PALM BEACH, Fla., Nov. 10, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The COVID-19 pandemic has had a huge impact on the global economy. With the virus spreading across 188 countries, a number of businesses were shut down and many people lost their jobs. The virus mostly affected small businesses, but large corporations felt the impact as well. Apple closed all of its stores outside of China temporarily and Bloomingdale's did the same with all of its 56 locations. Against the backdrop of the uncertainty raised by COVID-19, Bitcoin, Ethereum, and other digital currencies have garnered significant attention. Even banks have started buying crypto for the first time. Banks in the US are creating their own blockchain-based systems, including digital currencies, to enable B2B cryptocurrency payments between their customers. Also, in October 2020, PayPal announced that its customers will be able to buy, sell, and hold Bitcoin and cryptocurrencies using their PayPal accounts, allowing customers to buy things from the 26 million sellers who accept PayPal, In 2021, PayPal is planning to allow cryptocurrency to be used as a funding source. A report from MarketsAndMarkets said that The cryptocurrency market size is expected to grow from USD 1.6 billion in 2021 to USD 2.2 billion by 2026, at a CAGR of 7.1%. Transparency or distributed ledger technology and growth in venture capital investments are the key factors driving the growth of the market. The report added: "The concept of cryptocurrency is based on decentralizing the monitoring of transactions. In the transaction monitoring process, miners (generally the users) validate the transactions made by other users. In this process, the system needs high computing power to validate the transactions. The validation process involves the creation of hash codes to encrypt the transactions. To generate a hash code, the miner needs highly effective and efficient hardware. In other words, to get new blocks and solve them, miners need to generate as many hash codes as possible. Miners get rewards through mining. Active companies with recent developments in the industry include: Hello Pal International Inc. (OTCQB: HLLPF) (CSE: HP), Robinhood Markets, Inc. (NASDAQ: HOOD), Bitfarms Ltd. (NASDAQ: BITF) (TSXV: BITF), Hut 8 Mining Corp. (NASDAQ: HUT), Marathon Digital Holdings, Inc. (NASDAQ: MARA).
MarketsAndMarkets continued: "Mining is an integral process for the generation, transmission, and validation of transactions in cryptocurrencies. It ensures stable, secure, and safe propagation of the currency from a payer to a receiver. Unlike fiat currency, where a centralized authority controls and regulates the transactions, cryptocurrencies are decentralized and work on a peer-to-peer system. APAC to grow at highest CAGR during the forecast period (2026). In terms of value, APAC to grow at highest CAGR during the forecast period. This market in APAC has been studied for China, Japan, South Korea, and Rest of APAC (RoAPAC). RoAPAC includes Singapore, Malaysia, Thailand, India, Australia, and New Zealand. China is the largest market among all APAC countries. Owing to the low cost of electricity, and presence of big mining companies."
Hello Pal International Inc. (CSE: HP) (OTCQB: HLLPF) BREAKING NEWS: Hello Pal To Relocate Crypto Mining Rigs to North America - Relocation to Provide Improved Efficiency and Long Term Stability - Hello Pal International Inc., a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce it has proactively secured locations in North America for the new Bitmain Antminer L7 Machines to be housed.
Through its partner Shanghai Yitang Data, the Company carried out a thorough review of optimal global mining locations. As a result of this diligence, the Company secured mining facilities in North America for the location of its mining rigs, with the majority of the rigs to be located in New York State. All locations are hydro-powered, in line with the Company's policy of only relying on clean renewable energy. All new mining rigs will be shipped directly to these North American facilities upon taking delivery from Bitmain, which is expected to be in November and/or December this year.
"We expect that the relocation of our mining operations to North America will set us up for long term stability in our crypto-mining operations. In turn, this will provide us a solid base to execute our plans of integrating crypto into our social networking core business," said KL Wong, Founder and Chairman of the Company.
