Bitcoin Miners Are Being Squeezed by Higher Costs, Lower Revenue
By Sayan Bhattacharyya, Partner & Samantha Martin, Of Counsel, Paul Hastings
The dramatic rise in bitcoin prices from late 2020 through 2021 prompted significant growth in the bitcoin mining industry, with the number of public bitcoin mining companies growing from a handful at the beginning of 2021 to over 20 by the first quarter of 2022. During that time, bitcoin mining...
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Sayan Bhattacharyya is a partner in the Financial Restructuring group at Paul Hastings and is based in the firm’s New York office. He regularly represents ad hoc and official creditor committees, debtors, DIP lenders, indenture trustees and bank agents, individual creditors, acquirers, and equity holders in in-court and out-of-court restructuring, refinancing, and default scenarios. He also advises investor clients on the capital and organizational structure of distressed companies. Bhattacharyya’s clients include hedge funds, private equity funds, banks, and large institutional investors.
Samantha Martin is of counsel in the Financial Restructuring group at Paul Hastings and is based in New York. She has significant experience representing debtors, official committees of unsecured creditors, ad hoc groups of bondholders and lenders, individual creditors, purchasers, and liquidating trustees in all aspects of complex corporate restructurings, including Chapter 11 cases and out-of-court restructurings. Martin also has advised foreign representatives in Chapter 15 recognition proceedings. She currently serves as communications manager for ABI’s Unsecured Trade Creditors Committee.