Crypto Miners Continue to Overcome Obstacles as the Market Matures

FinancialBuzz.com News Commentary

News provided by

Oct 21, 2021, 09:00 ET

NEW YORK, Oct. 21, 2021 /PRNewswire/ -- Cryptocurrencies continue to show strength, expanding their influence and presence across many industries. Just this week, the NBA agreed to its first cryptocurrency sponsorship deal with Coinbase, the publicly traded company that makes an exchange for crypto trading. According to a report by CNBC, the agreement indicates that Coinbase will leverage just about all the NBA's platforms including the WNBA, NBA G League, NBA 2K League and USA Basketball. The deal between the NBA and Coinbase comes shortly after the league commissioner Adam Silver explained that the league is projecting USD 10 Billion in revenue for the 2021-22 season, a figure that is possible thanks to fans returning to NBA arenas, which account for 40% of league revenue. In the meantime, sponsorships accounted for about USD 1.4 Billion last season, according to valuation firm IEG. ISW Holdings Inc. (OTC: ISWH), itfarms Ltd. (NASDAQ: BITF), BIT Mining Limited (NYSE: BTCM), Canaan Inc. (NASDAQ: CAN), Hut 8 Mining Corp. (NASDAQ: HUT)

Overall, the cryptocurrency market has gotten even more complex as the blockchain technology has been integrated into our world. For example, one of the largest crypto exchanges, Coinbase, announced this week that it is delving deeper into traditional financial services, allowing users to deposit paychecks directly into their online accounts. "With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase," Max Branzburg, Vice President of Product at Coinbase, said in a blog post. "We're determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users."

ISW Holdings Inc. (OTC: ISWH), transitioning to "BlockQuarry," pending name change, announced yesterday 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."

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.

BIT Mining Limited (NYSE: BTCM) announced last month that it has entered into a Membership Interest Purchase Agreement and certain other auxiliary agreements (the "Agreements") with Viking Data Centers, LLC ("Viking Data Centers") to jointly invest in the development of a cryptocurrency mining data center space in Ohio (the "Ohio Mining Site") with access to power capacity of up to 85 megawatts ("MW"). Development of the Ohio Mining Site is currently expected to be fully completed in February 2022. As part of its growth strategy, BIT Mining has been executing a robust plan to invest in, acquire and develop high-quality mining resources around the world. The Company has shipped 1,016 mining machines to the United States as of the date of this press release. Going forward, the Company plans to further strengthen its expansion efforts and accelerate its global development.

Canaan Inc. (NASDAQ: CAN) announced earlier in August that it has received from Mawson Infrastructure Group Inc. (OTCQB: MIGI) ("Mawson") a purchase order (the "Order") for 17,352 bitcoin mining machines with an aggregate operating hash power of 1.5EH. According to the terms of the Order, the Company will deliver the latest generations of its Avalon A1166 and A1246 bitcoin mining machines to Mawson's operations in the U.S. and Australia throughout 2021 and 2022. The Order is in addition to Mawson's previous order placed earlier this year for 11,760 of the Company's A1246 bitcoin mining machines with an aggregate operating hash power of 1.05EH. Headquartered in Sydney, Australia, Mawson is a global digital infrastructure provider with diversified operations across cryptocurrency mining and digital asset management. Mawson currently conducts its bitcoin mining operations in both the U.S. and Australia.

Hut 8 Mining Corp. (NASDAQ: HUT) announced back in August 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.

Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia

Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz

Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/

About FinancialBuzz.com

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For isw holdings inc. video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com has been compensated four thousand dollars by meridian ventures. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.

Media Contact:
[email protected]
+1-877-601-1879
www.FinancialBuzz.com

SOURCE FinancialBuzz.com