Businesses the World Over Put Their Trust in Cryptocurrencies

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Oct 19, 2021, 09:00 ET

NEW YORK, Oct. 19, 2021 /PRNewswire/ -- Generally, the acceptance of digital currencies as a payment or as an investment opportunity is becoming more commonplace around the world. For example, according to data published by Blockdata, most major banks have invested in crypto and blockchain-related companies in 2021. According to the New York Times, cryptocurrency grew from a digital curiosity into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks for consumers and financial markets. "Their concerns have only grown as both new and established firms have rushed to find ways to profit from bringing the massive wealth held in cryptocurrency into the traditional financial system through quasi-banking services like interest-bearing accounts and lending," the Times indicate. ISW Holdings Inc. (OTC: ISWH), Bit Digital, Inc. (NASDAQ: BTBT), HIVE Blockchain Technologies Ltd. (NASDAQ: HVBT), Bitfarms Ltd. (NASDAQ: BITF), SOS Limited (NYSE: SOS)

Mining is set to become much easier and more profitable for crypto miners who relocate to North America, due to the Chinese government's aggressive crackdown on the industry. "For the last 18 months, we've had a serious growth of mining infrastructure in the U.S.," said Darin Feinstein, founder of Blockcap and Core Scientific according to CNBC. "We've noticed a massive uptick in mining operations looking to relocate to North America, mostly in the U.S." In addition, Forbes indicated in a report that China's recent crackdown on cryptocurrency mining is a move that's expected to help shift the industry's center of gravity from Asia to North America."

ISW Holdings Inc. (OTC: ISWH), transitioning to "BlockQuarry," pending name change, just announced breaking news that, "the first phase of its Southeastern U.S. project to pair 56,000 mining rigs with 200 megawatts ("MW") of power is now nearing completion, which constitutes the infrastructure build-out to deploy 20 MW of power to self-contained cryptocurrency mining Pods.

Larry Sossamon, President, and Chic Blanton, Vice President of Sossamon Construction Co., Inc., commented, "We are very excited to be working with the Bit5ive team, a leading pioneer in the crypto mining space, on this exciting project. We have made excellent progress as we near completion of the first phase of over 200MW of crypto mining parks in South and North Carolina. These projects represent some of the most innovative of their kind, and stand to create many new jobs and new opportunities in the area."

Company management also notes that Bit5ive will begin delivering the first tranche of new mining Pods to the site over coming weeks. 'Even with supply chain issues, we have managed to manufacture in record time,' noted Alonzo Pierce, Chair and President of ISW Holdings. "We will continue to do our best to hit our schedule objectives despite difficult market conditions, and we are thrilled to start deploying our Gen4 Pods to the site as the project ramps up. We are also excited to report that engineering and planning have gotten underway on the next sites to be developed starting in early 2022.'"

Bit Digital, Inc. (NASDAQ: BTBT) and Blockfusion USA, Inc. reported earlier last month that the Companies have entered into a strategic co-mining agreement (the "Agreement"). Pursuant to the terms of the Agreement, Blockfusion will provide certain premises and services to Bit Digital for the operation of a 35 MW bitcoin mining system for a term of 2 years, with automatic one-year renewals. This partnership is expected to facilitate an increase in Bit Digital's hashrate of up to approximately 1.2 Exahash ("EH"). Bit Digital expects to complete the first (of four) phases of miner equipment deliveries for installation on or about September 15, 2021. Bryan Bullett, Bit Digital's CEO, commented: "This strategic partnership with Blockfusion represents the latest example of our creative, value-oriented approach to sourcing clean power, with a veteran partner with shared values, structured on attractive terms. In particular, the ROFR provisions of our Agreement provide Bit Digital optionality to acquire interests in, or the entirety of, Blockfusion, while receiving credit for our Infrastructure Investment. Absent a Strategic Transaction, Bit Digital will receive a refund of its investment. In our opinion, such a deal would be difficult to replicate in today's tight market for power and hosting in North America."

HIVE Blockchain Technologies Ltd. (NASDAQ: HVBT) reported back in August that it has ordered 1,800 Antminer S19j Pro miners from Bitmain Technologies Ltd. ("Bitmain"). These new miners have an aggregate hash power of 180 Petahash per second (PH/s). HIVE is proud to reconnect with Bitmain one of the leading manufacturers in our industry and is excited to make this initial order of S19j Pro miners from Bitmain. These 1,800 miners are the first of our 2022 mining purchase program and will be delivered in 6 equal tranches of 300 miners, commencing in January 2022 through June 2022. "We are constantly upgrading our ASIC fleet to have the most efficient miners we can buy from cash flow," Frank Holmes, Executive Chairman of HIVE continued, "This purchase with Bitmain enables us to maintain our strategy to diversify the manufacturers we purchase from. Over the past year, we have been expressing our concerns about global shortages in chips and logistics delays in shipping equipment from Asia due to Covid 19. We have deep relationships Bitmain, MicroBT, and Canaan which are all top global manufacturers in our industry."

Bitfarms Ltd. (NASDAQ: BITF) announced back in September a Bitcoin production and operations update. The Company reported that it has mined 354 new Bitcoin during August 2021. The Company is currently mining approximately 10 Bitcoin each day, and deposited 2,028 Bitcoin into custody through September 1, 2021, representing approximately 96% of the Company's Bitcoin production this year and valued at approximately US$101.4 million based on a Bitcoin price of US$50,000. "As we execute on our expansion plans, we are excited to surpass 2 Exahash per second in the coming months and continue to add most of our mined Bitcoin to treasury at an even faster rate than in the first half of 2021," commented Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. "As we work to execute on our growth targets, we are aggressively pursuing opportunities to add new infrastructure to support our equipment acquisitions and look forward to reporting on even greater infrastructure growth in the months ahead," added Mr. Grodzki.

SOS Limited (NYSE: SOS) reported back in June that it has entered into a joint venture agreement with Niagara Development LLC ("Niagara Development"), a New Jersey limited liability company, for a joint venture to be based in Niagara, Wisconsin. The joint venture, FD LLC, is expected to carry out crypto-currency mining operations and construct an international standardized Digital Super Computing Custody Operation Center. Under terms of the agreement, Niagara Development will be responsible for providing up to 150MW of electricity, including electricity generated from renewable sources, and construction the Digital Super Computing Custody Operation Center. SOS will be responsible for the management, operations and financing of the joint venture. SOS remains committed to its block-chain strategy and strive to become a sustainability leader in the industry.

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