Many cryptocurrency mining companies began to sell their equipment due to the fall of the digital currency market. In this way, they hope to recoup some of the losses. Last year, a 100 TH/s rig was selling for $106, and it's priced at $24 now. This is 75 percent less.

The Wall Street Journal (WSJ) reports that in those moments when the value of digital assets increased, all mining firms bought various installations for the extraction of cryptocurrencies, and also rented premises, most often on credit. At the very beginning of this year, a decline was in cryptocurrency quotes, which contributed to a decrease in interest in mining. As a result, many companies have suffered.

The largest mining firm Core Scientific (CORZ) lost the most. Its shares have collapsed by 99%. Capitalization of TeraWulf (WULF) decreased by 93 percent. Mining company Stronghold Digital Mining (SDIG) shares are down 94% and Riot Blockchain (RIOT) shares are down 74 percent.

Experts from Arcane Research said back in September that the vast majority of well-known cryptocurrency mining companies are suffering losses due to the bear market.

Stronghold Digital Mining announced in August that it had closed the debt on a loan that it took out to buy mining equipment for $67,400,000. On 10/27/2022, Core Scientific finished repaying the loan it took to buy mining rigs and started looking for other income options. Core Scientific is considering going to court for bankruptcy protection.