Bitcoin Miners’ FTX Contagion Exposure May Amplify Industry Pain
Bitcoin miners, which already have up to $2.5 billion in loans outstanding, could find themselves in even hotter water as many have exposure to failed crypto exchange FTX and lenders such as BlockFi. Now, some of the lenders working with these already struggling bitcoin miners.
Miners’ balance sheets have been steadily deteriorating over the past few months as the price of bitcoin has slumped, killing their revenue. Meanwhile, energy prices have soared, increasing their costs. This has resulted in one of the biggest mining data center operators in the U.S., Compute North, to file for chapter 11 bankruptcy protection in September, while big players such as Core Scientific (CORZ).
Source
t.me/Mining_Crypto_Miner
