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Golden Observation丨Interpretation of one-stop financial services for Galaxy Digital miners



Golden Finance Blockchain, October 7 News Galaxy Digital, the investment arm of the billionaire Mike Novogratz in the encryption industry, is diving into one of the most critical corners of the digital asset market: mining.

The New York-based cryptocurrency industry investment firm revealed that it will establish a "one-stop shop" for financial services for bitcoin miners, and hopes to play an important role in maintaining the security of cryptocurrency networks. Galaxy Digital claims to currently have over US$400 million on its balance sheet, giving it the ability to rely on sufficient funds to support customers and provide a range of financial services such as:

1. Financing

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2. Capital Market Consulting

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3. Mobility service

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7. The 24-hour trading volume of the cryptocurrency market is less than $100 billion.

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4. Help miners convert their bitcoins into fiat currency

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5. Support miners' business operations and/or expand their respective businesses.

Galaxy Digital executive Ian Taylor said:

"Cryptocurrency mining is a capital-intensive project. Miners need to purchase and update mining machines, so they must do a good job of long-term planning and up-front financing, and this is where Galaxy Digital can help. It can help clients solve the two main problems of long-term planning and early-stage financing.”

Ian Taylor previously worked at Goldman Sachs, then came to Galaxy Digital and played a huge role in the development of the cryptocurrency mining department, but it is reported that he will leave at the end of this year and pass the "torch" to Amanda Amanda Fabiano, who joined Galaxy Digital last week from Fidelity as head of cryptocurrency mining.

Amanda Fabiano previously worked in the R&D department of Fidelity International, mainly building products for mining companies. Regarding her work at Galaxy Digital, she said:

"My first responsibility is to bring together every part of Galaxy Digital's business in principal investment, trading, investment banking and asset management to ensure that we deliver what the entire company can provide to clients in the cryptocurrency mining space. "

It is reported that Amanda Fabiano is building her own team, but she already has a number of existing clients. Galaxy Digital, which served as underwriter for the initial public offering (IPO) of Chinese mining firm Canaan, is said to be helping another large mining firm raise funds, according to a source familiar with the business.

Galaxy Digital believes that now is the right time to enter the cryptocurrency mining industry, because at this stage many US cryptocurrency mining companies hope to compete with established Asian mining companies like Bitmain, such as:

1. U.S. cryptocurrency industry giant Digital Currency Group (DCG) has pledged to invest $100 million in Foundry, a newly established crypto mining subsidiary. Foundry CEO Mike Colyer said that this move is conducive to balancing the dominance of Chinese miners in the Bitcoin network, but he does not think that the dominance of Chinese miners is a big threat to the Bitcoin network. In mid-September, Bitmain’s official blog posted that it has cooperated with Foundry, a subsidiary of digital currency group DCG’s encryption mining industry, for a period of time. Mike Colyer said that the cooperation between the two parties will help many mining companies in North America to purchase mining equipment.

2. Layer1, backed by Peter Thiel, is building a bitcoin mining facility and starting operations in Texas, with multiple 2.5-megawatt (MW) containers already online and liquid cooling deployed Technology to cope with local high temperatures is expected to expand the size of the mining facility to 100 megawatts in the coming months. Layer1 CEO Alexander Liegl said he hopes that by the end of 2021, existing sites and several sites that have been acquired will eventually account for 30% of the total Bitcoin hash rate.

Ian Taylor added:

“We see this rebalancing of the Bitcoin network as healthy for the industry as a whole as we see computing power migrating to North America through the development of higher quality, larger scale and more innovative Bitcoin mining projects Yes, with the launch of these important mining projects in North America, it is also our greater commitment to this field.”

Taras Kulyk (Taras Kulyk) of Bitcoin miner Core Scientific said that more and more Bitcoin mining companies are seeking financing transactions, so related service providers are entering the market, aiming to extend credit services to Bitcoin. Coin mining companies and help them purchase the latest mining equipment. Core Scientific hosts mining machines for many cryptocurrency mining companies including Foundry. They have just reached a cooperation with Bitmain to establish the first cooperative repair center in North America. This move aims to ensure that North American customers can repair the original parts of mining machines while reducing Downtime for sending machines back to China. At the same time, Core Scientific recently announced that it has purchased 18,000 Bitmain mining machines.

Taras Kulik said frankly that the biggest limitation of the Bitcoin mining industry at present is the manufacturing industry, which is caused by the "tug-of-war" between the manufacturers of the mining sector and the chip manufacturers, and with companies like Galaxy Digital This tension may ease somewhat as a financial services provider enters the space.

Lack of access to state-of-the-art mining equipment has been the biggest problem for North American miners, with the Cambridge Center for Alternative Finance estimating that only 12% of new mining equipment is sold to North American miners. In theory, having better access to capital should translate into more access to hardware supplies. Amanda Fabiano concluded:

“One of the most important things in buying bitcoin mining hardware is relationship management.”

Part of this article is compiled from The Block


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