During a congressional hearing on Sept. 21, executives from Citigroup, Bank of America and Wells Fargo were asked about investments in coin miners.
U.S. banks deny funding to miners
Some top US bank heads claim they have no plans to provide capital for miners.
Rep. Brad Sherman (D-Calif.), a critic of cryptocurrency mining, asked the heads of the three major banks whether they intend to fund coin mining during a congressional hearing by the House Financial Services Committee.
“I don’t think so.” Citigroup CEO Jane Fraser said. Bank of America CEO Brian Moynihan and Wells Fargo CEO Charles Scharf both insist their banks have no plans for that either.
Monitor cryptocurrency mining
Raising capital has become difficult for miners this year as the price of Bitcoin (BTC) has slumped and energy prices skyrocketed.
Miners are required to be more creative, while various companies are trying to fill the gap for miners. For example, decentralized finance (DeFi) firm Maple Finance is starting to lend $300 million to medium-sized Bitcoin miners across North America and Australia.
Industry participants also expect some mergers and acquisitions as miners with lower cryptocurrency prices.
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