Struggling bitcoin miners are flocking to Maple Finance’s $300M lending pool

2022/10/25 00:54

According to Coindesk, bitcoin miners are queuing up to borrow from a special purpose decentralized finance (DeFi) lending pool created by Maple Finance, as a stressed out crypto industry explores creative ways to get through the bear market. Since Maple and credit agent Icebreaker launched the miner finance pool a month back, a pipeline of about six to 10 mining companies is in place to form the first cohort of borrowers, with another 25 on the waiting list, according to Maple Finance CEO Sidney Powell. With crypto asset prices down and bitcoin falling more than 50% this year, capital from usual sources has completely dried up. Given the capital-intensive business model of the crypto mining business, miners are looking for alternatives, and private credit seems to be offering new and creative ways to help firms that are under stress, said Powell.

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