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Public Miners Raised 2.22 Billion Dollars So They Can Still Afford Their Yacht Collections

BitcoinCrypto NewsFeatured 1 Sam Rogers August 16, 2024

An illustration of a sinking ship with anchors and ropes breaking free from the hull, while above it several yachts are sailing away into the distance amidst stormy seas; at the bottom of the sea floor lies an empty wallet surrounded by coins slowly disappearing down a drain. A giant Bitcoin is shown being halved in two pieces as they sink below the waves together with other smaller Bitcoins and dollar bills. In the background, clouds made from smoke billow out into space while lightning illuminates the dark sky; nearby several seagulls are flying away carrying small bags of money.

Well it looks like the crypto bros are at it again! Raising billions of dollars through debt financing because their precious Bitcoin mining operations can’t turn a profit without scamming investors out of more cash. I mean, who needs actual profits when you’ve got convertible notes and senior secured notes to keep your company afloat? And don’t even get me started on the “general corporate purposes” clause – that’s just code for “we’re going bankrupt but we’ll try to blame it on someone else.” But hey, at least they’re diversifying their revenue streams… by hosting AI cloud providers. Because what could possibly go wrong with putting all your eggs in one basket and then trying to make money off of other people doing the same thing? It’s not like that strategy has ever failed before (cough cough). Stay tuned for more

Source: cointelegraph

Public miners raised $2.2B as cash flow crunch intensifies post-halving
https://cointelegraph.com/news/public-miners-raised-2-2-b-cash-flow-crunch-intensifies-post-halving
Public mining companies are turning to debt financing to boost cash flow following the Bitcoin halving.  According to data from BlocksBridge Consulting based on earnings reports, nine out of the 13 United States-listed companies raised a combined $1.25 billion through stock offers during the second quarter of 2024. The list includes Bitdeer, Bitfarms, Cipher, CleanSpark, Core, HIVE, Marathon, Riot, and Terawulf. In addition, Iris Energy reportedly raised $458 million over […]

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About the author

Sam Rogers

Sam’s plunge into the crypto world turned into a brutal farce when he fell for an absurdly obvious scam promising to double his investment. After being fleeced by a slick email con, Sam is left fuming and broke. His writing drips with anger and dark humor as he exposes the outrageous scams and ludicrous promises of the crypto world. His motto: “I didn’t just fall for a scam—I was sucker-punched by an entire industry. If you think crypto is a goldmine, just wait until you see how deep it can dig your grave.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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