Such market conditions have led to investor concerns that miners won’t be able to raise the funds they need for growth, as building a large scale mining operation is very capital intensive. However, BTIG’s Lewis sees larger miners faring better at raising funds even in a bear market. “In a flattish BTC price market, the ability to access capital has become that much more important (think financing for rigs, infrastructure, and BTC) and we expect large established miners to continue to have access to capital at the expense of smaller newer miners,” he wrote.


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