Tech

Grayscale Looking for Bear Market Opportunities in Crypto Mining


Grayscale, a US-based crypto asset management company, decided to take advantage of the low prices surrounding the crypto mining industry. In recent months, the overall valuation of the crypto sector has dipped below the trillion dollar mark amid US interest rate hikes leading to market pressure amid other reasons. Grayscale Digital Infrastructure Opportunities (GDIO) has decided to partner with staking infrastructure company Foundry as part of its decision.

Cryptocurrency Miner was affected by profit margins shrinking after the price of Bitcoin and other cryptocurrencies have dropped significantly. Meanwhile, the cost of electricity in some parts of the world has increased recently, which has taken a toll on the cryptocurrency mining business.

According to Bloomberg reportBitcoin miners lost over $1 billion (approximately Rs 8,200) in the recent crypto crash.

“Our team has long been committed to reducing barriers to investing in the crypto ecosystem – from direct exposure to digital assets, to diverse thematic products and now is infrastructure”, Coindesk report quoted Grayscale CEO Michael Sonnenshein as saying.

Meanwhile, Grayscale is not the only crypto player hoping to expand their mining pools and infrastructure. In September, crypto billionaire Jihan Wu is said to have set up a $250 million fund (nearly Rs. XXX crore) to buy Cryptocurrency Mining Machine from distressed sellers. Wu is the founder of blockchain company Bitmain.

The financial situation in the cryptocurrency mining sector has led to worrying situations for many players.

In June, the CEO and CFO of Compass Mining, a Bitcoin hardware mining company, resigned from their respective positions. At the time, the company was facing charges of non-payment of utility bills at a facility in Maine, USA.

However, the potential of the cryptocurrency sector still looks promising. Last year, the market valuation of the cryptocurrency industry surpassed the $3 trillion mark (approximately Rs. 2,46,60,900 crore).

As a result, the tech giants are not giving up on developing energy-saving technologies to make cryptocurrency mining more profitable.

SAMSUNGFor example, it is moving rapidly towards perfecting the development of a three-nanometer (nm) minting processor chip, which could facilitate Bitcoin mining.

Samsung is making its chips as a ‘full port (GAA)’ offer for sale. This essentially means that these chips will have current gates on all four surfaces, allowing for more precise control of current. This can increase BTC mining efficiency by 30%.


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