BitMine Loses Billions on Ethereum Acquisition

Despite a substantial investment in Ethereum worth nearly $12.42 billion, BitMine incurred significant losses after the recent acquisition of 110,000 ETH last week. Blockchain analyst Yu Jin reports that this purchase brings BitMine’s total Ethereum holdings to 3.505 million ETH. However, a high average cost per ETH ($4,020) resulted in an unrealized loss of approximately $1.66 billion, highlighting a challenging situation for the company.