KULR Abandons Bitcoin Mining Operation Amid Q2 Loss

KULR Technology Group has made significant changes to its strategy after reporting a net loss of US$ 21,97 million in the second quarter. The company ended its Bitcoin mining operation and repaid its debt with Coinbase.

In addition to stopping mining activities, KULR began selling part of its BTC reserves, which had a total value of US$ 63,92 million at the end of June. Of this amount, US$ 20 million was used to repay the principal of the debt with Coinbase, eliminating it and releasing 565 BTC that were pledged as collateral.

The sales reduced KULR's disclosed Bitcoin position to approximately 760 BTC on July 23. The company also dismantled its mining operation by not renewing a contract that expired on July 30 and terminating early an agreement set to run until October 2027, for which it paid US$ 150 million.