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The cryptocurrency market is experiencing a bearish run, and it has given so many firms the chance to develop their portfolio.
White Rock CEO Andy Lengthy informed Cointelegraph in a current interview that the crypto bear market offers glorious merger and acquisition (M&A) alternatives.
Lengthy stated White Rock is doing nicely, and its stability sheet is in glorious form even when there’s extra volatility to return. He stated;
“The bear market has offered challenges for the miners who leveraged up on the high of the market, nonetheless, the sector has been right here earlier than, and nicely capitalized and environment friendly miners will do exactly tremendous.”
The White Rock CEO stated the continuing crypto winter would offer key merger and acquisition alternatives for firms with a web constructive stability sheet. Lengthy stated;
“Bear markets really current glorious alternatives, so we anticipate to see M&A and consolidation exercise within the mining sector involving each private and non-private gamers — to understand economies of scale and mix complementary operations. We’ll additionally see community development selecting up once more, to not the extent forecasted on the finish of the 12 months, however we’ll seemingly be a minimum of 20% larger by year-end.”
America has develop into the world’s main cryptocurrency mining nation following the ban on mining actions in China final 12 months.
Lengthy stated the Texas mining sector had carried out nicely regardless of the continuing heatwave. He identified that the crypto mining sector’s efficient coordination with the Electrical Reliability Council of Texas (ERCOT) has been efficient in overcoming vitality provide points over the previous couple of months. He stated;
“There’s a ton of exercise in Texas, and the mining sector is in nice form. Grid-connected miners are working with ERCOT to supply demand response throughout difficult climate, and we see continued development forward throughout the state.”
The cryptocurrency market has been performing nicely over the previous six weeks, with the whole market cap closing in on the $1.2 trillion mark.
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