"Selling non-core infrastructure locations (like we saw last week) to increase liquidity makes sense in the near-term," he added.ĬleanSpark managed to leverage current market conditions, scoring over 16,000 mining machines at a discount since June and closing deals to acquire two sites in Georgia from Waha Technologies and the Nasdaq-listed Mawson Infrastructure Group.Īrgo's Wall anticipates more of these types of asset transactions in the future rather than M&A deals. While "market stress is starting to bubble up," BTIG analyst Gregory Lew said it "may be too early for the M&A cycle to start," in a report published this week. When when you run out of things to sell, that's when you actually start to see some real opportunities for M&A and consolidation." "We've seen miners sell bitcoin (.), sell machines as well sell infrastructure, in order to cover some of their capital obligations. I would argue it's definitely very, very early days," said Jaime Leverton, CEO of Hut 8. "That's kind of the first we're really seeing in this space. The comments came days after bitcoin miner CleanSpark announced its second acquisition of a mining facility in the space of a month. The industry will likely hit a "pain point" high in the fourth quarter - with more transactions happening - if it continues in the same trajectory, Argo Blockchain CEO Peter Wall argued Tuesday during a panel at the Digital Asset Summit. Consolidation in the bitcoin mining space is still in its early days, according to industry executives.
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