bitcoin
Bitcoin (BTC) $ 24,055.45
ethereum
Ethereum (ETH) $ 1,682.04
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 321.33
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.414007
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.095456
cardano
Cardano (ADA) $ 0.409687
solana
Solana (SOL) $ 25.51
matic-network
Polygon (MATIC) $ 1.24
polkadot
Polkadot (DOT) $ 6.57
tron
TRON (TRX) $ 0.063776
bitcoin
Bitcoin (BTC) $ 24,055.45
ethereum
Ethereum (ETH) $ 1,682.04
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 321.33
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.414007
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.095456
cardano
Cardano (ADA) $ 0.409687
solana
Solana (SOL) $ 25.51
matic-network
Polygon (MATIC) $ 1.24
polkadot
Polkadot (DOT) $ 6.57
tron
TRON (TRX) $ 0.063776
-3.9 C
Chicago
HomeCoinsBitcoinBlockFi plans to promote $160M price of BTC miner-backed loans

BlockFi plans to promote $160M price of BTC miner-backed loans

Crypto lender BlockFi — having filed for chapter weeks after the collapse of FTX — is planning to promote round $160 million of Bitcoin (BTC) miner-backed loans, Bloomberg reported.

The loans are collateralized by roughly 68,000 BTC mining machines, as per the report — which cited nameless sources.

Some loans have already defaulted and a few have additionally turn into under-collateralized following the steep fall in BTC mining rigs final 12 months, in keeping with the report.

BTC miners down 85%

The worth of BTC miners fell by round 85% over the previous 12 months, in keeping with Hashrate Index Information. Moreover, the autumn in BTC value in 2022 — alongside the rising value of energy — squeezed miner margins, impacting demand for the BTC mining rigs.

BlockFi was a serious lender within the embattled mining sector, which has seen a number of gamers wrestle with liquidity over the previous 12 months. One of many greatest gamers, Core Scientific, filed for Chapter 11 chapter in December 2022.

In the meantime, Argo Blockchain offered its Texas mining facility to Galaxy Digital for $65 million — securing a $35 million mortgage from the agency in late December 2022.

CoinsTeacher

See also  Crypto Netizen Tweets BTC Vary: $10K Backside and $23-$24K Prime

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Explore More

Related Articles