FN Media Group Presents USA News Group News Commentary
VANCOUVER, BC, Nov. 10, 2021 /PRNewswire/ -- USA News Group - Once again, Bitcoin (BTC) is setting the tone for the cryptocurrency market, as it emerged from the weekend to finally topple a $63,500 price resistance that's seemed to work against the coin since hitting an all-time high. Global exchanges such as Coinbase Global, Inc. (NASDAQ: COIN) are showing that many of the other coins are following suit, including Ethereum (ETH), Dogecoin (DOGE), and Polkadot (DOT). But while the coins themselves have started the week with gains of 8-10%, the real story has been with the cryptocurrency miners, such as Riot Blockchain, Inc. (NASDAQ: RIOT), Canaan Inc. (NASDAQ: CAN), HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSX.V: HIVE) and Hello Pal International Inc. (CSE: HP) (OTCQB: HLLPF).
While most of the crypto mining is focused on BTC, there's also been renewed interest in DOGE.
For instance, a recent cryptic change of Elon Musk's Twitter name to "Lorde Edge" was seen as a nod to Dogecoin. Glauber Contessoto, known as the Dogecoin millionaire, revealed he allocates 99% of his portfolio to the "eldger dog" coin, after it already surged nearly 30% to close out October.
As BTC has been criticized for its intense energy consumption during the mining process, and ETH continues to move closer to a new era that won't involve mining, DOGE remains an enigma (thanks to Elon Musk's teasing) that's proving to be a profitable mining venture.
Popular livestreaming platform Hello Pal International Inc. (CSE:HP) (OTC:HLLPF) officially became the first listed company with primary exposure to mining Dogecoin, back in May. The move allowed their users to access 12,500 DOGE/LTC mining rigs, with a combined hash rate of 6.25 TH/s.
The move has been a genuine success for Hello Pal, which recently announced record quarterly revenue for the period ended August 31, 2021.
"Our current fiscal year has been transformative and resulted in our achieving record revenue of $13,206,275 from livestreaming services and a profit of $1,449,335 from cryptocurrency mining during the six months ended August 31, 2021," said KL Wong, Founder and Chairman of Hello Pal. "Revenue increased 208% compared to the six months ended 2020 with minimal spending on advertising and user generation during that period. With our acquisition of mining rigs, we anticipate that revenue and profit will continue in an upward trend for the balance of the fiscal year."
Crypto currency mining accounted for more than 58% of the company's gross profit of $2,488,454 in 2021 H1.
Shanghai Yitang, Hello Pal's partner in cryptocurrency mining, continues to help manage these mining operations to ensure the decentralized locations of the mining rigs across various green renewable energy mining sites.
"We are very pleased to see the progress we have made as a Company, and believe that the results are evident in the financial figures," added Wong. "We are particularly excited in the continued internationalization of our business, as reflected in our expansion of livestreaming services outside China and the integration of cryptocurrency into our platform through our newly launched crypto-mining operations."
Out of its Whinstone Facility in Rockdale, Texas, Riot Blockchain, Inc. (NASDAQ:RIOT) recently announced it produced 464 Bitcoins in October 2021—an increase of approximately 433% over its October 2020 production of 87 BTC.
Year to date, Riot has produced a total of 2,921 BTC, representing an increase of approximately 257% over its BTC production during the same period in 2020 which yielded 818 BTC. Riot recently completed a $54 million purchase order with reputable ASIC manufacturers, Bitmain for 9,000 S19j Pro (100 TH/s) miners, with an anticipated delivery and deployment schedule set for May 2022 through October 2022. Shipments of 11,500 S19J Pro Antminers under previous purchase orders are expected to be shipped to Riot's Whinstone facility in November 2021.
Another reputable ASIC manufacturer, Canaan Inc. (NASDAQ:CAN) recently announced an order of 6,500 Bitcoin mining machines from HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSX.V:HIVE).
The order was made for 6,500 units of the next-generation Avalon Bitcoin mining machines, following up on two recent purchases of 4,000 units and 6,400 units of Canaan's Avalon Miners in August 2021 and January 2021, respectively.
"We are pleased to be building on our strategic alliances with Canaan, a leading ASIC manufacturer, to achieve our goals and drive value for our shareholders, while executing on a transaction that increases our cash flow and green mining capacity," said Frank Holmes, Executive Chairman of HIVE. "HIVE currently has approximately 1.2 Exahash per second (EH/s) of Bitcoin mining capacity, and with this new purchase, HIVE's Bitcoin ASIC pipeline will be at 2 EH/s by December 2021, and 3 EH/s by March 2022."
"The consecutive deals are not only a testament to the quality and performance of our mining machines, but also demonstrate our effective client relationship-building efforts," said Nangeng Zhang, Chairman and Chief Executive Officer of Canaan. "We will continue to position ourselves as an important partner for HIVE as they accelerate their business growth. With our next-generation Avalon Miners as well as our quality on-site and off-site support, we are confident to achieve greater success with our clients in the crypto-mining field."
While the cryptoverse continues to generate and circulate new supplies, Coinbase Global, Inc. (NASDAQ:COIN) has benefitted, seeing its stock rise by 40.4% in October. With optimism surrounding the exchange's third-quarter earnings, COIN stock rose along with the coins it's famous for trading.
Now as the company moves into the NFT space, Coinbase's actions have even cause CNBC host Jim Cramer to change his tune.
It was after Coinbase announced on October 12 that it would add an NFT market place to the platform, that two weeks later, Cramer would admit to betting on the roughly $10 billion NFT market, by purchasing Ether tokens.
"In all honesty, I was gambling," said Cramer. "I was simply gambling on crowd psychology. I have no idea whatsoever why these things went up."
Now with a standalone browser extension for its Coinbase Wallet, and a commission-free trading service, Coinbase appears to be making the crypto world even more accessible as the space continues to blossom.
For More Information please visit: https://usanewsgroup.com/2020/11/16/live-streaming-is-taking-the-market-by-storm/
Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Hello Pal International Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Hello Pal International Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Hello Pal International Inc. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Hello Pal International Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles.
While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
USA News Group is Source of all content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with USA News Group or any company mentioned herein. The commentary, views and opinions expressed in this release by USA News Group are solely those of USA News Group and are not shared by and do not reflect in any manner the views or opinions of FNM. FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Media Contact Information:
FN Media Group, LLC
Media Contact e-mail:
U.S. Phone: +1(954)345-0611
SOURCE USA News Group