Crypto CurrenciesCryptocurrency Miners Relocate to the U.S.

PRNewswire PRNewswireAugust 6, 202112 min

The cryptocurrency market is complex, and at this point relies on the progression of technology and software, but political decisions will also play an important role in its future. For example, China’s crackdown on crypto mining had sent prices tumbling initially, but recovery has since started, and miners have begun to look for viable alternatives. Many have already, or are in the process, of relocating to Texas. The state also seems to provide a possible solution to the environmental concerns associated with crypto mining. “It really depends on the company itself. If a company comes into Texas and they start mining bitcoin, they can choose to buy all of their power from renewables if they want to,” explained Josh Rhodes, a research associate at the University of Texas at Austin Energy Institute, according to Yahoo Finance. “If they just go by what is on the market… about half of their power on the system just writ large is going to come from fossil fuels.” ISW Holdings Inc. (OTC: ISWH), Hut 8 Mining Corp. (NASDAQ: HUT), Voyager Digital Ltd. (OTC: VYGVF), Majic Wheels Corp. (OTC: MJWL), Bitfarms Ltd. (NASDAQ: BITF)

Overall, the approach of financial institutions, businesses and even governments has significantly changed in recent years, as many are slowly warming up to the prospects of Bitcoin. One of the major reasons for this is that a Bitcoin payment is faster, cheaper, safer and less volatile than the local currencies in many countries. Therefore, it can be used in these countries for storing value, besides being used to pay for many products and services around the world and on the Internet. For example, El Salvador just recently become the first country in the world to adopt Bitcoin as legal tender, which could start a trend across other Latin American countries.

ISW Holdings Inc. (OTC: ISWH) announced last week breaking news regarding the, “signing of a cryptocurrency mining hosting agreement (the “Agreement”) with Bitmain Technologies (“Bitmain”), the world’s leading producer of cryptocurrency mining hardware and a leading global cryptocurrency mining firm.

The Agreement will form the backbone of the Company’s Phase One launch of its cryptocurrency hosting and mining operation in Georgia. Further details related to this Agreement will be discussed in the near future.

Irene Gao, Antminer BD Director NCSA Region, Bitmain, said, ‘We are excited to have signed this new pioneering project to begin cooperation with ISW Holdings, a new milestone for the industry for creating hosting facilities overseas. The 200 MW facility is the first phase of our long-term partnership, utilizing renewable energy as its source. We expect to further expand this project into the future to support the development of the industry.’

‘Bitmain is probably the most recognizable name in the mining space, and we are excited that they will be a major piece of our success in Georgia,” remarked Alonzo Pierce, ISW Holdings president and chairman. “Once our 200 MW power tranche is fully utilized, we anticipate annualized revenues of over $200 million, but that will only close the first phase of our vision. We look forward to discussing our next phases in due course. If we are able to execute according to our full vision, we have the potential to drive exponential revenue growth ahead.'”

Hut 8 Mining Corp. (NASDAQ: HUT) reported earlier in June a corporate update. All figures are in Canadian dollars unless otherwise stated. Hut 8 has executed on a $44.373 million purchase of 11,090 MicroBT M30S, M30S+ and M31S miners from SuperAcme Technology (Hong Kong) Limited (“SuperAcme”), representing approximately $44/Terahash. The miners are expected to be delivered starting in October 2021 and full deployment is anticipated to be complete by December 2021. This purchase complements a smaller purchase of 863 M30S+ and M30S miners made earlier this week that is expected to be delivered and fully deployed in July, 2021.

Voyager Digital Ltd. (OTCQX: VYGVF) reported yesterday that it has partnered with Usio, Inc. (NASDAQ: USIO), a FinTech and integrated electronic payment solutions provider, to enable its merchants to accept many prominent cryptocurrencies as payment. Stephen Ehrlich, CEO and Co-Founder of Voyager said, “We are pleased to build on our strong, long-term relationship with Usio by partnering on this exciting, new initiative to facilitate cryptocurrency payments globally at the merchant and ISV-level. The combination of Usio’s innovative, client-facing technology and Voyager’s state-of-the-art, scalable, and secure payment offering, via our recent Coinify acquisition, is coming together just as the adoption of cryptocurrency as a form of payment is experiencing exponential growth. This new program will provide both merchants and ISVs an efficient, cost-effective, and seamless tool that responds to the evolution in payment trends.”

Majic Wheels Corp. (OTC: MJWL) reported back in July an update to shareholders about Phase One of CGCX’s Cryptocurrency Mining Operations. The CGCX Cryptocurrency Mining operations encompass a large project to mine several different cryptocurrencies. Phase One of the mining operations will focus heavily on ETH mining and rely on Ethash and Etchash algorithms. CGCX’s ETH mining operations are scheduled to begin in the fourth quarter of 2021 and reach full scale by the second quarter of 2022. ʺThe technical team of CGCX has done amazing work preparing for the proof of concept. The team’s strategy is aimed towards conversion to the highest yield coins. We are excited and eager to share the results of our testing with our shareholders in the coming weeks.” said David Chong, Chief Executive Officer of Majic Wheels, Corp.

Bitfarms Ltd. (NASDAQ: BITF) announced back in June that the Company has received DTC eligibility for the Company’s common shares in connection with their listing on the Nasdaq Stock Market. e. When Bitfarms begins trading on the Nasdaq, it will be the largest publicly traded Bitcoin miner in North America using greater than 99% hydroelectric renewable electricity. We are proud to be a leader in the industry in setting the highest standards for ourselves and our mining operations and to be uplisting to one of the most prestigious stock exchanges in the world. Having reached this milestone we are even more excited about where it will take our company next,” commented Emiliano Grodzki, Bitfarms’ Founder and Chief Executive Officer.

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