The Crypto market has recently become a hot topic of discussion. In fact, various newly arrived trading platforms have witnessed significant growth in the last two-three years. Moreover, there have been certain environmentalists and media houses that are constantly attacking the crypto mining sector on various grounds.
However, recently Andy Long, the CEO of White Rock Management has spoken positively about the mining scenario. Long was all positive while talking about the bull market and the mining scenario. If you are interested to know more about what Long exactly said, keep reading this article.
Crypto: What Andy Long Said
Andy Long sounded confident ask he spoke to Cointelegraph. He stated that bear markets possess some bright opportunities for expanding the crypto mining sector, through acquisitions and mergers. In fact, Long has also stated that certain companies have really maintained their balance sheets in an effective manner. Thereby, according to him, during this bear market, those companies are in perfect shape. In fact, Long breathed out confidence as he claimed that those companies will do well even if the volatility increases.
Speaking about the bear market, the CEO of White Rock Management however admitted that the bear market has challenged the top-ranked miners. However, he is still confident that the effective miners will steer clear of all the challenges. Thereby, he also claimed that the current bear trend will give ample merger and acquisition opportunities to these companies. In fact, he also predicted that the network would see a 20% growth by the year-end.
He also praised the Texas mining sector greatly, for performing really well amidst the ongoing heatwave.
Texas Heat Waves
In June. the mining firms like Riot Blockchain and Core Scientific had to power down their mining operations in Texas. This was done to reduce stress on energy amidst rising temperatures of more than 100 degrees. In fact, during the heat waves, energy prices also hiked suddenly. The two factors combined bring down the productivity of the crypto mines.
However, the price of Bitcoins gained 14.7% over the past month and the temperature in Texas has also started to drop. Therefore, crypto mining is expected to pick up the desired pace very soon.
Therefore, it seems from what Andy Long has stated, that the bear market is going to provide great opportunities for the expansion of crypto mining through expansion and acquisition. With the temperature in Texas coming down and the rise in the price of Bitcoin, it seems highly possible.