Bitcoin price rally provides much needed relief for BTC miners
Bitcoin mining powers network transactions and BTC price. During the 2021 bull run, some mining operations raised funds against their Bitcoin ASICs and BTC reserves.
Miners also preordered ASICs at a hefty premium and some raised funds by conducting IPOs.
As the crypto market turned bearish and liquidity seized within the sector, miners found themselves in a bad situation and those who were unable to meet their debt obligations were forced to sell the BTC reserves near the market bottom or…