as with the others, remains resilient, experts say. In their view, the exception is <a href=\"https:\/\/forklog.com\/en\/news\/stronghold-trims-mining-capacity-and-debt-burden\">Stronghold<\/a>. The firm has a quick ratio of only 0.3, and it has negative working capital.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The companies will have difficulty staying afloat unless a Bitcoin price rebound saves them,&#8221; Arcane Research analysts concluded.<\/p>\n<\/blockquote>\n<p>Earlier, Capriole Investments founder Charles Edwards concluded that the period of capitulation of Bitcoin miners had passed.<\/p>\n<p>Read ForkLog Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Public mining companies are going through difficult times due to a drop in Bitcoin price, higher electricity tariffs, and mining difficulties. But none of them have gone bankrupt, according to Arcane Research.<\/p>\n","protected":false},"author":1,"featured_media":66793,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1874,1137,167],"class_list":["post-66792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-arcane-research","tag-cryptocurrency-mining","tag-research"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=66792"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66792\/revisions"}],"predecessor-version":[{"id":66794,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66792\/revisions\/66794"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/66793"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=66792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=66792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=66792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}