.JihanWu has set up a fund to buy Bitcoin miners' distressed assets
fame is looking to buy the distressed assets of Bitcoin miners at a discount, according to a Tuesday report by Bloomberg.Wu plans to raise the majority of the aforementioned sum from outside investors such as VC firms.The company wants to scoop up cheaper mining machines in order to run them at their facilities.Crashing cryptocurrency prices forced Bitcoin miners to liquidate their coins in order to cover operations costs.
The Bitcoin price peaked in late November at roughly $69,000 before retracting by more than 70%.This summer, Marathon Digital Holdings, Riot Blockchain and Core Scientific reported combined losses worth roughly $1 billion. Eden Prairie-based Compute North filed for Chapter 11 bankruptcy protection on Monday due to the double-whammy of falling crypto prices and growing energy costs., the value of revenues paid to Bitcoin miners slipped to $15.4 million on Sept.
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