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Crypto Markets Extend Drop as Doubts About FTX-Binance Deal Grow

9Nov

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Technology

Crypto Markets Extend Drop as Doubts About FTX-Binance Deal Grow

[ad_1] Cryptocurrencies extended declines as Binance’s potential takeover of FTX highlighted how strains in the industry are now buffeting some of its top players. Cryptocurrencies extended declines as Binance's potential takeover of embattled rival exchange FTX highlighted how strains in the digital-asset industry are now buffeting some of its top players. Bitcoin, the largest token by market value, fell as much as 5.4% on Wednesday after a near-10% decline a day earlier and was trading at about $17,700 as of 9:50 a.m. in London. Just about every digital coin was struggling: Ether, Solana, Polkadot, Avalanche, and meme token Dogecoin all dropped. Binance Chief Executive Officer Changpeng “CZ” Zhao stunned the crypto world on Tuesday with an announcement that his firm was moving ...

Bitcoin Miner Iris Flags Risk of Default on $103 Million of Debt

[ad_1] Iris Energy Ltd. is the latest Bitcoin miner to grapple with debt trouble because of the sharp market downturn for digital assets. Iris Energy Ltd. is the latest Bitcoin miner to grapple with debt trouble because of the sharp market downturn for digital assets. The Sydney-based green crypto miner, which listed in the US last year, said in a statement on Wednesday that some of its mining equipment isn't making enough cash to cover related debt-financing obligations. The firm said $103 million of debt is secured against the rigs via a couple of wholly-owned special purpose vehicles. It doesn't plan to provide further financial support for the vehicles absent a refinancing agreement. That means a default on the loans looms on Nov. 8 when a scheduled principal payment is lik...

Bitcoin Cowboys Are the Ultimate Stress Test for Texas’ Power Grid

[ad_1] As crypto miners flock to the state, they’re piling massive extra electricity demand on an already shaky power system. One scorching hot afternoon, Justin Ballard drives a Nissan Frontier pickup across a stretch of West Texas oil country. For years, Ballard worked these mesquite-covered expanses like any good oil landman, trying to persuade people to let the drill rigs come in and do their work. But he left that search early last year. Now he's scouring the same barren landscapes for a different sort of fuel: natural gas that's being burned off and wasted. This lost gas can be harnessed to power huge arrays of computers that create, or mine, Bitcoin and validate transactions on its ledger, the blockchain. “It's all about stranded energy—searching for it, finding it, mining ...