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Crypto lenders are suffering as bitcoin miners are unable to pay back gigantic loans


Things don’t appear to be getting better for the cryptocurrency scene following the collapse of FTX (opens in new tab). According to a report from Bloomberg (opens in new tab), bitcoin mining companies are unable to pay back millions of dollars in loans, leaving their lenders stuck with thousands of mining rigs.

Ethan Vera, COO of Luxor Technologies, told Bloomberg that miners ended up “dictating a lot of the loan terms” as crypto mining boomed, and they offered the mining rigs they bought with the loans as collateral. So, if they couldn’t repay the loans, they simply gave up the machines. Machines, by the way, whose value dropped at least 85% from just last month, according to the reporting. Ouch. 



Read More: Crypto lenders are suffering as bitcoin miners are unable to pay back gigantic loans

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