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Crypto Lender Tied to Chinese Rig Giant Throws Miners a Lifelinearchive.ph/NRNFY
45 sats \ 3 comments \ @BTCMiner 12 Aug 2022 bitcoin
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0 sats \ 0 replies \ @BTCMiner OP 12 Aug 2022
An archive of the article is here. An archive has no paywall, no subscription requirement, and can be easier to read.
Antalpha has also started offering a revolving credit line for miners that can only be used to pay electric bills. The interest rate is as low as 6.6%, almost half of the rate that big miners have on existing loans, according to Vera. The highest rate on Antalpha’s credit line is 8.8%, according to Liao. The line of credit will be secured by the Bitcoin miners produce.
Public mining companies have been in distress. Core Scientific Inc. sold nearly 80% of its Bitcoin holdings in June to cover operational costs and Bitfarms Ltd. sold about half of its Bitcoin holdings to pay down a $100 million loan.
To alleviate some of the pressure, Antalpha said some of its loans would not require margin calls and it would let miners delay payments to Bitmain for mining machines by allowing miners to use purchased rigs as collateral.
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25 sats \ 0 replies \ @02174b3c39_lntxbot 24 Aug 2022
If you're a miner in trouble, put down the spending and the hole won't get any bigger. This is lunacy.
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25 sats \ 0 replies \ @faithandcredit 12 Aug 2022
Something tells me the bottom isnt in until everything has gone bankrupt. We have FTX bailing out many institutions and what not, and now Bitmain bailing out miners.
I think even the biggest players like those will get in trouble before the bottom is. But lets see.
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