Maple Finance has announced it will be offering loans to Bitcoin miners looking to stay afloat in this bear market.
The costs of mining the cryptocurrency have skyrocketed, with energy prices climbing continuously. In addition to this, the value of Bitcoin itself is around 60% lower now than at the start of the year, meaning some mining companies are currently operating at a loss.
Those that wish to wait out the downtrend will need a capital injection, and Maple Finance has stepped up to provide this. Offering a temporary respite from the bearish trend will be costly, however, with interest rates as high as 20% offered by the lender.
Sidney Powell, co-founder, and CEO has said:
Crypto companies do not find it easy to receive loans using traditional banking methods, as those institutions sometimes do not look favorably on cryptocurrency-based companies.
Some view this as a smart play from the Maple Finance team, who will look to generate several million dollars from the scheme.
Questions are beginning to arise, though, about the potential sustainability of mining Bitcoin for the long term. With high expenses, low returns, and mining difficulty stepping up continuously, there may be better options.
Oryen Network may well be one such solution. With a fixed rate of return at an incredible 90% APY that is delivered straight to the holding wallet address, investors can guarantee their profits over the long term, removing the worry about ‘increasing difficulty’ or fluctuations in energy prices affecting profitability.
With an algorithm used to calculate the perfect returns rate to be both attractive and sustainable, the Oryen Network team can back up this percentage by using a Risk-Free Value wallet (RFV).
This wallet’s value is continuously increased through trading fees generated, which at any time can be deployed to support a base price for the ORY token. Additionally, the team’s treasury is also pledged to back up the token’s value, comparable to a ‘double wall’ of safety.
All of this is possible without investing in mining equipment or having concerns over profitability due to variable expenses. As a result, many are looking forward to releasing this platform, which is currently in its first stage of presale and likely to be the lowest prices possible to obtain ORY.
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