The prolonged slump in Bitcoin is making it more difficult for some miners to repay the up to $4 billion in loans they have backed by their equipment, posing a potential risk to major crypto lenders.

A growing number of loans are now underwater, according to analysts, as many of the mining rigs lenders accepted as collateral have now halved in value along with the price of the world’s largest digital token.

Investment funds were giving large crypto-miners loans to by specialized crypto-mining equipment backed by that same specialized crypto-mining equipment, which happens to lose value exactly when cryptocurrencies themselves lose value.

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