{"id":246500,"date":"2022-07-02T16:30:04","date_gmt":"2022-07-02T15:30:04","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=246500"},"modified":"2022-07-02T15:04:47","modified_gmt":"2022-07-02T14:04:47","slug":"sbf-says-ftx-could-acquire-distressed-btc-mining-companies-to-prevent-contagion-fears","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/sbf-says-ftx-could-acquire-distressed-btc-mining-companies-to-prevent-contagion-fears\/","title":{"rendered":"SBF says FTX could acquire distressed BTC mining companies to prevent contagion fears"},"content":{"rendered":"

FTX CEO Sam Bankman-Fried<\/a> is reportedly turning his attention to the crypto-mining industries with the possibility of acquiring distressed mining firms, Bloomberg News reported<\/a>.<\/p>\n

This is coming after FTX reached a deal<\/a> with BlockFi<\/a> to extend a $400 million credit facility and an option to acquire the company for $240 million.<\/p>\n

Stopping the contagion spread<\/h2>\n

The CEO, who had, through his Alameda Research<\/a>, extended credit support to distressed crypto institutions, said the crypto-mining industry plays a part in the contagion spread.<\/p>\n

According to Bankman-Fried:<\/p>\n

“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 miner 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.”<\/p><\/blockquote>\n

Notably, the CEO has reportedly been on the lookout for crypto mining firms with some form of balance–sheet impact on crypto-lending firms.<\/p>\n

As per the report, crypto-miners have expanded “aggressively” over the last two years on the back of the market rally that set new highs. However, due to the bear market, nearly $4 billion of loans backed by crypto mining equipment are under stress.<\/p>\n

This is so as many of these machines have dropped 50% in value since the market peaked in November 2021.<\/p>\n

Crypto mining no longer profitable\u00a0<\/strong><\/p>\n

Since the start of the crypto winter, crypto mining firms have been negatively impacted by the downturn, with many selling their holdings. Despite a decrease in mining activities, the energy cost of mining keeps increasing.<\/p>\n

For instance, to remain profitable, Bitcoin<\/a> (BTC) mining costs must be lesser than the value of rewards and transaction fees. If that is not the case, the miners will lose more money than they are making.<\/p>\n

As a result, shares of top mining companies have dropped more than 75% this year, and analysts predict<\/a> many miners may find it difficult to survive the crypto winter.<\/p>\n

Recently, Bitcoin mining company Compass Mining lost a Maine facility after a subcontractor alleged non-payment of electricity bills. However, the company refuted the claims<\/a> as “completely incorrect”.<\/p>\n

Bitfarms, in late June, sold almost half its BTC holding to reduce debts and remain liquid. In April, US-based Marathon Digital Holdings CEO Fred Thiel announced that his company was open to a sale at the right price.<\/p>\n","protected":false},"excerpt":{"rendered":"

FTX CEO Sam Bankman-Fried is reportedly turning his attention to the crypto-mining industries with the possibility of acquiring distressed mining firms, Bloomberg News reported. This is coming after FTX reached a deal with BlockFi to extend a $400 million credit facility and an option to acquire the company for $240 million. Stopping the contagion spread […]<\/p>\n","protected":false},"author":1364,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,2376],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nSBF says FTX could acquire distressed BTC mining companies to prevent contagion fears<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/sbf-says-ftx-could-acquire-distressed-btc-mining-companies-to-prevent-contagion-fears\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBF says FTX could acquire distressed BTC mining companies to prevent contagion fears\" \/>\n<meta property=\"og:description\" content=\"FTX CEO Sam Bankman-Fried is reportedly turning his attention to the crypto-mining industries with the possibility of acquiring distressed mining firms, Bloomberg News reported. 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