outlined that the firm has a specific “thesis” on how to approach the mining sector which consists of “low-cost electricity, a very efficient team” and “buying ASIC miners cheap.”Recent data from Hashrate Index found that Bitcoin ASIC minernot seen since at least 2021, with the most efficient ASIC miners seeing their prices fall 86.8% from their peak in May 2021.
Galaxy has five business lines across trading, asset management, crypto mining, venture investments and investment banking. According to its website, it currently has $1.9 billion worth of assets under management. As it stands, Galaxy has mainly utilized hosting services for its mining operations, however Novogratz notes that owning 200 megawatt capacity Helios will not only let the company run miners on its own site, but host for others as well.Argo Blockchain previously outlinedAt the time, the firm also said it expected Helios to reach a BTC mining capacity of 5.5 exahashes per second by the end of the year, with the potential to eventually hit 20 EH/s.
It appears that Galaxy has some cash to splash amid the 2022 bear, considering that it also gave Argo Blockchain a $35 million equipment finance loan alongside the acquisition.
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this guy is a disgrace. his followers lost millions.
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