- FinancialBuzz.com News Commentary
NEW YORK, Nov. 3, 2021 /PRNewswire/ -- Bitcoin continues to trade over the USD 60,000 threshold, near the all-time high mark. This increase in the price of Bitcoin comes despite China's full-blown crackdown on cryptocurrencies. The Wall Street Journal reported that Huobi Global, which is one of the world's largest cryptocurrency exchanges, said it would close all user accounts in mainland China by the end of the year, just days after the country's central bank declared all crypto-related transactions illegal. The exchange will also gradually retire existing accounts in China by the end of 2021 to ensure the safety of its customers' assets. Nevertheless, cryptocurrency miners are adapting to the new conditions by moving to countries that are open to digital currencies and the related mining operations. ISW Holdings Inc. (OTC: ISWH), Meten EdtechX Education Group Ltd. (NASDAQ: METX), Sphere 3D Corp. (NASDAQ: ANY), Bitfarms Ltd. (NASDAQ: BITF), The OLB Group, Inc. (NASDAQ: OLB)
Meanwhile, the U.S. has become one of the main hubs of the Bitcoin mining market. This is in large part due to the Chinese government's crackdown on cryptocurrencies. Local agencies, including the country's securities regulator and the People's Bank of China (PBOC), recently said in a statement that all cryptocurrency-related business activities are illegal and promised to punish illicit activities involving digital currencies. As a result, the U.S. now has the largest share of global Bitcoin mining networks, according to data from the University of Cambridge.
ISW Holdings Inc. (OTC: ISWH), transitioning to "BlockQuarry," pending name change, announced breaking news regarding, "the filing of the Company's financial performance data for the Three and Nine Months ended September 30, 2021.
Financial Highlights for Three and Nine Months Ended September 30, 2021
- Revenues from operations for the Three Months ended Sep 30 of $1.075 million (including deferred revenues), up 2,435% on year-over-year basis
- Net Revenues (excluding deferred revenues) for the Three Months ended Sep 30 grew 579% on year-over-year basis
- Net Revenues (excluding deferred revenues) for the Nine Months ended Sep 30 grew 185% on year-over-year basis
- Net Cash increased by over 3,100% year to date to over $2.8 million
- Total Assets increased 5,263% year to date to $9.56 million
- Total liabilities decreased 73%, and total derivative liabilities decreased 98% to under $340k
Operational Highlights for Three Months Ended September 30, 2021
- Exceeded internal expectations for cryptocurrency performance in first quarter of significant mining operations
- Triggered Performance bonus clause for additional $1.7 million in Bitmain Miners from Minerset
- Continued to eliminate dilution risk through aggressive reduction in convertible notes outstanding
- Reached nearly $10 million in total assets
- Neared completion of Phase 1 (build-out and deployment of first 20 MW) of Southeastern U.S. project to pair 56,000 mining rigs with 200 MW of power
The three months ended September 30 exceeded management expectations for growth in the Company's assets due to positive gains from mining operations as well as greater than anticipated expansion in equipment.
This was primarily due to the triggering of a performance incentive clause in the Company's agreement with Minerset, LLC that granted the Company an additional 150 Bitmain S19 95TH/s state-of-the-art miners carrying a market value of approximately $1.7 million.
'Q3 was a landmark quarter in Company history,' remarked Alonzo Pierce, President and Chairman of ISW Holdings. 'We switched on our mining fleet and saw our first substantial mining and hosting revenues hit the books. We also broke ground on our massive cryptocurrency hosting infrastructure and nearly finished the phase 1 build-out to deploy the first 20 MW to on-site Pods. In the process, we have seen a huge growth in the tangible value of the Company, as assets grew considerably while we continued our campaign to stamp out dilution risk through elimination of toxic notes and strict adherence to financing through a combination of cash from operations and non-toxic funding sources. As a result, we were in the best overall shape in our history coming into Q4, which is set to deliver on a much larger scale into year end.'"
Meten EdtechX Education Group Ltd. (NASDAQ: METX) announced on September 1st, that the Company has adopted a new initiative to develop a blockchain and cryptocurrency business (the "New Business Initiative") with the goal of transitioning the Company into a new benchmark among innovative enterprises. Alan Peng, Chief Executive Officer of Meten EdtechX, commented: "Our New Business Initiative will be built upon the traction we are already seeing in our past research and preparation of blockchain and cryptocurrency business. After an in-depth research and exploration in the crypto world, with the resources and talents of the Company, we are committed to building a professional team to explore the blockchain and cryptocurrency business while maintaining our core adult ELT business. We believe this move will help us create a new ecosystem in the fast-evolving Internet industry and give us the opportunity to increase our growth potentials and broaden our vision."
Sphere 3D Corp. (NASDAQ: ANY) announced on October 13th, 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. "We recently announced the single largest order in digital mining history through our purchase of 60,000 miners. It only makes sense that we would, through the great work and help of the team at Gryphon, choose the industry leading hosting partner in Core Scientific. Both Sphere 3D and Gryphon are committed to the professionalization of the crypto industry and are excited to work with a blue chip partner like Core Scientific. The commitment to carbon neutrality, industry leading infrastructure, and experience of the Core team were the deciding factors for us as we continue our journey to take the leadership position in crypto mining," said Peter Tassiopoulos, CEO of Sphere 3D.
Bitfarms Ltd. (NASDAQ: BITF) announced on September 7th, that it has reached an agreement with the City of Sherbrooke, Québec, on a comprehensive agreement to develop 96 MW of hydropower on an expedited basis. The agreement with the City advances the Company's growth goals of 3 Exahash by first quarter 2022 and 8 Exahash by year-end 2022 while addressing residential concerns about sound emissions. "This agreement is a 'win-win-win' for the City, its residents, and for Bitfarms," emphasized Emiliano Grodzki, Chief Executive Officer of Bitfarms. "We regret the inconvenience to those citizens of Sherbrooke who have been affected by the noise from our Rue de la Pointe facility. We have invested considerable resources to be attentive to their expectations and are committed to meeting with them to address their concerns. Bitfarms is dedicated to social responsibility globally and within the communities in which we operate. The City of Sherbrooke is important to us, and this agreement demonstrates our desire to work with and support our local communities as we achieve our growth goals," added Mr. Grodzki.
The OLB Group, Inc. (NASDAQ: OLB) announced yesterday that it is ready to process Mastercard Bitcoin payments immediately. Merchants utilizing OLB's OmniSoft business management platform and the company's SecurePay Payment Gateway Platform can activate Mastercard cryptocurrency transaction processing at any time. "The recent announcement from Mastercard that it is supporting cryptocurrency should accelerate public acceptance of Bitcoin and other currencies for conducting everyday business," said Ronny Yakov, chief executive officer for the OLB Group. "We have enabled crypto commerce throughout our OmniSoft and SecurePay portfolio which enables merchants to offer a broad choice of payment options that match customer's expectations." The SecurePay Payment Gateway Platform is a Mastercard SDP program. OLB's platform supports the processing of multiple cryptocurrencies including Bitcoin, Ethereum, USDC, and DAI across all merchant platforms. The gateway provides traditional credit and debit card processing, digital wallet services such as Apple Pay® and Google Pay®, and crypto commerce functions including conversion to fiat currencies, as well as end-to-end cryptocurrency transactions.
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