🧠 More bad news for BTC...

Seedphrase Daily 👋 When crypto is down, we’re the shoulder you cry on.

Today's Agenda 📓:

• ⛏ The biggest mining operation is now bankrupt.

• 😳 Meme of the Week.

Last week we talked about the state mining was in and predicted that the business would decline, putting a lot of companies in bankruptcy.

It's like we're the oracle. 🔮

Because Compute North, one of the largest operators of crypto mining data centers, filed for bankruptcy with four facilities in the U.S. (Two in Texas, one in South Dakota, and one in Nebraska).

What happened? 😱

In February, CN announced a $385M capital raise. But fell into chapter 11 bankruptcy as miners struggled to survive through:

• BTC prices falling.

• Rising power cost

• Increased mining difficulty.

Now they owe at least $200M to at least 500 different creditors.

This filing will have negative implications for the BTC industry.

Why does this matter to you? 🤒

The biggest mining operators going under could snowball into other smaller companies doing the same.

This means the network will lose its strength with all-time high hash rates, making it even more difficult to mine BTC.

With energy prices increasing, we are looking at mining operations becoming less profitable at an average cost of 13K per BTC.

On top of that, the bearish outlook of the overall economy will make the stock market and crypto fall. Making mining BTC remotely impossible to be profitable.

These are all red flags and clear indicators that the bear market will get uglier.

What is the best course of action now? 🤔

To save yourself from losing even more money, we taught you guys how to clean up your portfolio. 👉Read Here

😳 Meme of the Week

Evolution of man.

Did you learn anything? Spread the amour.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own researchSee ya!