Galaxy mining head exits to consult miners ahead of halving

A longtime crypto mining government has departed Galaxy Digital. She’s going to now advise miners in preparation for the upcoming bitcoin halving.

Amanda Fabiano spent the final three years as Galaxy’s head of mining. Earlier than that, she was director of bitcoin mining at Constancy Investments.   

“Constructing upon my earlier experiences at Constancy, I efficiently established a thriving mining enterprise at Galaxy, within the face of difficult market situations,” Fabiano stated in a Tuesday X post. “Now, I’m packaging all that worthwhile experience and enthusiasm as I proudly introduce Fabiano Consulting, my inaugural endeavor.”

It isn’t clear who is ready to switch Fabiano in her function. A Galaxy spokesperson didn’t instantly return a request for remark. 

Fabiano joined Constancy in 2014, based on her LinkedIn web page — the yr the monetary companies big began mining bitcoin. Fidelity later launched its institutional crypto custody and buying and selling platform in 2018.

She then joined Galaxy in September 2020, a couple of months earlier than the corporate launched its mining enterprise in January 2021. The brand new unit was designed to be a monetary companies platform for miners — providing buying and selling and danger administration, investing and lending, in addition to company advisory to gamers within the phase. 

The crypto funding agency additionally established its personal bitcoin mining operation on the time, internet hosting machines at a third-party knowledge middle. 

Galaxy’s mining income was $15.4 million within the second quarter of 2023, a 51% quarter-over-quarter enhance, the corporate reported in August. Galaxy stated it’s set to surpass 4 exahash per second (EH/s) of hashrate beneath administration by the tip of the yr.

Now in a consulting function, Fabiano’s first purchasers embrace Compass Mining, the place she additionally serves on the board.

Mining methods maintain “paramount significance” forward of the next bitcoin halving event set for April 2024. At the moment, per-block rewards are lowered from 6.25 bitcoin (BTC) to three.125 BTC, which is predicted to place stress on sure corporations within the phase.

Learn extra: Where top crypto miners stand as stock prices tumble

“As we witness a continuous rise in hash rate, it turns into crucial for corporations to ask the pivotal query: ‘How can I place myself for achievement within the current market situations and the post-halving future?’” Fabiano stated. “That is the very query that will get me excited. I firmly consider that there’s no scarcity of corporations questioning this identical query.”

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