The Galaxy CEO seemed undaunted by this year’s devastation in the BTC mining business, stating that the company plans to dramatically increase its mining activities. Galaxy Digital Holdings CEO Mike Novogratz describes the Helios mining purchase as a game changer for the company. Bear markets are for construction. We are long-term supporters of $BTC and think that the lowest-cost miners will triumph over time.
Helios is a game changer that will broaden our mining capabilities and services as we continue to develop towards a decentralized future. In a more detailed explanation of the transaction, Mike Novogratz stated that the business has a certain philosophy on how to approach the mining sector- low-cost power, a very efficient staff, and buying ASIC miners cheaply. Previously, Argo Blockchain CEO Peter Wall announced on December 28 a $65 million transaction with Galaxy Digital to sell the Helios mining operation.
The crypto investment business announced the $65 million acquisition of Argo Blockchain’s main mining operation on December 28 as part of Argo’s extreme measures to avoid bankruptcy. In a tweet regarding the acquisition on December 29, Novogratz stated that Galaxy is a “big believer” in Bitcoin’s long-term prospects and that the firm would continue to scale up its mining initiatives:
The Galaxy CEO went on to explain that the company has an unique “thesis” on how to approach the mining sector: “low-cost power, a highly efficient crew,” and “purchasing ASIC miners inexpensively.” “That’s a prescription for mining success, even as the hash rate climbs,” he added.
According to Hash rate Index, Bitcoin ASIC miner prices are at a level not seen since at least 2021, with the most efficient ASIC miners seeing their prices collapse 86.8% from their high in May 2021. Galaxy offers five business lines: trading, asset management, cryptocurrency mining, venture capital, and investment banking.
According to its website, it presently manages assets worth $1.9 billion. Galaxy now relies heavily on hosting services for its mining activities. However, Novogratz points out that Helios’ 200 megawatt (MW) capacity will allow the firm to not only run miners on its own site, but also host for others.
Helios has the potential to become one of the largest miners on the market. Argo Blockchain earlier stated in May of this year that it intended to expand its energy capacity to 800MW in the “coming years.” At the time, Helios claimed it intended to attain a BTC mining capacity of 5.5 exahashes per second by the end of the year, with the potential to reach 20 EH/s in the future.
Galaxy looks to have some capital to burn during the 2022 bear market, since it also provided Argo Blockchain with a $35 million equipment financing loan as part of the deal. The acquisition follows Galaxy’s earlier this month acquisition of crypto self-custody platform GK8 for an unknown sum.
GK8 was auctioned off as part of the Celsius bankruptcy process, after the failed crypto lender purchased the company for $115 million in 2021. The purchase, according to Novogratz, is a “critical cornerstone in our endeavour to develop a genuinely full-service financial platform for digital assets.”
The emergence of the crypto industry has led to a need for it in today’s world which many firms have realized over time. It has generated a huge demand for the various cryptocurrencies with many companies coming forward to adopt them and integrate them into their operations. However, there is still a need for more awareness and the need to explore it more. It needs to be propagated or advertised in a way that it gets accepted by larger communities. Various organizations have come up with various ways that can help with crypto mining.
One such initiative has been taken by Maple Finance who very recently launched a lending pool worth three hundred million dollars that could assist firms in the mining of Bitcoin.
An in-depth analysis of the initiative taken by Maple Finance
It is imperative for each and everyone who is associated with the crypto industry to learn about its development and the changes being introduced in it, continuously to make informed decisions. It helps to be on top of things and be updated with the recent news and updates. Therefore, it is important to not only know what is going on in the market but to get to its roots. This article endeavors to do the same and provide readers with a detailed analysis of how the new initiative is going to help Bitcoin mining firms.
In an announcement made by Maple Finance as well as Icebreaker Finance, they would be extending a three hundred million dollars funding to all the private as well as public companies that are engaged in Bitcoin mining. Those industries can apply for funds that have the eligibility standards to meet treasury management as well as power strategies standard that are situated all over North America.
What is there in store for investors and allocators?
They also have provision made for those who invest in it. They have planned low-risk returns for the investors as well as the allocators, i.e. to almost as low as 13% per annum. However, there are certain guidelines that an investor must follow to be able to invest in it. First of all, an investor first needs to be accredited and be eligible enough by meeting the standard of income or having the appropriate net worth within the limits of jurisdiction.
More about the loans
It has also been mentioned by those at Maple Finance that the loans that are already existing in the lending pool would stay there for almost twelve to eighteen months and shall have a rate of interest of almost 20%. There are also some provisions made for the securing of the loans which are to be done by taking any physical or intellectual asset of the borrower.
