Sam Bankman-Fried and his team are reportedly using cryptocurrency miners’ distress to enrich themselves. FTX’s CEO denied this rumor. His company “doesn’t watch this space,” says SBF.
No relationship with minors
Sam Bankman-Fried tweeted, “We don’t look into cryptocurrency miners.” Why is FTX rumored to be interested in cryptocurrency mining? The CEO gave a Bloomberg interview. He said cryptocurrency mining is “irresistible.”
The CEO’s statement was taken out of context and distorted SBF’s intentions. His company “isn’t interested in mining specialists” because of this. The company is “happy to have friendly and professional relations” with specialists, he says.
Mr. Bankman said in an interview that digital asset mining is not a priority for his company. I don’t see why we need a mining specialist. There is no strategic synergy.
Bitcoin mining profitability
In recent weeks, digital asset mining has become more profitable. According to Bitinfocharts, it’s reached October 2020 levels. The sector’s profitability is estimated at $0.0956 per day for 1Th/s, an 80% drop from its peak in 2021.
Bloomberg reports that there are $4 billion in loans for bitcoin mining (BTC). The document says this number continues to grow given investors’ interest in the king of cryptocurrencies despite price drops.
Contrary to rumors, the FTX cryptocurrency exchange does not want to get into cryptocurrency mining. He tweeted it.
