Drake loses $500,000 in Bitcoin after the NBA finals

Before the NBA finals, the famous rapper Drake bet $500,000 in Bitcoin on the Dallas Mavericks through Stake, hoping for a win of 1.375 million. However, he lost the bet. Let’s see all the details below. 

NBA: Drake bets and loses half a million in Bitcoin by betting on the Dallas Mavericks

As anticipated, Drake, known for using Bitcoin in his sports bets, recently placed a bet on the NBA finals. Unfortunately, the results were not favorable for the rapper.

On June 6, Drake bet $500,000 in Bitcoin through Stake on the Dallas Mavericks, hoping for a win of 1.375 million dollars. He announced his bet on Instagram, writing: “Dallas because I am a Texan.” 

Drake suffered a significant loss when the Boston Celtics triumphed with a score of 106-88. 

The rapper, however, did not bet everything on a single event, also having wagered $500,000 on the outcome of the NHL Stanley Cup finals, betting on the Edmonton Oilers. 

A victory would make him richer by 1.02 million dollars, but a defeat would result in a total loss of 1 million dollars.

The Oilers will face the Florida Panthers in game 5, which will be played at the latter’s home. Drake’s hopes are pinned on the Oilers after the Mavericks’ defeat. Drake has made full use of the betting site Stake, with which he has had a partnership since 2022.

Despite having achieved significant profits through his bets, he also suffered heavy losses. Like at the beginning of the year when he lost $615,000 in Bitcoin after Francis Ngannou lost to Anthony Joshua in a boxing match.

Trump also ‘bets’ on Bitcoin: support for crypto mining 

The recent meeting of Donald Trump with a delegation of Bitcoin miners has shaken both the blockchain sector and the political scene.

In a surprising and astute move, Trump has positioned himself as a supporter of Bitcoin mining, highlighting the potential economic benefits and the ability to create jobs. However, a deeper analysis reveals several issues that overshadow his position and the significance for the sector.

Trump has proposed federal incentives for Bitcoin mining operations, including tax breaks, energy subsidies, and potential deregulations to ease the operational constraints of miners. 

He also highlighted the potential for job creation, especially in economically depressed areas, comparing Bitcoin mining to a new industrial revolution.

However, these proposals have sparked mixed reactions. Some industry operators see this as a recognition of the economic potential of Bitcoin, while others are skeptical about Trump’s true motivations. 

In other words, the enthusiasm of some in the mining community does not hide the complex issues that the sector must face. In fact, one of the major challenges for Bitcoin miners today is the dramatic increase in hash rate and mining difficulty. 

The increase in hash rate has surpassed profitability, creating a precarious situation for miners. This increase has led to greater mining difficulty, making it harder to find new blocks and earn the associated rewards. 

For many miners, especially those with thinner profit margins, operating costs are increasing faster than potential profits. 

The incentives of the sector, such as energy reduction agreements and publicly traded companies that use shares to support operations, worsen this situation. 

These incentives often favor short-term gains at the expense of long-term sustainability, putting smaller and independent miners at a significant disadvantage.