The collapse of two giant crypto lending businesses that also mined bitcoin yields a few interesting lessons.
“Contagion” is the most popular word in crypto after the disastrous fallout of the past year. And dominos keep falling as investors painfully realize how closely intertwined the entire cryptocurrency industry is. Hundreds of billions of dollars were incinerated.
And bitcoin mining companies have not completely avoided this. In fact, a unique type of mining business failed catastrophically, which could provide valuable lessons for future entrepreneurs. The combination of crypto lending and crypto mining was showcased in two high-profile companies: BlockFi and Celsius. Both of these companies are now bankrupt. What happened?
This article explores the histories, downfalls and lessons of both organizations.
The Crypto Lending Businesses’ Mining Interests
Even the most casual crypto observer would be familiar with the two industry-leading crypto lending businesses that went b
We współpracy z: https://bitcoinmagazine.com/business/crypto-lenders-shouldnt-mine-bitcoin
