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Sam Bankman-Fried, the founding father of crypto alternate FTX, has calmed hypothesis that the corporate is exploring acquisitions of distressed crypto mining corporations, clarifying on Twitter on Saturday that they “aren’t really looking into the space.”“Really not sure why the meme about FTX and mining companies is spreading, the actual quote was that we *aren’t* really looking into the space,” clarified Bankman-Fried on Twitter on July 2. Speculation that the corporate was looking out for mining corporations got here from an interview with Bloomberg on July 1, after the FTX founder mentioned he didn’t need to low cost the potential for a “compelling opportunity” within the mining business, stating: “There might come along a really compelling opportunity for us — I definitely don’t want to discount that possibility.”However, the quote seems to have been taken out of context, forcing SBF to make clear that the agency is “not particularly looking at miners” however is “happy to have conversations” with mining corporations. er to be clear I mentioned roughly “meh not significantly miners, however positive, glad to have conversations with any corporations” https://t.co/liHKS2y06Z— SBF (@SBF_FTX) July 1, 2022 Bankman-Fried additionally acknowledged in the course of the interview that crypto miners had no match into the corporate’s core technique and that he noticed no synergy from an acquisition standpoint.“I don’t see any particular reasons that we need to have, you know, an integration with a crypto miner.” “From a strategic perspective, there’s no particular obvious synergy necessarily from an acquisition standpoint,” he added.Mining loans beneath stressBankman-Fried was requested whether or not he was trying into mining corporations amid a falling crypto market that has seen Bitcoin mining revenues fall sharply this yr.At the identical time, the Russian invasion of Ukraine has additionally precipitated vitality prices to skyrocket — inflicting a twin affect on miners, small and huge. Mining profitability, which is a measure of day by day {dollars} per terahashes per second has reached lows not seen since October 2020, in keeping with Bitinfocharts. At the time of writing, Bitcoin mining profitability is $0.0956 per day for 1Th/s, down 80% from the 2021 excessive of $0.464.A report from Bloomberg on June 24 revealed that there have been as a lot as $4 billion in Bitcoin mining loans, with a rising quantity now underwater as Bitcoin and mining rig costs have fallen. Related: Bitcoin miner Mawson to defer all main capital expenditures till market circumstances normalizeLast week, Cointelegraph reported that Bitcoin (BTC) mining income has been mirroring yr lows not seen since mid-2021, with Bitcoin mining income dipping to $14.40 million on June 17.Data from Arcane Research in June discovered that the deteriorating profitability of mining has pressured public miners to start out liquidating their holdings. It revealed that a number of of those corporations offered 100% of their BTC manufacturing in May — prone to cowl working prices and mortgage repayments.

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Sam Bankman-Fried, the founding father of crypto alternate FTX, has calmed hypothesis that the corporate is exploring acquisitions of distressed crypto mining corporations, clarifying on Twitter on Saturday that they “aren’t really looking into the space.”

“Really not sure why the meme about FTX and mining companies is spreading, the actual quote was that we *aren’t* really looking into the space,” clarified Bankman-Fried on Twitter on July 2.

Speculation that the corporate was looking out for mining corporations got here from an interview with Bloomberg on July 1, after the FTX founder mentioned he didn’t need to low cost the potential for a “compelling opportunity” within the mining business, stating:

“There might come along a really compelling opportunity for us — I definitely don’t want to discount that possibility.”

However, the quote seems to have been taken out of context, forcing SBF to make clear that the agency is “not particularly looking at miners” however is “happy to have conversations” with mining corporations.

Bankman-Fried additionally acknowledged in the course of the interview that crypto miners had no match into the corporate’s core technique and that he noticed no synergy from an acquisition standpoint.

“I don’t see any particular reasons that we need to have, you know, an integration with a crypto miner.”

“From a strategic perspective, there’s no particular obvious synergy necessarily from an acquisition standpoint,” he added.

Mining loans beneath stress

Bankman-Fried was requested whether or not he was trying into mining corporations amid a falling crypto market that has seen Bitcoin mining revenues fall sharply this yr.

At the identical time, the Russian invasion of Ukraine has additionally precipitated vitality prices to skyrocket — inflicting a twin affect on miners, small and huge.

Mining profitability, which is a measure of day by day {dollars} per terahashes per second has reached lows not seen since October 2020, in accordance to Bitinfocharts. At the time of writing, Bitcoin mining profitability is $0.0956 per day for 1Th/s, down 80% from the 2021 excessive of $0.464.

A report from Bloomberg on June 24 revealed that there have been as a lot as $4 billion in Bitcoin mining loans, with a rising quantity now underwater as Bitcoin and mining rig costs have fallen.

Related: Bitcoin miner Mawson to defer all main capital expenditures till market circumstances normalize

Last week, Cointelegraph reported that Bitcoin (BTC) mining income has been mirroring yr lows not seen since mid-2021, with Bitcoin mining income dipping to $14.40 million on June 17.

Data from Arcane Research in June discovered that the deteriorating profitability of mining has pressured public miners to start out liquidating their holdings. It revealed that a number of of those corporations offered 100% of their BTC manufacturing in May — prone to cowl working prices and mortgage repayments.

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