However, it has also been mentioned by the authorities at Maple Finance that miners are important to the cause of any cryptocurrency and therefore provisions should be made to facilitate it. With this vision in mind, Maple Finance has rolled out a new finance system to assist and advertise Bitcoin mining further.
Conclusion
Various surveys and records have also found that Maple Finance constitutes the largest share in the crypto lending market. With such provisions in place, it is needless to say that, the crypto industry would be benefited in numerous ways and shall soon see a rise in its growth. The crypto market being highly volatile has been a risk that many are unwilling to take. However, with the right initiative in place and with the right steps taken, the whole scenario can change for the better.
P2E games are one of the most amazing things about the crypto world. The fact that you will get paid by just playing the game is very fascinating to those who are new to the crypto community. Today, we are going to talk about a game “MECH” which can help you in earning and will provide you a fun gaming experience at the same time.
About MECH:
The P2E game is a battle game where player owns an NFT mech that is completely individual to its owner. Every unique mech looks different, feels different, and has different abilities. Players use mechs to earn Ore in the game, which can be turned into their cryptocurrency called Forge Token. Ore can be earned by mining resources, fighting arena battles, and spent to upgrade and repair your mech. Ore can be turned into Forge Tokens in the Trading Post, and then used to breed two mechs or purchase new mechs from our Mech Marketplace. Sound’s exciting, right?
There are different game modes available to enjoy that includes win battles, races or match 3 mini-games to earn Forge (the cryptocurrency used in Mech). You can also create your own arenas, design garages for renting Mechs, purchase assets in our exclusive NFT shop to build and sell in-game NFT weapons or even create your own Mech mini-games.
Mech.com is also a Player Versus Environment (PVE) and a Player Versus Player (PVP) game built on the Ethereum blockchain, and is built on the premise that ‘fun comes first.’ Their sole focus is for the community itself to build the most exciting, repayable, and profitable NFT game on the market for the players. Player can also build businesses inside the Mech.com metaverse using their embedded tools. Players will be able to buy land, create shops, upgrades, and sell wares to facilitate other players.
MECH Marketplace:
MECH consists of its own Marketplace which is a place to put mechs up for sale and for players to sell their mechs and other NFTs. That said, it be more than simply a place to sell and buy. The Marketplace will serve as a complete mech lineage tracker, a mech stats tracker, and a success tracker for each mech. Any Mech user will be able to see a given mech’s heritage, its upgrades, its potential for success. Think of the Marketplace as a way to get a complete dossier on any mech for sale.
Mining:
The core of PVE in Mech.com is mining. Mining resources helps you earn Ore, upgrade, repair, and battle mechs. In order to mine, you must drive your mech to a designated mining site, which can be found via accessing a PVE area map. There are multiple mines in the PVE area, any of which can be used to gather resources.
Players can use Ore to repair, upgrade, or enter battles. Players then use Forge Tokens to breed or purchase new NFTs in our marketplace. Forge Tokens may be traded or exchanged on major cryptocurrency exchanges.
$FORGE:
$FORGE will be used in the marketplace to purchase NFTs, Land and various objects in the MechVerse. With the Total Supply of 500,000,000, $FORGE tokens can be used to purchase ore inside of the game, and it is tradeable on exchanges.
If you are looking forward to get connected to this amazing P2E game project then below are their socials:
The bearish position of the crypto market creates chaotic consequences among crypto investors. The rate of the top cryptos is falling increasingly. The last couple of months is a remarkable phase for the crypto market ever. The top two cryptos, Bitcoin and Ethereum price fall hit the market cap separately. Even Polygon network’s crypto Matic was decreasing its rate accordingly. Though the sellers’ pressure makes a big concern for crypto investors.
But this week was quite promising for crypto members. It is forecasted about the bull run. The temporary increasing price has indicated the upcoming progress in the crypto market cap. Polygon (Matic) price rose nearly 6% in the last 24 hours. Which is a green signal for the native investors.
Other Crypto Overview :
The top two currencies, Bitcoin and Ethereum, have continuous ups and downs that make the investors hold for a long period. Though the increasing rate of this week is making the situation in progress. As of the time of writing this post, Bitcoin is running at $23474.80. It is 1.40% at an increasing rate. On the other hand, Ethereum’s current price is $1637.49 and the increasing rate is 3.92%.
Noteworthy, the global cryptocurrency market is increasing by 4.8% to 1.12 trillion itself.
Polygon Overview :
The native crypto network Polygon’s crypto Matic is doing very well in the crypto market cap. According to reports, in the last 7 days, Polygon (Matic) price has increased around 71%. As of now, Polygon crypto is ranked 12 in the market.
In the last 24 hours, Polygon (Matic) price has risen nearly 6%. Which creates a massive crowd among the crypto investors. The exchange status of this crypto leaves a remarkable footprint.
