Applied Digital has launched a fund to raise $100 million to invest in distressed crypto assets.
The bearish movement continues in the cryptocurrency market. The heavy impact of the bear trend negatively impacted cryptoassets and institutional companies associated with cryptoassets. In the market, which is worn out by the side effects of the global economy, companies are working hard. Bitcoin (BTC) mining, in particular, has entered the most challenging processes of recent times. Wanting to seize the opportunity in Bitcoin mining, Applied Digital sought a fund of $ 100 million.
Applied Digital Concentrates on Bitcoin Mining
Bitcoin (BTC) mining companies are going through a troubled and painful period. During this period, many companies had to stop their services by going bankrupt. Applied Digital wants to seize opportunities by turning to these companies.
The mining company considers Bitcoin mining companies to be on the verge of bankruptcy as an opportunity. In particular, the company began to look for new ways to collect mining tools cheaply.
The mining industry hosting company wants to use the new fund to grow its customer base. The CEO of the company, Wes Cummins, stated that Bitcoin mining is getting more and more troublesome day by day. In addition, Cummins stated that they see the cheapening of mining equipment as an opportunity.
Cummins has claimed that several public miners will go bankrupt in the coming months. The CEO started looking for funds to collect the cheap mining tools in all this mess.
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