Caixin
Aug 12, 2022 02:38 AM
BUSINESS

Crypto Lender Tied to Chinese Rig Giant Throws Miners a Lifeline

Electricity is one of the largest operational costs for bitcoin miners since they operate energy-intensive machines to create coins.
Electricity is one of the largest operational costs for bitcoin miners since they operate energy-intensive machines to create coins.

(Bloomberg) — Chinese bitcoin mining rig giant Bitmain Technologies Ltd. has been selling machines to miners for about nine years. Now it’s helping to keep them afloat during the cryptocurrency market downturn through its ties with industry financier Antalpha.

Bitmain and its Antpool mining spinoff are working with Singapore-based Antalpha to offer low-interest loans to miners to help them reduce borrowing costs and repay nearly $4 billion in loans backed by equipment which have fallen in value along with the price of bitcoin since it peaked in November.

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