Cryptocurrencies Regain Momentum After a Turbulent Period

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Aug 03, 2021, 09:00 ET

NEW YORK, Aug. 3, 2021 /PRNewswire/ -- The cryptocurrency market has had, once again, a busy news day on Monday. First, the price of Bitcoin jumped over the weekend, crossing the USD 42,000 on Sunday, before stabilizing on Monday at about USD 39,454. Additionally, the city of Miami decided that it will be debuting a cryptocurrency this summer to help raise additional funding for local projects. According to CityCoin's official website for MiamiCoin, "MiamiCoin is the first CityCoin to market, [and is] built to support the Magic City while rewarding its holders through the Stacks Protocol." CityCoin will be the service that launches MiamiCoin. Furthermore, NFTs are breaking new records. A report by CoinDesk indicates that OpenSea, an NFT marketplace, saw record-breaking trading volume in the past two days. In fact, volume reached USD 35 Million on July 31^st and USD 49 Million on Aug. 1^st, according to on-chain activity monitoring platform DappRadar. ISW Holdings Inc. (OTC: ISWH), Bitfarms Ltd. (NASDAQ: BITF), CleanSpark, Inc. (NASDAQ: CLSK), Riot Blockchain, Inc. (NASDAQ: RIOT), Bit Digital, Inc. (NASDAQ: BTBT)

All this comes after a troublesome and volatile period of time for cryptocurrencies in recent months. Just earlier in June, China strengthened its crackdown on cryptocurrency mining. According to a report from Global Times (China's national English language newspaper) the ban means that more than 90% of China's Bitcoin mining capacity is estimated to be shut down, at least for the short term, as regulators across the country have taken similar harsh steps. However, after the crackdown by the Chinese government on crypto mining, Bitcoin miners in China have begun looking to relocate their operations to U.S. states like Texas, South Dakota and Tennessee, The Washington Post reported.

ISW Holdings Inc. (OTC: ISWH) just announced breaking news that, "it has officially filed for a corporate name change to "BlockQuarry Corp."

The Company's President and Chairman, Alonzo Pierce, explained, 'We have reached significant milestones in acquiring and commercializing Blockchain and Cryptocurrency data mining equipment and platforms over the past year. As a result, we are rebranding to ensure our image better aligns with our ongoing operations and long-term strategic goals.'

Over the past year, the Company has cultivated a business model concentrated in the digital mining sector and implemented additional investments in land and power expansions in Georgia following the launch of its Pennsylvania POD5 mining field. The name change reflects a corporate rebranding effort necessitated by this demonstrable commitment to blockchain infrastructure, cryptocurrency mining, and collaborative hosting.

'We gravitated toward 'BlockQuarry' because it is clearly and unambiguously tethered to the Blockchain and Cryptocurrency marketplace theme, and it carries an interesting dual meaning," added Pierce. "As a noun, it refers to a place where blocks are extracted from the blockchain by the processing of encrypted algorithms. As a verb, it refers to the act of mining and extracting blockchain algorithms to produce a return in the form of coins.'

The rebranding effort will also include a new interactive website (BlockQuarry.io), which is expected to launch in coming weeks.

Pierce concluded, 'Our deliberate investments and partnerships in the cryptocurrency space demonstrate our dedication to this new asset class as well as our well-defined path to becoming one of the most robust hosting and mining operators in North America. For all of these reasons, BlockQuarry best represents the mission and strategy we are implementing as we strive to maximize our return on shareholder capital.'"

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.

CleanSpark, Inc. (NASDAQ: CLSK) announced back in June that it is set to join the Russell 2000® Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the U.S. market opens on June 28th. The Russell 2000 is a benchmark stock index comprised of 2,000 publicly-traded small-capitalization companies. The Company also recently appointed industry veteran Bernardo Schucman as the Senior Vice President of its Atlanta-based Bitcoin mining center. CleanSpark President and CEO Zachary Bradford says, "Bernardo has been consulting with the Company since we purchased ATL Data Centers. We are thrilled to officially welcome him and his wealth of experience to lead our Atlanta mining team as we continue to grow rapidly, profitably and as efficiently as possible. CleanSpark succeeded in its bid to purchase ATL last December because of CleanSpark's proven track record in energy, which is the backbone of cryptocurrency mining. We also shared a common belief with Bernardo on the importance of renewable and carbon free energy sources to support the future of the blockchain. Bernardo's impressive background and industry expertise will be an asset to the Company."

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.

Bit Digital, Inc. (NASDAQ: BTBT) and Digihost Technology Inc. announced last week that the Companies have entered into a second strategic co-mining agreement (the "Agreement"). Pursuant to the terms of the Agreement, Digihost will provide certain premises (the "Premises") to Bit Digital for the operation of a 100 MW Bitcoin mining system (the "Miners") to be delivered by Bit Digital for a term of two years. This expanded collaboration between Digihost and Bit Digital is expected to facilitate an additional increase in hashrate of approximately 2 EH between the companies, and a total increase in hashrate between the two companies of approximately 2.4 EH including the initial collaboration agreement that was previously announced on June 10, 2021.

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