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Crypto companies are going belly up left and right, and Bitcoin mining companies also appear to be taking on water faster than they can bail. In mid-June, Compass Mining CEO Whit Gibbs and chief financial officer Jodie Fisher abruptly resigned after allegations that the Bitcoin mining hardware and hosting company had failed to pay hundreds of thousands of dollars in overdue electricity bills to Dynamics Mining, a facility provider for Compass.

Bloomberg recently reported that many industrial-size Bitcoin miners took on a significant amount of debt by leveraging their equipment and BTC as collateral for loans to either acquire additional gear or expand their operations. According to the report, and data from Arcane Research, miners owe some $4 billion in loans and now that Bitcoin price trades near its 2017 all-time high, the trend of miners liquidating their BTC holdings at swing lows to cover capital costs and operational costs is expected to pick up speed.

In the last month Marathon Digital, Riot Blockchain, Core Scientific, Bitfarms and Argo Blockchain PLC have each sold between 1,000 to 3,000 BTC to cover debts, operational (OPEX) and capital expenses (CAPEX).

The troubles faced by miners are also having a knock-on-effect on ASICs and their pricing at major mining hardware merchants like Big Sky ASICs, ASIC Marketplace, Bitmain and Kaboomracks shows popular top and mid-tier ASIC miners selling up to 70% down from their all-time highs in the $10,000 to $18,000 range.

With data from Arcane Research showing publicly traded industrial miners now selling more Bitcoin than they mined in May, it’s possible that some will either reduce their footprint and scale back, or go out of business if they are unable to cover OPEX and CAPEX debt.

When it comes to nonfungible tokens, or NFTs, the subject is often a hit or miss for traditional gamers. While some players welcome the idea of being able to trade in-game digital collectibles for real money, others lament that NFTs could potentially take away the inherent entertainment built within games. So can NFTs contribute any additional value to traditional games, other than turning them into play-to-earn "moneymakers?"

To answer this, Cointelegraph Markets Pro spoke to Enjin's chief technology officer and co-founder Witek Radomski via an ask-me-anything session. Enjin offers a comprehensive suite of products for creating, tokenizing, trading, distributing and integrating NFTs into the virtual world of GameFi. Notable projects using the service include Lost Relic. In addition, Microsoft Azure is working with Enjin to gamify their developer experience with Azure Heroes NFTs. When asked about the future of GameFi, Radomski explained that it's difficult to build a good-looking game that's also fun to play, and it's even harder to grow a community around a game that sticks:

"We'll experience a renaissance of blockchain gaming once things settle down with the bear market and more established developers focus on fun games, NFT utility and thinking beyond simply earning crypto coins through playing a game."

Radomski is a big believer in using NFTs to gamify businesses. "Anywhere you can grant users access, special experiences, or exclusivity, NFTs are amazing. Nearly everyone online is creating some kind of digital content these days, and easy-to-use NFTs can help people give history, ownership, digital rights, and utility to everything being created." Radomski elaborated that NFTs fit specifically into this niche as game developers are constantly creating insanely cool games and content and need a way to present their idea to gamers that's immutable. In addition, he emphasized their role in validating one's digital identity in the face of a looming impersonation crisis:

"In a couple of years, bots can perfectly deepfake any human or artwork. Artists, designers, and musicians may have identity crises where celebrities, politicians, game streamers, and eventually, ordinary people will be constantly scammed by them. If you value your digital identity, your consciousness, and your validity in the new society, blockchain is the only thing that can both prove you created something."

Bitcoin (BTC) faces a new selling threat in the near future as users of defunct exchange Mt. Gox prepare to get their BTC back.

In fresh correspondence dated July 6, attorney Nobuaki Kobayashi, appointed trustee in Mt. Gox rehabilitation process, confirmed that he was "preparing to make repayments" to account holders.

Cash, Bitcoin or Bitcoin Cash?

Over eight years after Mt. Gox imploded, it appears that those who lost money are about to receive BTC.

The event has been long coming, as have concerns over its impact on the market. The price of Bitcoin at the time was a fraction of the current $20,900, commentators have noted, leading to suspicions that recipients could instantly sell large amounts of BTC on the market, pressuring prices.

In the official correspondence, Kobayashi did not give an exact date for the repayments to begin.