Bitcoin Miners Pan for Cash as Profits Dry Up and Crypto Markets Slump

This also poses a major risk to their financiers, who are already under pressure with Bitcoin lingering around $20,000 since June. Lenders, including Celsius Network Ltd. and Asia-based Babel Finance, are grappling with liquidity issues exacerbated by the crypto-market crash earlier this year. Another major crypto lender Genesis, who also lends money to Bitcoin miners, has said it’s eliminating 20% of its 260-person workforce, and its parent company had filed a $1.2 billion claim against bankrupt crypto hedge fund Three Arrows Capital.