Technology

34912 readers

122 users here now

This is the official technology community of Lemmy.ml for all news related to creation and use of technology, and to facilitate civil, meaningful discussion around it.

Ask in DM before posting product reviews or ads. All such posts otherwise are subject to removal.

Rules:

1: All Lemmy rules apply

2: Do not post low effort posts

3: NEVER post naziped*gore stuff

4: Always post article URLs or their archived version URLs as sources, NOT screenshots. Help the blind users.

5: personal rants of Big Tech CEOs like Elon Musk are unwelcome (does not include posts about their companies affecting wide range of people)

6: no advertisement posts unless verified as legitimate and non-exploitative/non-consumerist

7: crypto related posts, unless essential, are disallowed

founded 5 years ago

MODERATORS

MinutePhrase@lemmy.ml

Almost $4 Billion in Bitcoin Miner Loans Are Coming Under Stress (www.bloomberg.com)

submitted 2 years ago by rysiek@szmer.info to c/technology@lemmy.ml

2 comments fedilink hide all child comments

The prolonged slump in Bitcoin is making it more difficult for some miners to repay the up to $4 billion in loans they have backed by their equipment, posing a potential risk to major crypto lenders.

A growing number of loans are now underwater, according to analysts, as many of the mining rigs lenders accepted as collateral have now halved in value along with the price of the world’s largest digital token.

Investment funds were giving large crypto-miners loans to by specialized crypto-mining equipment backed by that same specialized crypto-mining equipment, which happens to lose value exactly when cryptocurrencies themselves lose value.

🍿 🍿 🍿

top 2 comments

sorted by: hot top controversial new old

[–] bruhbeans@lemmy.ml 6 points 2 years ago

You know the crypto bros will find a way to make the working class make up their losses.

[–] redtea@lemmygrad.ml 2 points 2 years ago

The dinosaurs in the fossil fuels used to power crypto-mining are haunting the miners on the planet's behalf.