BitMine’s Ethereum staking business is highly dependent on third-party operator Ethereum Tower. The two sides signed a 10-year management agreement. If BitMine terminates the cooperation early in a breach not attributable to the operator, Ethereum Tower may choose to continue receiving a share of revenue for the remaining term, or receive a one-time compensation based on the formula in the agreement. Since approximately 98.3% of BitMine’s quarterly revenue comes from staking and validation, this agreement could increase the cost for the company to replace operators and affect its operational adjustment flexibility. (CryptoSlate)

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