How the Rise in Digital Currency is Escalating the Growth Of Cryptocurrency Mining Market

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Oct 19, 2021, 09:15 ET

PALM BEACH, Fla., Oct. 19, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The Cryptocurrency mining market has been growing substantially over the past several years and is projected by numerous sources to continue this accelerating growth for the next several years. One such source, Data Bridge Marketing said that the cryptocurrency mining market is expected to witness market growth at a rate of 11.5% in the forecast period of 2021 to 2028, while an report from Market Study Report projected that the global Cryptocurrency Mining market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of 16.1% in the forecast period of 2020 to 2025 and will expected to reach USD 1.61 billion by 2025, from USD 888.2 million in 2019… but a report from Industry Research topped the first two, saying that the global Cryptocurrency Mining market size is projected to reach USD 2.58 billion by 2026, from USD 1.01 billion in 2020, at a CAGR of 16.8% during the forecast period 2021 to 2026. All compasses seem to be pointing in the same direction! Cryptocurrency mining refers to a method that involves exchanging different forms of cryptocurrency, validating and applying the digital ledger blockchain. The cryptocurrency miner assists in updating the blockchain with the transaction when a cryptocurrency blockchain is done. This process offers security to the network users and ensures integrity. Self-mining, cloud mining services and remote hosting services are some of the types of mining. Active Companies in the markets today include The OLB Group, Inc. (NASDAQ: OLB), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Sphere 3D Corp. (NASDAQ: ANY), Riot Blockchain, Inc. (NASDAQ: RIOT), Hut 8 Mining Corp. (NASDAQ: HUT).

The Data bridge report added: "Cryptocurrency mining is a computationally intensive process, which requires network of several computers for verification of the transaction record, known as the blockchain. The miners are offered a share of transaction fees and gain a higher probability of finding a new block through contributing high computational power. These support transactions help in providing enhanced security to network users, and ensures integrity, which is expected to be the prominent factor influencing growth of the global cryptocurrency mining market."

The OLB Group, Inc. (NASDAQ: OLB) BREAKING NEWS: OLB Group announces Launch of Bitcoin Mining Operation with Initial 100 Antminer S19j Pro Cryptocurrency Asic Miners in Zero Carbon Data Center - The OLB Group, Inc., a diversified eCommerce merchant services provider and Bitcoin mining enterprise, announced today that DMint, Inc., a wholly-owned subsidiary of OLB ("DMint"), has initiated Bitcoin mining with its first one hundred (100) Antminer S19j Pro cryptocurrency mining computers. DMint anticipates having a total of 1000 computers in operation at its newly installed Bradford, PA data center by the end of 2021 and projects to reach 24,000 Bitcoin mining computers in the next 24 months.

As the U.S. overtakes China as the top destination for Bitcoin mining, OLB Group is at the forefront of institutional adoption as one of the first eCommerce merchants to host Bitcoin mining data centers. By applying innovative processes and their unique merchant services expertise, OLB's entrance into the mining industry signals the next wave of mining operations in North America.

"I am proud of our team's dedication and commitment as we work to implement the first phase of our bitcoin mining project." said Ronny Yakov, Chairman and CEO of the OLB Group. "We are confident that we will have 1,000 Antminer S19j Pro miners operating by the end of this year. Once all 1,000 miners are fully operational, OLB Group will have the capacity for an additional $1.1 million in revenue monthly, assuming a base market price of $45,000 per bitcoin. Although this is a major milestone, we remain focused on our long-term goal of expanding to 24,000 computers by the Fall of 2023."

Yakov continued, "Because we are a diversified company with a robust core eCommerce business, we have a stable revenue base as our foundation as we ramp up our Bitcoin mining operations".

OLB provides merchants with omnicommerce services including leading-edge crypto commerce capabilities, eCommerce, back office and kitchen operations, and payment acceptance online, in store, and on mobile devices. Merchants utilizing OLB's OmniSoft Business Management platform can transact with customers through digital wallets, cryptocurrency wallets, and traditional card-based payment. OLB expects to leverage DMint mining operations to power expanded crypto commerce services including financing, lending, and fundraising for small and medium sized businesses.CONTINUED… For more information about The OLB Group, please visit https://olb.com/ or http://olb.com/investors-data/.

Other recent developments in markets include:

Riot Blockchain, Inc. (NASDAQ: RIOT) recently announced its September production and operations updates, including its unaudited Bitcoin production for September 2021 and its miner shipping/deployment status.

Production and Operations Updates Were: In September 2021, Riot produced 406 BTC, an increase of approximately 346% over its September 2020 production of 91 BTC; Year to date through September 2021, the Company produced a total of 2,457 BTC, an increase of approximately 236% over its BTC production during the same 2020 period of 731 BTC; As of September 30, 2021, Riot held approximately 3,534 BTC, all of which were produced by its self-mining operations; and The Company currently has a deployed fleet of approximately 25,646 miners, with a hash rate capacity of 2.6 exahash per second ("EH/s").

Marathon Digital Holdings, Inc. (NASDAQ: MARA) recently published unaudited bitcoin ("BTC") production and miner installation updates for September 2021 and announced a new $100 million revolving line of credit ("RLOC") with Silvergate Bank, a leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry.

"In the third quarter, we increased our bitcoin production by 91% quarter-over-quarter to 1,252 BTC, which increased our total bitcoin holdings to approximately 7,035 BTC," said Fred Thiel, Marathon's CEO. "Our September production figures were impacted by a material increase in the total network's hash rate, the 'luck' factor inherent in bitcoin mining, and two days of scheduled downtime at the Hardin power plant. While some amount of downtime and 'luck' will always be present in bitcoin mining, affecting results in the near-term, we believe our production will become more stable over time as we continue to bring new miners online and achieve greater scale.

Hut 8 Mining Corp. (NASDAQ: HUT) recently provided the following corporate update. Mining Production Highlights for September 2021 Were: 264 Bitcoin were mined, resulting in an average production rate of 9.11 Bitcoin per day; 100% of the self-mined Bitcoin for the month of September were deposited into custody, consistent with Hut 8's Hodl strategy; and Total Bitcoin balance held in reserve is 4724 as of September 30, 2021.

Mining Equipment Deployment Update for September 2021 Were: Received and installed 600 servers consisting of 2400 NVIDIA cryptocurrency mining processors ("CMPs") graphics processing unit ("GPUs"), resulting in a daily earning of 7.10 ETH, equivalent to 0.5 BTC/day totaling $25,000 CAD in income per day; Deployment of NVIDIA CMPGPUs has progressed over the past 30 days, and approximately 25% of our total server fleet is deployed and earning.

Sphere 3D Corp. (NASDAQ: ANY) recently announced that it has entered into an agreement with Gryphon Digital Mining¹("Gryphon") for approximately 230 MW of carbon neutral bitcoin mining hosting capacity to be managed by Core Scientific ("Core") as hosting partner. This hosting agreement is the single largest order in Core's history and represents yet another step forward for Sphere 3D and Gryphon in becoming the world's largest carbon neutral bitcoin miner.

This landmark hosting agreement will provide hosting capacity for up to 71,000²state-of-the-art bitcoin mining machines, and furnishes the Company with a world-class partner to host the 60,000 Bitmain S19j Pro miners whose purchase was previously announced by the Company.

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