{"id":470343,"date":"2022-07-04T05:57:33","date_gmt":"2022-07-04T02:57:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sbf-denies-ftx-is-eyeing-distressed-crypto-mining-companies\/"},"modified":"2022-07-04T05:57:33","modified_gmt":"2022-07-04T02:57:33","slug":"sbf-denies-ftx-is-eyeing-distressed-crypto-mining-companies","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sbf-denies-ftx-is-eyeing-distressed-crypto-mining-companies\/","title":{"rendered":"# SBF denies FTX is eyeing distressed crypto mining companies"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a283ebfbe866\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a283ebfbe866\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sbf-denies-ftx-is-eyeing-distressed-crypto-mining-companies\/#%E2%80%9D_SBF_denies_FTX_is_eyeing_distressed_crypto_mining_companies_%E2%80%9C\" >&#8221; SBF denies FTX is eyeing distressed crypto mining companies &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/sbf-denies-ftx-is-eyeing-distressed-crypto-mining-companies\/#Mining_loans_under_stress\" >Mining loans under stress<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SBF_denies_FTX_is_eyeing_distressed_crypto_mining_companies_%E2%80%9C\"><\/span>&#8221; SBF denies FTX is eyeing distressed crypto mining companies &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMDYwNmQ3ZjMtNzRlNC00YzhhLTlmMDMtMjcyZjYwOGNmZTk5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Sam Bankman-Fried, the founder of crypto exchange FTX, has calmed speculation that the company is exploring acquisitions of distressed crypto mining companies, clarifying on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1543385386629693440\">Twitter<\/a> on Saturday that they \u201caren\u2019t really looking into the space.\u201d<\/p>\n<p>\u201cReally not sure why the meme about FTX and mining companies is spreading, the actual quote was that we *aren&#8217;t* really looking into the space,\u201d clarified Bankman-Fried on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> on July 2. <\/p>\n<p>Speculation that the company was on the lookout for mining firms came from an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-01\/sam-bankman-fried-explores-buying-distressed-crypto-miners-next\">interview<\/a> with Bloomberg on July 1, after the FTX founder said he did not want to discount the possibility of a \u201ccompelling opportunity\u201d in the mining industry, stating: <\/p>\n<blockquote><p>\u201cThere might come along a really compelling opportunity for us \u2014 I definitely don\u2019t want to discount that possibility.\u201d<\/p><\/blockquote>\n<p>However, the quote <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to have been taken out of context, forcing SBF to clarify that the firm is \u201cnot particularly looking at miners\u201d but is \u201chappy to have conversations\u201d with mining companies. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">er to be clear I said roughly &#8220;meh not particularly looking at miners, but sure, happy to have conversations with any companies&#8221; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/liHKS2y06Z\">https:\/\/t.co\/liHKS2y06Z<\/a><\/p>\n<p>\u2014 SBF (@SBF_FTX) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1542985147372474368?ref_src=twsrc%5Etfw\">July 1, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bankman-Fried also stated during the interview that crypto miners had no fit into the company\u2019s core strategy and that he saw no synergy from an acquisition standpoint.<\/p>\n<blockquote><p>\u201cI don&#8217;t see any particular reasons that we need to have, you know, an integration with a crypto miner.\u201d <\/p><\/blockquote>\n<p>\u201cFrom a strategic perspective, there&#8217;s no particular obvious synergy necessarily from an acquisition standpoint,\u201d he added.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Mining_loans_under_stress\"><\/span>Mining loans under stress<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Bankman-Fried was asked whether he was looking into mining firms amid a falling crypto market that has seen Bitcoin mining revenues fall sharply this year.<\/p>\n<p>At the same time, the Russian invasion of Ukraine has also caused energy costs to skyrocket \u2014 causing a dual impact on miners, small and large. <\/p>\n<p>Mining profitability, which is a measure of daily dollars per terahashes per second has reached lows not seen since October 2020, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/bitinfocharts.com\/comparison\/bitcoin-mining_profitability.html#3y\">according<\/a> to Bitinfocharts.\u00a0At the time of writing, Bitcoin mining profitability is $0.0956 per day for 1Th\/s, down 80% from the 2021 high of $0.464.<\/p>\n<p>A report from Bloomberg on June 24 revealed that there were as much as $4 billion in Bitcoin mining loans, with a growing number now underwater as Bitcoin and mining rig prices have fallen. <\/p>\n<p><strong><em>Related:\u00a0Bitcoin miner Mawson to defer all major capital expenditures until market conditions normalize<\/em><\/strong><\/p>\n<p>Last week, Cointelegraph reported that Bitcoin (BTC) mining revenue has been mirroring year lows not seen since mid-2021, with Bitcoin mining revenue dipping to $14.40 million on June 17.<\/p>\n<p>Data from Arcane Research in June found that the deteriorating profitability of mining has forced public miners to start liquidating their holdings. It revealed that several of these firms sold 100% of their BTC production in May \u2014 likely to cover operating costs and loan repayments.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sbf-denies-ftx-is-eyeing-distressed-crypto-mining-companies\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; SBF denies FTX is eyeing distressed crypto mining companies &#8220; Sam Bankman-Fried, the founder of crypto exchange FTX, has calmed speculation that the company is exploring acquisitions of distressed crypto mining companies, clarifying on Twitter on Saturday that they \u201caren\u2019t really looking into the space.\u201d \u201cReally not sure why the meme about FTX and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":470344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMDYwNmQ3ZjMtNzRlNC00YzhhLTlmMDMtMjcyZjYwOGNmZTk5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74937,89897],"class_list":["post-470343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-sam-bankman-fried"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/470343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=470343"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/470343\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/470344"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=470343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=470343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=470343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}