Skip to main content

SBF makes it clear: FTX does not want to take over crypto mining companies



 Sam Bankman-Fried, the founder of crypto exchange FTX , has quashed speculation that the company is looking to buy up troubled crypto mining companies. On Saturday , he clarified on Twitter that the company was "not really looking into this area".


"I'm really not sure why the meme about FTX and miners is so widespread. The actual quote was that we *don't* really look into this space," Bankman-Fried tweeted Saturday.


In an interview with Bloomberg, it was rumored that the company was looking for mining companies. There, the FTX founder said he didn't want to rule out the possibility of an "enticing opportunity" in the mining industry:


"There could be a really tempting opportunity for us, and I certainly don't want to rule that possibility out."

However, the quote appears to have been taken out of context. Therefore, SBF felt compelled to clarify that the company was "not explicitly looking for mining companies" but "would be happy to have discussions" with them .

Bankman-Fried also stated in the interview that crypto miners don't fit into the company's core strategy and that he doesn't see any synergies from an acquisition:


"I don't see any particular reason why we should take on a crypto miner."

"From a strategic point of view, there are no particular synergies in an acquisition," he added.


Mining credits under pressure

Bankman-Fried was asked if he was looking into mining companies amid the declining crypto market, which has seen bitcoin mining revenues plummet.


At the same time, the Russian invasion of Ukraine has caused energy costs to skyrocket, which is having a significant impact on mining companies large and small.


Mining profitability, measured in dollars per terahashes per second, has reached a low not seen since October 2020 , according to Bitinfocharts . At press time, bitcoin mining profitability is $0.0956 per day for 1Th/s, down 80 percent from the 2021 peak of $0.464.


Bloomberg reported on June 24 that up to $4 billion in bitcoin mining loans have been issued, some of which have now spiraled into negative territory as bitcoin and mining equipment prices have fallen.


In this context:  No more large investments for the time being: Bitcoin miner Mawson is waiting for the crypto market to normalize


Last week, Cointelegraph reported that Bitcoin ( BTC ) mining revenue hit a yearly low not seen since mid-2021. Bitcoin mining revenue fell to $14.40 million on June 17.


Arcane Research data from June shows that declining mining profitability has forced large mining companies to liquidate their inventories. Several of these companies sold 100 percent of their BTC production in May, arguably to cover operating costs and loan repayments.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more