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Bitmain, Antpool Offer Bitcoin Mining Industry Lifeline Amid Miner Capitulation

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Bitmain, Antpool Offer Bitcoin Mining Industry Lifeline Amid Miner Capitulation

by admin
August 19, 2022
in Guide
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Bitmain, Antpool Offer Bitcoin Mining Industry Lifeline Amid Miner Capitulation

The ASIC manufacturer and the Antpool mining pool are partnering with Antalpha to finance low-cost loans for equipment and resource costs to weather the winter.

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Antpool is the mining spinoff of Bitmain and also the second largest mining pool in the world. Both Bitmain and Antpool will provide proprietary data to Antalpha, an industry financier, which will allow Antalpha the data necessary to determine and evaluate financial risk to companies requiring low-interest loans to pay back equipment loans and reduce borrowing costs.

Additionally, Antalpha offers a revolving line of credit for bitcoin miners that is strictly only accessible for electricity costs. The low-end of these loans is 6.6%, which is reportedly almost half of the industry standard, while the high end caps out at 8.8%, according to Max Liao, managing director of business development at Antalpha.

“We are taking their biggest cash outflows, electricity cost, and helping them to reduce that burden,” Liao explained to Bloomberg. “We all assume that this bear market is going to end sometime, and we just have to make sure everybody makes it through the winter.”

However, in order to alleviate the pressures of current market conditions, Antalpha said it will not require margin-calls on some of its loans by allowing mining rigs to be held as collateral, and that it would allow bitcoin miners to defer payments if needed. 

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