Sam Bankman-Fried, the CEO and founder of crypto exchange FTX, revealed that he was looking at the option of making acquisitions in the limping crypto mining sector, according to a Bloomberg report.
“When we think about the mining industry, they do play a little bit of role in the possible contagion spread, to the extent that there are miners that were collateralizing borrows with their mining rigs. There might come along a really compelling opportunity for us -- I definitely don’t want to discount that possibility.”
The crypto winter being witnessed has thrown miners into distress, and Bankman-Fried’s move is aimed at helping them endure the bear market.
Crypto miners find themselves on the receiving end because they had been borrowing for the past two years to spur expansion plans. Per the announcement:
“As much as $4 billion of loans backed by crypto-mining equipment are coming under distress as some of the most-popular machines’ value has dropped by about 50% since last...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...