for a couple years and using mining profit to make up their deficit. They say the mining makes $8 a week, which is plausible if their electricity is cheap enough. Anyone know how much the typical mining op pays for power?
$8 a week? as in per mining machine?
the problem is some can, but some definitely can't; the money some people put in there they need
Haha sorry, skipped units. They claim $8 million a week total. I want to determine if that's feasible
I saw some tweet about another mining company doing that to repay their debts to affected party earlier.
enough damage done.. not sure if Celsius has so much time !
Was it Nicehash? They were hacked for I think and they repaid over like 5 years. It was a much smaller amount than this alleged 2 billion hole, but I'd think the principle is the same. Seems like this would be a preferable option to everyone instead of a bankruptcy that would probably take longer anyway
Yeah..no one knows how big hole is...that's why we're waiting for Celsius to pay back loans and free up collateral and assess how big hole is if there is a hole.
nah .. They definitely have a clue on the numbers .. all on-chain is for something else ..
If it is hypothetically 2 billion, it would take almost 5 years to repay it
Yup if the hole is limited it could be a viable strategy. Sell some BTC now and try to recoup via mining. Sell some ETH now and try to recoup via stETH yield.
Not sustainable and take a long time to recover. Bitcoin Difficulty will keep going higher and even Simon's plan better than that.
What about Lakshay’s video. Pls assess what’s more sustainable between the two approaches, as it’s illuminating
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