Bloomberg Tax
March 3, 2023, 7:59 PM

Bitcoin Miner Accounting Woes Reflect Lack of Official Rules

Nicola M. White
Nicola M. White

The accounting slip-ups that forced two Bitcoin miners to flag this week that they’d have to redo several quarters of their past financial statements could soon be a moot point, as US accounting standard-setters eye a crypto accounting fix.

Marathon Digital Inc. and Riot Platforms Inc. both announced accounting restatements after miscalculating drops in the value of the Bitcoin they hold in their coffers. Specifically, they erred in the method they used to determine whether the value had dropped so they could book impairments, accounting calculations that ding earnings. Both companies assessed the value of their Bitcoin by looking at ...