Crypto CurrenciesCompanies Prepare for the Future of the Cryptocurrency Market

FinancialBuzz.com News Commentary
PRNewswire PRNewswireAugust 24, 202113 min

The cryptocurrency market has been been rapidly expanding in recent times and now numerous companies have uplisted to the NASDAQ Stock Market from the OTC market in recent months, helping foster a more credible image as a result and attracting more investors. For example, earlier this month, Hut 8 Mining Corp. had been approved for listing on the NASDAQ under the ticker symbol “HUT” and Bitfarms Ltd. started trading on the NASDAQ on Monday, June 21st, under the symbol “BITF”. “Listing on Nasdaq is an important achievement for Bitfarms and is a significant milestone following multiple years of development and achievement by the Company. We started this company four years ago with a clear belief in the institutional adoption of Bitcoin and Bitcoin mining,” commented Emiliano Grodzki, Bitfarms’ Founder and Chief Executive Officer. ISW Holdings Inc. (OTC: ISWH), Ebang International Holdings Inc. (NASDAQ: EBON), Riot Blockchain, Inc. (NASDAQ: RIOT), Hut 8 Mining Corp. (NASDAQ: HUT), BIGG Digital Assets Inc. (OTC: BBKCF)

Earlier in the year, several major companies announced a more open-minded approach to Bitcoin, now accepting it as payment for product and services. Overall, the approach of financial institutions, businesses and even governments has significantly changed in recent years, as commercial payments are slowly warming up to the prospects of Bitcoin. Just last week, United Wholesale Mortgage, which made its public debut in January via a special purpose acquisition (SPAC) merger, announced plans to accept cryptocurrency for home loans, in what is being billed as a first for the national mortgage industry. “We’ve evaluated the feasibility, and we’re looking forward to being the first mortgage company in America to accept cryptocurrency to satisfy mortgage payments,” CEO Mat Ishbia said in the company’s second quarter earnings call on Monday, according to CNBC.

ISW Holdings Inc. (OTC: ISWH), transitioning to “BlockQuarry,” pending name change, announced last week breaking news regarding, “the completion of an asset purchase agreement (the “Agreement”) with Minerset, LLC, a Delaware limited liability company, providing for the purchase by ISW Holdings of 400 state-of-the-art cryptocurrency miners.

‘As we have discussed in our recent communications, we are actively engaged in expansion in both our hosting and mining segments,’ stated Alonzo Pierce, president and chairman of ISW Holdings. ‘This asset purchase agreement with Minerset represents a material broadening of our in-house mining capacity and will enable us to drive further top-line growth in the second half of 2021 as we ramp up toward the sizable jump lined up for next year, thanks to our recent partnership deal with Bitmain.’

The Agreement provides for the purchase of 150 BitMain S19 95TH/s miners and 250 Canaan AvalonMiner 1246 90TH/s miners. The equipment purchase adds $3.8 million in new physical assets to the Company’s balance sheet and will dramatically expand its total in-house mining capacity and hashrate once installed and activated.

Payment has already been made, and the Company is set to take possession of the miners, which will be installed and activated in POD5 units at the Company’s mining site in Pennsylvania, bringing its Stronghold, Pennsylvania, mining operation hashrate to 54,000 TH/s.”

Ebang International Holdings Inc. (NASDAQ: EBON) announced earlier this year that the Company has completed the designing of a chip for simultaneous Litecoin (LTC) and Dogecoin (Doge) mining as an addition to our current portfolio of cryptocurrency mining chip designs. The Company believes the new design will allow the Company to construct high performance cryptocurrency mining machines superior to other mining machines currently on the market. Mr. Dong Hu, Chairman and CEO of the Company, commented, “The completion of the designing is a credit to our increased investment in R&D in recent years. We have made tremendous efforts to build up our R&D team and accelerate product iteration and innovation. In the future, we will focus on developing more mainstream cryptocurrency mining machines, and we are considering designing more mining chips compatible with multiple cryptocurrencies. We believe it will help increase our revenue from the cryptocurrency mining business and optimize our product offering structure along the blockchain industry value chain.”

Riot Blockchain, Inc. (NASDAQ: RIOT) announced earlier in June its May production and operational updates, including its unaudited Bitcoin (“BTC”) production for May 2021 and its latest miner delivery status. The Company plans to continue to provide monthly operational updates and unaudited production results through the end of 2021. These updates are intended to keep shareholders informed of Riot’s mining production as it continues to deploy its expanding miner fleet. On May 26th, 2021, Riot announced it completed its previously announced acquisition of Whinstone U.S. (“Whinstone”). Whinstone’s Bitcoin mining facility in Rockdale, TX is the largest Bitcoin mining facility in North America, as measured by its 300 MW in developed capacity. The Company announced its plans to immediately commence further development of additional capacity at Whinstone in order to rapidly bring the property to its current capacity of 750 MW. This expansion will be driven by Whinstone’s industry leading development team of over 100 employees.

Hut 8 Mining Corp. (NASDAQ: HUT) announced last week its financial results for the quarter ending June 30, 2021 (“Q2-2021”) Hut 8 continues to strategically emphasize its “hodl” strategy, taking active steps to generate Canadian and US dollars to help fund operating expenses, so as to avoid selling Bitcoin. During Q2-2021, 100% of self- mined Bitcoin was deposited into custody. As of June 30, 2021, the Company had a total Bitcoin balance of 3,824 with a market value of $166 million. Hut 8’s current Bitcoin balance, including 2,000 Bitcoin loaned as part of the Company’s fiat yield strategy, is approximately 4,240 Bitcoin, reflecting a market value of approximately $245 million. Hut 8 currently has an installed hashrate of 1.37 exahash (“E/H”). Given pending orders, we have additional contracted hashrate of 1.3 E/H (including 1,600 gigahash equivalent), bringing contracted hashrate to approximately 2.7 E/H. Based on current network dynamics, we anticipate daily settlement once all contracted equipment is hashing will equate to 20 – 25 Bitcoin per day.

BIGG Digital Assets Inc. (OTCQX: BBKCF) announced earlier last month a partnership with Blockchain Foundry Inc. to provide an unparalleled regulatory compliance solution for stablecoin creators. BCF’s senior technical team developed the Syscoin protocol and BCF has built substantial proprietary technology which leverages the Syscoin blockchain. BIG and Blockchain Foundry will launch a combined product offering to create scale, transparency, and security for stablecoins. BitRank Verified® and QLUE™ will be integrated within the Blockchain Foundry’s on-chain compliance solution and wallet to wallet transaction monitoring capabilities. The combined capabilities produce real-time risk mitigation and more to entities operating stablecoins. “Blockchain Intelligence Group is positioned strongly to support present and future mass adoption of stablecoins and supports transparency,” said Lance Morginn, President, BIG. “By partnering with Blockchain Foundry, a leader in blockchain-based business solutions, we will offer a comprehensive solution for stablecoins, security tokens, and fractionalized NFTs supported on the Syscoin blockchain ecosystem.”

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