FN Media Group Presents USA News Group News Commentary
VANCOUVER, B.C., May 14, 2021 /PRNewswire/ -- USA News Group - One of the world's largest cryptocurrency exchanges is now officially publicly trading, having hit a valuation of more than US$85 billion. But while holding the digital currencies themselves might still be too new a concept for some investors to consider, the market is currently providing alternative entry points into crypto through options such a live streaming platform that provides users to participate in digital mining by Hello Pal International Inc. (CSE:HP) (OTCQB:HLLPF), mega corporations like Tesla, Inc. (NASDAQ:TSLA) that will be accepting Bitcoin, or direct mining operations such as Marathon Digital Holdings, Inc. (NASDAQ:MARA), Bit Digital, Inc. (NASDAQ:BTBT), or Canaan Inc. (NASDAQ:CAN).
Earlier in April 2020, the global cryptocurrency market topped $2 trillion for the first time. Among the hottest cryptocurrencies during the month was Dogecoin (DOGE), which defied all odds and surged 400% to a combined value worth $40 billion.
For users of the popular social media streaming platform Hello Pal International Inc. (CSE:HP) (OTC:HLLPF), now they can take part in the mining of DOGE as well as Litecoin (LTC)—thanks to a newly signed agreement to access 12,500 mining rigs dedicated to mining both DOGE and LTC.
"We're ecstatic that our choice of cryptocurrencies to mine seems to have been validated especially by the recent incredible surge in market interest and activity of Dogecoin," said KL Wong, Founder and Chairman of Hello Pal. "As far as we are aware, upon completion of this transaction, we shall be the only publicly listed company with primary exposure to Dogecoin."
The operation is at the forefront of these cryptocurrencies in particular, as it's only been since February 2021 that a new chip was developed and announced to be capable of mining both Litecoin and Dogecoin simultaneously.
Hello Pal subsequently has the option to secure 100% interest in the operation. The newly-acquired Mining Assets deliver a combined hash rate of 6.25 TH/s, which amounts to 2.1% of the entire current LTC network hash rate.
"We are excited to expand our crypto strategy to also include Dogecoin and Litecoin, which we believe will play an increasingly important role in the cryptocurrency world going forward," said Hello Pal's Founder and Chairman, KL Wong. "The Hello Pal community, especially what we envision for it to become, is a natural fit with the Dogecoin/Litecoin community, and this deal allows us to become a key player in it."
The public reaction Hello Pal's involvement in the Dogecoin movement, resulted in an unprecedented surge in traffic of over 1000% to the official company website causing a website server overload and a temporary outage.
"The sharp increase in activity on our website and the Hello Pal app validates the clear position we have taken on Dogecoin as well as on cryptocurrency in general," added Wong.
There's probably no more prominent figure in the cryptocurrency movement than Elon Musk, Founder and CEO of Tesla, Inc. (NASDAQ:TSLA). In particular, Musk has championed both Bitcoin (BTC) and DOGE.
Now the market is reacting to Tesla's first set of results since adding $1.5 billion worth of BTC to its balance sheet—with a promise to increase its holdings.
According to Wedbush Securities analyst Daniel Ives back in February, "[Tesla is] on a trajectory to make more from its bitcoin investments than profits from selling its EV (electric vehicle) cars in all of 2020."
And because the company also manufactures solar panels and batteries, the head of Ark Research is claiming Tesla has a significant "product opportunity" in attaching Bitcoin Mining equipment to their solar outfits.
Prior to the financials release, Musk teased the market by tweeting "What does the future hodl?". And no, that wasn't a typo—"hodl" is an intentionally misspelled meme used among the crypto crowd in place of the word "hold".
Musk's company may not be the only ones hinting at holding cryptocurrency. Crypto mining giant Marathon Digital Holdings, Inc. (NASDAQ:MARA) doesn't convert its mined cyrptos into dollars—instead opting to hold them on their balance sheet.
According to H.C. Wainwright Analyst Kevin Dede, Marathon has "its paws on the top performing mining machines available in mass production, with claims on all to be manufactured through the March quarter 2022— a full year away."
Dede also highlighted the company's strong cash position (outside of the cryptocurrency), stating: "The 5-star analyst also notes the company's strong cash position: "In combination with $212M of cash, Marathon sits well on top of the estimated $160-170M owed on the collection of Bitmain Antminer purchase contracts leading to the company's 103,000 miner fleet that should be up and running by the end of the March quarter next year, the largest in the publicly traded realm of bitcoin miners with which we are familiar."
North American miners Bit Digital, Inc. (NASDAQ:BTBT) recently announced the expansion of their bitcoin mining operations in North America. The expansion involves adding 40MW of hosting, and the deployment of an additional 13,000 ASIC miners at Compute North facilities in the United States.
"Compute North serves an important role in providing low-cost computing for customers like Bit Digital, while filling an important need for our energy partners," commented PJ Lee, co-founder and Chairman at Compute North. "The company's pioneering TIER 0™ data center design creates cost efficiencies and the flexibility to throttle power demand at each facility as required, making it a critical partner to the overall stability of local power grids as they bring more renewables online."
Not all miners are in the same positive situation, as Chinese-based Canaan Inc. (NASDAQ:CAN) is currently embroiled in the launch of dozens of class-action lawsuits (example) from angry shareholders.
The legal onslaught hasn't deterred Canaan from carrying on with its operations, having announced a partnership with Cathay to launch a AI facial recognition module and AI chip in Japan, and a significant customer order of 11,760 BTC mining machines with Australian-based Mawson.
"Our contract with Mawson is a strong validation of our product quality, technology superiority, and supply reliability," said Nangeng Zhang, Chairman and Chief Executive Officer of Canaan. "We look forward to forging a long-term relationship with Mawson and supporting the growth of its bitcoin mining operations around the world."
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