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Bitcoin miners are “stressed,” and there’s more to loyalty than Bitcoin

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mining_news_daily_digest

Mining news

According to Alex Brammer, Vice President for Business Development at Luxor Mining, there are “a lot of indicators of stress” in the Bitcoin (BTC) mining sector right now because the price of Bitcoin (BTC) has plummeted while the price of power has climbed. It was reported that he said something along the lines of, “Within the next twelve to eighteen months, there will be evidence coming out on which companies are run extremely effectively and are operationally efficient and have healthy levels of debt.” In the meantime, he claims that publicly traded mining businesses are presently attempting to sell their ASICs at prices lower than their book value.

Stable Coin News

  • According to a story by the Financial Times, the stablecoin issuer Tether (USDT) kept some of its reserves at a small bank in the Bahamas called Capital Union. The report cited unnamed people familiar with the situation as its source. The corporation has previously stated that they are not obligated to share any information regarding their financial partners, but they have continued to maintain that they would not disclose where exactly they keep the assets that underlie USDT.
  • A consultation paper was published by the government of the United Kingdom (UK) that outlines a strategy to reduce the risk for investors who hold stablecoins. The strategy recommends changing existing legislation to give the Bank of England the power to appoint administrators to oversee insolvency arrangements with failed stablecoin issuers.