Bitcoin Miners’ FTX Contagion Exposure May Amplify Industry Pain
Miners’ steadiness sheets have been steadily deteriorating over the previous few months as the value of bitcoin has slumped, killing their income. In the meantime, vitality costs have soared, growing their prices. This has resulted in one of many greatest mining knowledge heart operators within the U.S., Compute North, to file for chapter 11 chapter safety in September, whereas large gamers reminiscent of Core Scientific (CORZ), Argo Blockchain (ARBK) and Greenidge Era (GREE) have stated they’re in a liquidity crunch. The inventory costs of all three publicly traded miners have plunged greater than 90% this yr.