PALM BEACH, Fla., Nov. 18, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Litecoin was released in October 2011 by Charlie Lee, a former Google employee. It is a fork of Bitcoin, with the main difference being a smaller block generation time. The protocol also increased the maximum number of coins and implemented a different script-based algorithm. Litecoin is one of the leading cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalization. According to a recent article on Yahoo.com, Litecoin has broken out above the $247 level of resistance for the first time since May as bullish sentiment begins to sweep across all cryptocurrency markets. Despite not having the market share it once had, Litecoin still boasts an impressive market cap of $17 billion, making it objectively larger than companies like Gamestop and CBOE Global Markets. The report said: "At the time of writing it was trading at $252 following a 28.87% move to the upside from this morning's daily close. If it can close a daily candle above the $247 mark, continuation is expected with upside targets beginning to emerge at $286 and $334. However, a close below this level could indicate a short-term pullback as traders aim to lock in profits from the recent move." Active companies with recent developments in the industry include: Hello Pal International Inc. (OTCQB: HLLPF) (CSE: HP), Sphere 3D Corp. (NASDAQ: ANY), HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSXV: HIVE), Canaan Inc. (NASDAQ: CAN), Coinbase Global, Inc. (NASDAQ: COIN).
The Yahoo.com article continued: "Litecoin's relative strength index (RSI) is at 88.52, which is the highest it has been in more than two years as volume has picked up alongside price action. The recent surge in the price of Litecoin could be an indication of things to come in the wider altcoin market as people take profits on Bitcoin at $68,000 before diversifying profits into more speculative bets like altcoins. In 2017, Litecoin rallied to a quite unbelievable all-time high of $420, falling just short this year as it topped out at $412 before sensationally slumping back down to the $105 level of support. If it can break its all-time high before the end of the year, it's entirely possible that Litecoin will surpass and establish support above the $500 region in 2022."
Hello Pal International Inc. (CSE: HP) (OTCQB: HLLPF) BREAKING NEWS Hello Pal Purchases Additional 130 Antminer L7 Miners for LTC and DOGE Mining - 400 New L7 Miners to Commence Mining in North America Shortly - Hello Pal International Inc., a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce that it has purchased a further 130 Antminer L7 mining rigs for the mining of Litecoin and Dogecoin, bringing the total number of L7s to 400.
This new purchase primarily relies on the cryptocurrency profits generated by the Company's subsidiary (CPal Technology Limited) from the past several months of mining in addition to free cash reserves in the Company. This purchase comes after the announcement of the complete upgrade of its miners where 270 L7 miners were purchased using the proceeds from the sale of 12,500 Antminer L3+ miners (see November  press release).
"The recent price surge of Litecoin and news surrounding SpaceX's "DOGE-1" mission to the moon have greatly increased the market demand and price for these latest mining rigs, so we are very fortunate indeed to have been able to procure as many units as we have," said KL Wong, Founder and Chairman of the Company. "We are doubly pleased that this purchase was made financially possible through our past crypto-mining efforts bearing fruit."
The new machines are expected to be delivered in December 2021, upon which they will be delivered by airfreight directly to the Company's new mining facilities in New York State and other parts of North America (see November 10 press release). 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:
Sphere 3D Corp. (NASDAQ: ANY), a company delivering containerization, virtualization, and data management solutions, recently announced that it made a US$85 million payment towards its previously announced purchase order for 60,000 bitcoin mining rigs ("miners").
The company has purchased 60,000 Antminer S19j Pros, currently considered the industry leading miner, which will commence delivery in November of 2021. After certain adjustments to the original miner model mix, Sphere 3D will now be taking delivery of additional capacity from what was previously reported; with a total of 6.0 exahash of capacity once these deliveries are completed. In addition, upon the closing of the Gryphon Digital Mining merger, the combined companies will have a total capacity of 6.7 exahash, which is capable of producing in excess of 1,300 bitcoin per month, based on current difficulty rates.
HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSXV: HIVE) recently announced that it has agreed to made a CAD$450,000 investment in Network Entertainment, Inc., ("Network"), an award-winning media production company, as a means to gain exposure to Network's emerging non-fungible token (NFT) business.
Trading as Network Media Group, Inc., Network Entertainment has created, financed, and produced dozens of feature documentaries, documentary series, and related premium content that have garnered major awards, generated record ratings, and achieved unparalleled media coverage around the world. Network's projects include the Academy Award-shortlisted documentary on Muhammad Ali, Facing Ali; The Age of A.I. series, in partnership with and starring Robert Downey Jr.; the PUNK series,, executive produced by Iggy Pop and John Varvatos; the feature documentary Johnny Cash: American Rebel; and Network's popular "I Am" slate of feature documentaries for Paramount which has spotlighted some of the biggest names in entertainment, sports and activism from the 20th century among its 14 current titles, including Bruce Lee, Evel Knievel, Steve McQueen, Chris Farley, Heath Ledger, Patrick Swayze, Paul Walker, Richard Pryor, and JFK Jr. Network's lineup of current productions includes the recently announced partnership with MRC Non-Fiction to produce a feature documentary on groundbreaking artist Sly Stone, which will be directed by four-time Grammy and Sundance Film Festival winner Ahmir "Questlove" Thompson, and executive produced by Oscar and Emmy award-winner Common.
Canaan Inc. (NASDAQ: CAN), a leading high-performance computing solutions provider, recently announced its unaudited financial results for the third quarter ended September 30, 2021.
Third Quarter 2021 Operating and Financial Highlights Were: Total computing power sold was 6.7 million Thash/s, up 128.4% from 2.9 million Thash/s in the same period of 2020 and up 12.9% from 5.9 million Thash/s in the second quarter of 2021, setting a new record. The robust year-over-year and sequential increases were mainly driven by the solid market demand and the delivery of Bitcoin mining machines.
Coinbase Global, Inc. (NASDAQ: COIN) recently announced the pricing of $1.0 billion aggregate principal amount of its 3.375% Senior Notes due 2028 (the "2028 notes") and $1.0 billion aggregate principal amount of its 3.625% Senior Notes due 2031 (the "2031 notes" and, together with the 2028 notes, the "notes") in its previously announced private offering (the "offering"). The aggregate principal amount of the offering was increased from the previously announced offering size of $1.5 billion due to market interest. The offering is expected to close on September 17, 2021, subject to satisfaction of customary closing conditions.
Interest on the notes will be payable in cash semi-annually in arrears, beginning on April 1, 2022, at a rate of 3.375% per year, with respect to the 2028 notes, and at a rate of 3.625% per year, with respect to the 2031 notes. The 2028 notes will mature on October 1, 2028, and the 2031 notes will mature on October 1, 2031, in each case unless earlier repurchased or redeemed. The notes will be fully and unconditionally guaranteed by Coinbase, Inc., a wholly owned subsidiary of Coinbase. The notes and the related guarantee will be Coinbase and the guarantor's general unsecured senior obligations.
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