Bitcoin miner bankruptcies will be less common this time around — Hut8 CEO

  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 51%

United States Headlines News

Bitcoin mining bankruptcies won’t be as common post-halving thanks to a reduction in leverage trading and an uptick in mergers and acquisitions, says Hut 8 CEO Asher Genoot.

mining firms filing for bankruptcy in the coming years than there were in 2022, says Hut 8 CEO Asher Gennot.with Bloomberg, Genoot said that the main cause of bankruptcies in 2022 came from firms being overleveraged and unprepared for rising energy costs.

“A lot of companies grew with that and that debt couldn't be serviced in 2022 when Bitcoin prices went down and energy prices went up.”on the NASDAQ — are among several of the Bitcoin miners that filed for bankruptcy during the crypto winter in 2022. Genoot said he expects to see an uptick in mergers and acquisitions activity among smaller-scale Bitcoin miners, something he predicts will contribute to a far lower rate of bankruptcies.for a significant amount of M&A activity or “distress opportunities” to unfold, Genoot currently slated for April 20 when block 840,000 is reached. The event will reduce miner rewards from 6.25 BTC to 3.125 BTC at current prices.


Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 562. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin & Bitcoin Cash Among Top Crypto Gainers as Crypto Prices Pump: What About Green Bitcoin?Crypto Blog
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Does the Bitcoin halving impact cross-chain interoperability solutions?Beyond the immediate impact on Bitcoin pricing and miner rewards, Bitcoin halving influences cross-chain interoperability.
Source: Cointelegraph - 🏆 562. / 51 Read more »

US Bitcoin miner Giga Energy to launch facility in ArgentinaUS Bitcoin miner Giga Energy has expanded into Argentina to convert otherwise wasted methane into Bitcoin.
Source: Cointelegraph - 🏆 562. / 51 Read more »

Roger Ver Issues Crucial Ross Ulbricht Bitcoin (BTC) X PostBitcoin Cash advocate Roger Ver highlights the importance of Ross Ulbricht’s work for Bitcoin adoption
Source: Utoday_en - 🏆 295. / 63 Read more »

Bitcoin (BTC) Price Driven by "Bigger Forces" Than ETFs: Top AnalystBitcoin ETFs might not be the main driving force behind the Bitcoin price action
Source: Utoday_en - 🏆 295. / 63 Read more »

Major Bitcoin ETF Warning Made by Samson Mow, Hold Tight‘$1 million Bitcoin’ advocate Samson Mow has commented on the recent outflows from Bitcoin ETFs
Source: Utoday_en - 🏆 295. / 63 Read more »