FTX CEO Sam Bankman-Fried is reportedly turning his attention to the crypto-mining industries with the possibility of acquiring distressed mining firms, Bloomberg News reported.

This is coming after FTX reached a deal with BlockFi to extend a $400 million credit facility and an option to acquire the company for $240 million.

Stopping the contagion spread
The CEO, who had, through his Alameda Research, extended credit support to distressed crypto institutions, said the crypto-mining industry plays a part in the contagion spread.

According to Bankman-Fried:

“When we think about the mining industry, they do play a little bit of role in the possible contagion spread, to the extent that there are miner that were collateralizing borrows with their mining rigs. There might come along a really compelling opportunity for us – I definitely don’t want to discount that possibility.”

Notably, the CEO has reportedly been on the lookout for crypto mining firms with some form of balance–sheet impact on crypto-lending firms.

Source: https://cryptoslate.com/sbf-says-ftx-could-acquire-distressed-btc-mining-companies-to-prevent-contagion-fears/