{"id":32777,"date":"2022-08-05T06:24:36","date_gmt":"2022-08-05T10:24:36","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=32777"},"modified":"2022-08-05T06:24:39","modified_gmt":"2022-08-05T10:24:39","slug":"white-rock-ceo-crypto-bear-market-offers-great-ma-prospects","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/white-rock-ceo-crypto-bear-market-offers-great-ma-prospects\/","title":{"rendered":"White Rock CEO: Crypto bear market offers great M&A prospects"},"content":{"rendered":"\n
Bear market offers fantastic chances for growth through mergers and acquisitions in the cryptocurrency mining industry.<\/h5>\n\n\n\n
\"White
White Rock CEO: Crypto bear market offers great M&A prospects<\/figcaption><\/figure>\n\n\n\n

In this bear market,<\/a> enterprises that have efficiently maintained their balance sheets are in excellent health, according to the CEO of a cryptocurrency mining company, and will continue to do well even if there is more turbulence to come.<\/p>\n\n\n\n

According to White Rock CEO Andy Long, the crypto sector has been in this situation before, and well-capitalized and effective miners will do just fine.<\/p>\n\n\n\n

\u201cThe bear market has presented challenges for the miners who leveraged up at the top of the market, however, the sector has been here before, and well capitalized and efficient miners will do just fine,\u201d he said.<\/p>\n\n\n\n

Long predicted that because these businesses will have shown investors that they can withstand extreme market conditions\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, the current bear trend will present important merger and acquisition chances for them:<\/p>\n\n\n\n

\u201cBear markets actually present excellent opportunities, so we expect to see M&A and consolidation activity in the mining sector involving both public and private players \u2014 to realize economies of scale and combine complementary operations.\u201d<\/p><\/blockquote>\n\n\n\n

\u201cWe\u2019ll also see network growth picking up again, not to the level forecasted at the end of the year, but we'll likely be at least 20% higher by year-end,\u201d he added.<\/p>\n\n\n\n

Long emphasized the mining industry's successful collaboration with the Electric Reliability Council of Texas (ERCOT) to resolve energy supply difficulties during the last few months as another reason why Texas mining<\/a> has performed successfully despite the prolonged heat wave:<\/p>\n\n\n\n

\u201cThere\u2019s a ton of activity in Texas and the mining sector is in great shape. Grid-connected miners are working with ERCOT to provide demand response during challenging weather, and we see continued growth ahead across the state.\u201d<\/p><\/blockquote>\n\n\n\n

The Swiss-based cryptocurrency mining company White Rock claims to have erected power plants with a total installed capacity of about 24 MegaWatts.<\/p>\n\n\n\n

It made intentions to start in Texas before expanding to the rest of the United States in June. As part of the transition, White Rock teamed up with Natural Gas Onsite Neutralization (NGON) to employ their facility for Bitcoin mining using “green” practices (BTC).<\/p>\n\n\n\n

Heat waves<\/h2>\n\n\n\n

According to a recent report on July 11, mining companies including Riot Blockchain<\/a> and Core Scientific shut down portions of their Texas mining operations in June to ease the strain on the electrical grid as a result of temperatures above 100 degrees.<\/p>\n\n\n\n

Both took proactive steps to relieve the strain on Texas' energy supply, but the heat wave's impact on energy costs was also a factor.<\/p>\n\n\n\n

The companies suffered from decreased mining productivity as a result of the change. However, there is a belief that miners will turn their equipment back on because the profitability of BTC mining will be too attractive to pass up, especially with the price of BTC up 14.7 percent over the previous month and temperatures forecast to drop to about 90 degrees Fahrenheit.<\/p>\n\n\n\n

\u201cThe Bitcoin price increase has led to increased profitability for miners and some miners who were pushed offline in June and July have likely plugged in their machines again,\u201d noted Jaran Mellerud, a crypto-mining analyst at a research firm Arcane Crypto, in an\u00a0interview\u00a0with Bloomberg on Friday.<\/p>\n\n\n\n

At the time of writing, the price of one bitcoin<\/a> is $23,088.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bear market offers fantastic chances for growth through mergers and acquisitions in the cryptocurrency mining industry. In this bear market, enterprises that have efficiently maintained their balance sheets are in excellent health, according to the CEO of a cryptocurrency mining company, and will continue to do well even if there is more turbulence to come. […]<\/p>\n","protected":false},"author":38,"featured_media":32783,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[9856],"class_list":["post-32777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bear-market-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/iStock-1078483204-2.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/32777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=32777"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/32777\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/32783"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=32777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=32777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=32777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}