Bitcoin mining companies started selling their shares more often
Organizations that are engaged in BTC pharma are selling their shares to keep afloat somehow. The information provided by bnnbloomberg.ca can attest to this. Loans and loans are becoming less attractive for such companies. All because of the high interest rates on debt repayments.
Iris Energy Ltd. - an Australian virtual coin mining company - announced this September that it was selling its stock for about $100 million. Also, Argo Blockchain PLC, a UK-based mining organization, decided to sell its shares at a discount of $27 million. The investor who purchased the assets remained incognito.
The reasons for such changes in the crypto world are obvious. These include low BTC prices, rising electricity costs, and tremendous competition in the mining industry.
It did not take long for the shares of virtual coin mining companies to fall. Thus, according to the insider, Core Scientific, Iris Energy and Argo Blockchain and other organizations were affected. Shares of some of them have fallen as much as 78%.
According to the chief operating officer of crypto-mining services company Luxor Technologies, Ethan Vera, such stock manipulation is not profitable for people investing in mining organizations. However, it remains the only option through which companies can avoid bankruptcy and meet financial obligations.