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LendInvest chair Faes to set up crypto mining operation in Texas

Christian Faes, co-founder and executive chair of London-listed fintech firm LendInvest, has quietly set up a crypto mining operation into which he and a small group of investors have poured tens of millions of dollars. Faes told The Block that the business will be based in Texas, where the Australia-born entrepreneur hopes to build a mining facility powered by renewable energy sources. He already has machines up and running at colocation data centres in Pennsylvania and Tennessee, but declined to …

Bitcoin mining stocks halve as ‘turbo-charged’ thesis plays out

Just as the price of bitcoin has steadily declined from highs of near $70,000 to around $42,000 today, so too have the share prices of the biggest crypto mining companies fallen. But the decline of those mining stocks — which experts believe represent a kind of turbo-charged proxy for the price of bitcoin — has been even sharper than bitcoin’s. Several of the largest crypto miners have seen their share prices halve since the highs of November. Based on The …

Short-seller homes in on shareholder dilution in new Argo attack

Short-seller Boatman Capital has published a new report on what it describes as ‘serious governance failures’ at London-listed crypto miner Argo Blockchain. The report, which comes several months after Boatman’s initial attack on Argo, focuses on the extent to which shareholders have been diluted by the company’s capital raising. “Argo has diluted shareholders by 52% so far this year with further dilution likely given potential capex [capital expenditure] requirements of $1.5-2 billion for the Texas project,” stated Boatman in the …