SBF denies that FTX is looking at distressed crypto mining companies
- Sam Bankman-Fried said crypto miners did not fit into the company’s core strategy
- There is no synergy from an acquisition point of view
- The Russian invasion of Ukraine has also caused energy costs to skyrocket
Sam Bankman-Fried, the pioneer of crypto trading FTX, has silenced the hypothesis that the organization is investigating the acquisition of troubled crypto mining organizations, and explained on Twitter on Saturday that they are not exactly investigating the place.
Really not sure why the image of FTX and mining organizations is spreading, the real statement was that they are not really investigating the room, Bankman-Fried explained on Twitter on Saturday.
The profitability of Bitcoin mining is $ 0.0956 per day for 1th / s, down 80%
The hypothesis that the organization looked after mining companies came from a meeting with Bloomberg on Friday, after the FTX pioneer said that he would rather not have limited the chance of a convincing open door in the mining business, and expressed that it could go along with a really convincing one. open door for them.
He has absolutely no desire to limit that chance. In any case, the statement seems to have been taken outside any connection to the topic in question, which limits SBF to explaining that the company does not particularly see excavators “, but is rather happy to have discussions with mining organizations.
According to an essential point of view, there is no specific clear collaborative energy fundamentally from a security standpoint, he added.
READ ALSO: NFT sales avert decline in crypto market
Mining credits under pressure
Bankman-Fried was found out if he investigated mining companies in the middle of a declining crypto market that has seen that Bitcoin mining revenues have fallen sharply this year.
At the same time, the Russian invasion of Ukraine has also caused energy costs to skyrocket – which has caused a double effect on excavators, small and large.
The mining benefits, which are a percentage of daily dollars per terahash every second, have reached the lowest levels unheard of since October 2020, according to Bitinfocharts. At the time of composition, the Bitcoin mining advantage is $ 0.0956 every day for 1th / s, down 80% from the 2021 high of $ 0.464.
A report from Bloomberg on June 24 revealed that there was essentially as much as $ 4 billion in Bitcoin mining credits, with an increasing number now submerged as Bitcoin and mining rig costs have fallen.
Last week, the Cointelegraph announced that Bitcoin (BTC) mining revenues have reflected unprecedented low years since mid-2021, with Bitcoin mining revenues plunging $ 14.40 million on June 17.
Information from Arcane Research in June found that the crumbling productivity of mining has limited public excavators to start selling their property. It revealed that few of these organizations sold 100 percent of their BTC creation in May – responsible for taking care of labor costs and advance refunds.
Steve Anderson is an Australian crypto enthusiast. He has been a specialist in management and trade for over 5 years. Steve has worked as a crypto trader, he loves to learn about decentralization, understand the true potential of the blockchain.