The Company is also continuing to sell its existing Antminer L3+ mining rigs in China and using the proceeds to purchase brand new Antminer L7 models, which will be housed in North America. CONTINUED… Read this entire press release and more news for Hello Pal at: https://www.financialnewsmedia.com/news-hp
Other industry developments from around the markets include:
Hut 8 Mining Corp. (NASDAQ: HUT), one of North America's largest, innovation-focused digital asset mining pioneers, recently announced that the development of its third mining site, in conjunction with Validus Power Corp. ("Validus"), is underway.
This site, located in North Bay, Ontario, will begin with 35MW of capacity and is expected to be online by the end of 2021. The North Bay site will enable Hut 8 to generate power using a blend of by-product steam, hydrogen and natural gas along with a secondary geothermal system that ties in the data centre facility.
"We couldn't be more excited to diversify our power blend across the country and to continue to take advantage of Canada's favourable climate," said Jaime Leverton, CEO of Hut 8. "This third location demonstrates our commitment to sustainable technological innovation as we continue to expand our operations and strive to remain an industry leading Bitcoin miner."
Bitfarms Ltd. (NASDAQ: BITF) (TSXV: BITF), a global Bitcoin self-mining company, recently provided a Bitcoin production update.
"The increase in month-over-month production in October 2021 represents a further advancement for Bitfarms and shows the initial benefit generated as a result of production from our newly built, larger production facility in Cowansville, Québec. This, in conjunction with recent miner deliveries and ongoing fleet optimization, contributed to our achieving a record hashrate of 1.8 exahash per second (EH/s) in late October," said Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. "With new miner deliveries en route and deliveries continuing throughout November, this month we expect to grow our hashrate to over 2 EH/s and improve our electrical efficiency to 44 watts per terahash (W/TH)."
Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, recently published unaudited bitcoin ("BTC") production and miner installation updates for October 2021.
The Company last sold bitcoin on October 21, 2020, and since then, has been accumulating or "hodling" all bitcoin generated. As a result, Marathon currently holds approximately 7,453 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On November 1, 2021, the fair market value of one bitcoin was approximately $61,374, implying that the approximate fair market value of Marathon's current bitcoin holdings is approximately $457.4 million.
As of November 1, 2021, Bitmain has delivered approximately 30,050 top-tier ASIC miners to the Company's mining facility in Hardin, MT and 12,331 top-tier ASIC miners to a Compute North facility where they are pending deployment. In October, the Company began chartering planes to expedite shipments of miners and mitigate the impact of global logistics issues on its growth trajectory. While deliveries of miners may continue to fluctuate in the near-term, based on current estimates, the Company still anticipates all previously purchased miners to be delivered by mid-2022. Once all miners are fully installed, the Company's mining fleet is expected to consist of approximately 133,000 miners, generating approximately 13.3 EH/s.
Robinhood Markets, Inc. (NASDAQ: HOOD) recently announced financial results for the third quarter ended September 30, 2021.
"This quarter was about developing more products and services for our customers, including crypto wallets," said Vlad Tenev, CEO and Co-Founder of Robinhood Markets. "More than one million people have joined our crypto wallets waitlist to date. With 24/7 live phone support, we believe that Robinhood is becoming the most trusted and intuitive platform for retail and crypto investors. And looking ahead, we're committed to delivering tax-advantaged retirement accounts to help everyone invest for the long term."
Our business is affected by many factors, including seasonality, general market conditions (including volatility) and retail trading behavior as well as significant, unanticipated market events. For the three months ending December 31, 2021, we anticipate that many of the factors that impacted our third quarter results, such as seasonal headwinds and lower retail trading activity, may persist. In the absence of any changes to the market environment or exogenous events, we believe this may result in quarterly revenues no greater than $325 million and full year revenue of less than $1.8 billion. Additionally, we expect new funded accounts for the fourth quarter will be roughly in line with the 660,000 opened in the third quarter of 2021.
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