The Bitcoin (BTC) m0ners are struggling to repay debt.
The mining firms are defaulting on machine-backed loans while some loans’ collateral is worth less than remaining payments.
According to the Bloomberg report, BTC miners are defaulting on loans and sending hundreds of thousands of machines that served as collateral back to lenders. They have raised as much as $4 Billion from mining-equipment financing when profit margins were as high as 90%.
New York Digital Investment Group, Celsius Network, BlockFi Inc., Galaxy Digital, and the Foundry unit of Digital Currency Group were among the biggest providers of funding to finance computer equipment and build data centers.
The Survival of BTC Miners Amid Bearish Phase
The whole year of 2022 was in bearish phase and impacting BTC miners as many of the publicly listed miners are having issues with their debt obligations.
It is crystal clear that Bitcoin mining is the backbone of the BTC ecosystem and miners as well. The return that BTC mine
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