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Crypto Lender Tied to Chinese Rig Giant Throws Miners a Lifeline

  • Bitmain has about $5.6 billion of revenue in last year: Luxor
  • Bitcoin miners can refinance billions of debt at a lower rate
Bitmain mining machines

Bitmain mining machines

Photographer: Christinne Muschi/Bloomberg
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Chinese Bitcoin mining rig giant Bitmain Technologies Ltd. has been selling machines to miners for about nine years. Now it’s helping to keep them afloat during the cryptocurrency market downturn through its ties with industry financier Antalpha.

Bitmain and its Antpool mining spinoff are working with Singapore-based Antalpha to offer low-interest loans to miners to help them reduce borrowing costs and repay nearly $4 billion in loans backed by equipment which have fallen in value along with the price of Bitcoin since it peaked in November.