Crypto: BitMine’s Ethereum Bet Backfires With $8.83 Billion in Losses

BitMine would show nearly 8.83 billion dollars of latent losses on its Ethereum reserves, according to an estimate released on November 13, 2026. The figure has stirred the crypto market, but it deserves clarification: the calculation uses an average purchase price dating from August and assets declared in November. It therefore does not correspond to a loss officially announced by the company. The figure is spectacular. A table shared on November 13 by trader Flood, known under the pseudonym @ThinkingUSD, estimates BitMine’s latent capital loss on Ethereum at 8.83 billion dollars. The company had already declared an annual net loss of 6.31 billion dollars , mainly related to the depreciation of its crypto assets. This new estimate, however, covers another period and is based on a different method.

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