Crypto Bear Market ‘Great Opportunity’ for M&A in Mining Sector

Andy Long, CEO of WhiteRock Management, believes the bear market is “a golden opportunity” for M&A expansion in the crypto mining space.

In an interview with Cointelegraph, the CEO of a crypto mining company said:Companies that manage their balance sheets effectively are “doing the best” in this bear market and will fare well through more volatility.pointed out.

“While the bear market has created challenges for leveraged miners at the peak of the market, this has happened before in the sector, and miners with sufficient capital and efficiency will thrive.” said.

Mr. LongThe current bear trend presents significant M&A opportunities for well-capitalized companies.which it claims will prove to investors that it can survive extreme market conditions.

“We expect M&A and consolidation involving public and private players to achieve economies of scale and combine complementary businesses in the mining sector,” he said.

“We also expect network growth to return to at least 20% by the end of the year, although not at the level we expected at the end of the year.”

Long also noted that the mining industry in Texas is doing well despite the ongoing heat wave. Long said he worked effectively with the Electricity Reliability Council of Texas (ERCOT) to overcome energy supply issues in recent months.

“There is a lot of activity in Texas, and the mining industry is doing great. Grid-connected miners are working with ERCOT to provide demand response in severe weather, and we expect continued growth across the state. ing”

WhiteRock is a Swiss-based cryptocurrency mining company that reportedly has about 24 megawatts worth of plant capacity installed.

In June, it plans to expand its business to the United States, starting with Texas.announced. As part of that, WhiteRock started operating from a facility that uses “green” methods to mine bitcoin (BTC).