Why Does Polygon Perform Well?
During this falling market, Polygon did its job better than the other networks. During this bear market, Polygon was able to perform well with some pre-planned strategies. During the price decrease, Polygon managed to retain its key support levels very well. After that, the price was increasing again.
Moreover, the partnership with Coca-cola and Disney in Spring and Summer 2022 makes the network perform well with unexpected increasing prices. Also, the layer 2 scaling solution is one of the considerable reasons behind it.
Polygon Current Status :
As of the writing time, Polygon’s volume is around $1.4B. Its price is now $0.903413. Polygon’s current market cap is $7.2B along with an 8.0B Matic circulating supply, which is 80% of the total. The market activity is in a bearish position, which is 78% buying and 22% selling graph. The typical hold time according to this network is 103 days. Above all, the price change in the last 24 hours is +5.14%. The 7 days price change is +28.87%.
Experts’ Prediction On Polygon :
Government Capital :
According to Government Capital, Polygon might trade for over $3.7 per coin by 2023. Even go up to $20 within 5 years. Which indicates a bull run for long-term investors.
WalletInvestor :
WalletInvestor predicted that Polygon’s price will be reduced as low as possible. It would fall to $0.035 by July 2023. According to WalletInvestor, Polygon might be a bad choice for upcoming years.
TradingBeasts :
According to TradingBeasts, Polygon can reach up to $1.17 by December 2022. It would be stagnant at $0.9 for the whole of 2023. In 2024, it will again rise to $1.5. Which indicates a low to high rate in the long run.
Digital Coin Price :
Digital Coin Price predicted that in 2023, Polygon will reach a minimum of up to 0.93 and a maximum of $1.15.
The massive fall of the crypto market hits crypto investors. The first-ranking cryptos like Bitcoin, and Ethereum float in the ups and downs of the graph. Still, the valuable resistance phase has not occurred. Though the Bitcoin bull Michael Saylor’s comment on the Ethereum blockchain has raised a temporary relief among investors. This is the time when buyers can take their planned move. Price falls, which means the supply is high but demand is less. In this circumstance, sellers are expected to stagnate their movement in the Crypto market. But the selling pressure does match the expected graph according to the situation.
Still, sellers are dominating the crypto market even in this massive fall down. The high reducing price rate and stable seller activity leave the market a big concern.
Why Does Elon Musk Sell Crypto With A Huge Loss?
In the context of crypto, Elon Musk’s shocking step must be a considerable matter. Musk’s Dogecoin is sold with a million-dollar loss knowing the consequences! Whole social media contains only one question, why does Elon Musk sell his coin with a huge loss?
Initially, Musk stated that Tesla had not sold a single Dogecoin. Letter the announcement hits the market. It was officially announced that 75% holding of Tesla’s Bitcoin is sold.
In January 2021, Elon Musk has purchased Bitcoin at 1.5 billion US dollars. Whereas on June 2022, Musk sold it at 936 million US dollars. Which refers to a massive loss for Tesla.
It is reported that Elon Musk was forced to sell the holdings to avoid the loss of over 800 million dollars in Q2 of 2022.
Though Elon Musk did not make the price fall responsible for his selling. Rather he blamed the covid19 lockdown situation in China which raised the uncertain value of the amount.
Talking about Bitcoin, it is seen that Bitcoin is retesting one very important level of support. The market was running very critical resistance. The dumb money is already out of the market.
Asian Investors Tend To Sell More :
In the context of the investor’s demography, a massive population is from an Asian country, especially from India! More than 10 crore investors are from India. Which is approximately 7% of the population of the country itself. After India, countries like the USA, Russia, and Nigeria take the position of higher investors.
It is reported that Asian investors ars selling more than buying even in this price-fall market! Selling indicates that the price would increase sooner. Though according to several reports, the crypto price rate is expected to drop more. Then why are the sellers dominating the crypto market still?
To analyze the strategy, it should be discussed the value of different countries’ currencies. As the maximum number of investors are from India, then Indian rupees or INR’s value might be the main reason.
Cryptos are exchanged with Tether (USDT). 1 Tether (USDT) equals $1. But during the exchange in other currencies such as INR, the rate might differ. The average calculation shows that cryptos are 2 to 3 lakhs more expensive during purchasing for Indian investors than for US investors. It means buying is costly but selling will be profitable.
In this price fall market, selling pressure is still there for the anticipation of more falling. Bulk investors are from Asian countries. The country’s currency value is less than the USD. So for these Asian investors, this is a good time to sell. As it is anticipated that the price might fall more.
Conclusion :
The price fall market is now a remarkable concern of crypto investors. Where demand slows down and price falls. Though the selling pressure becomes another concern of the crypto world.
