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Andy Long, CEO of White Rock Management, believes that the bear market “provides an excellent opportunity” to expand through mergers and acquisitions in the crypto mining industry.

In an interview with Cointelegraph, the cryptocurrency mining company CEO noted that companies that manage their balance sheets effectively are in “good shape” during bear markets and will continue to do well even with more volatility ahead.

“Bear markets present challenges for miners who are leveraged at the top of the market, however, the industry has been around before and well-capitalized and efficient miners will do well,” he said.

Long suggested that the current bear market trend will present a key M&A opportunity for such companies as they will prove to investors that they can survive extreme market conditions:

“Bear markets actually present excellent opportunities, so we would like to see M&A and consolidation activity in the mining sector involving both public and private players – to achieve economies of scale and combine complementary businesses.”

“We’ll also see network growth pick up again, but not at the level forecast by the end of the year, but by the end of the year we’ll probably be up at least 20%,” he added.

Long also noted that the mining industry in Texas is doing well despite the ongoing heatwave. He noted that the department has effectively coordinated with the Electric Reliability Commission of Texas (ERCOT) to overcome energy supply issues over the past few months:

“There is a lot of activity in Texas and the mining industry is doing well. Grid-connected miners are working with ERCOT to provide demand response in challenging weather and we are seeing continued growth across the state.”

White Rock, a Swiss-based crypto mining company, claims to have installed about 24 megawatts worth of factory capacity.

In June announced plans to expand into the United States, starting in Texas. As part of the move, White Rock has partnered with Natural Gas On-Site Neutralization (NGON) to operate out of its facility, which utilizes an “environmentally responsible” approach to mining Bitcoin (BTC).

heat wave

As previously reported on July 11, mining companies such as Riot Blockchain and Core Scientific closed some of their Texas mining operations in June to relieve pressure on the energy grid after temperatures rose by more than 100 degrees.

Both sides are aggressively easing pressure on Texas energy supplies, but another contributing factor is a spike in energy prices amid the heatwave.

related: Will Bitcoin Mining Collapse?Analysts explain why a crisis is a real opportunity

As a result of this move, the mining productivity of these companies declined. However, with the price of BTC up 14.7% over the past month and temperatures looking set to dip slightly to around 90 degrees, there is a feeling that miners will turn their machines back on because BTC mining will be too profitable ,Can not be ignored.

Jaran Mellerud, crypto mining analyst at research firm Arcane Crypto interview Aug. 5 with Bloomberg.

At the time of writing, the price of Bitcoin is $23,088.