As Loan Defaults Surge, Crypto Lenders Plug In Miners … – Bloomberg

As Loan Defaults Surge, Crypto Lenders Plug In Miners … – Bloomberg

Blockchain Crypto Market Technology
January 13, 2023 by Coinvasity
18
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Crypto lenders have repossessed so many Bitcoin mining rigs they’re resorting to plugging them in and extracting tokens themselves.
Lenders are getting creative as to what to do with the mining machines they accepted as collateral for the some $4 billion in rig-backed loans they underwrote when the rally in Bitcoin seemed unstoppable. With the recent surge in loan defaults and plunge in cryptocurrencies, the value of new generation machines has dropped 85%, according to data from Luxor Technologies.

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