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Galaxy's Head of Mining Amanda Fabiano Departed to Start Consulting Company
Fabiano’s new company will work with bitcoin mining companies including Compass Mining and Giga Energy.
Updated Oct 3, 2023, 1:00 p.m. Published Oct 3, 2023, 1:00 p.m.
Cryptocurrency financial services firm Galaxy Digital’s (GLXY) head of mining, Amanda Fabiano, has left the firm to start her own consulting services company.
Fabiano will be starting a new advisory firm - Fabiano Consulting - to help bitcoin miners grow their business, according to a statement to CoinDesk.
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“I've discovered I really enjoy working with companies in their growth stages and love building," she said in the statement. "I'm eager to utilize the knowledge and background I've gained and assist others in their growth endeavors.”
Fabiano said she will be working with Compass Mining and Giga Energy, among others, as inaugural clients of the consulting business.
She spent three years at Galaxy building up the firm’s mining business, offering operational and capital markets products. Previously she was director of bitcoin mining at Fidelity Investments
One of the most significant undertakings under Fabiano was the acquisition of Helios mining facility from the miner Argo Blockchain (ARBK) last year. The deal – worth nearly $100 million – brought the miner back from the verge of bankruptcy and provided Galaxy with an operation with a mining capacity of 180 megawatts.
The prolonged crypto winter weighed heavily on the mining industry, which crushed miners' profits and led to high-profile bankruptcies. Now, with Bitcoin network’s hashrate near an all-time high and the halving coming next year, miners need prudent strategies to grow their operations more than ever, according to Fabiano.
“As we witness a continuous rise in hash rate, it becomes imperative for companies to ponder the pivotal question: How can I position myself for success in the present market conditions and the post-halving future?” Fabiano noted.
Read more: Bitcoin Halving Is Coming and Only the Most Efficient Miners Will Survive
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