FinancialBuzz.com News Commentary
NEW YORK, Oct. 21, 2021 /PRNewswire/ -- Cryptocurrencies continue to show strength, expanding their influence and presence across many industries. Just this week, the NBA agreed to its first cryptocurrency sponsorship deal with Coinbase, the publicly traded company that makes an exchange for crypto trading. According to a report by CNBC, the agreement indicates that Coinbase will leverage just about all the NBA's platforms including the WNBA, NBA G League, NBA 2K League and USA Basketball. The deal between the NBA and Coinbase comes shortly after the league commissioner Adam Silver explained that the league is projecting USD 10 Billion in revenue for the 2021-22 season, a figure that is possible thanks to fans returning to NBA arenas, which account for 40% of league revenue. In the meantime, sponsorships accounted for about USD 1.4 Billion last season, according to valuation firm IEG. ISW Holdings Inc. (OTC: ISWH), itfarms Ltd. (NASDAQ: BITF), BIT Mining Limited (NYSE: BTCM), Canaan Inc. (NASDAQ: CAN), Hut 8 Mining Corp. (NASDAQ: HUT)
Overall, the cryptocurrency market has gotten even more complex as the blockchain technology has been integrated into our world. For example, one of the largest crypto exchanges, Coinbase, announced this week that it is delving deeper into traditional financial services, allowing users to deposit paychecks directly into their online accounts. "With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase," Max Branzburg, Vice President of Product at Coinbase, said in a blog post. "We're determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users."
ISW Holdings Inc. (OTC: ISWH), transitioning to "BlockQuarry," pending name change, announced yesterday breaking news that, "the first phase of its Southeastern U.S. project to pair 56,000 mining rigs with 200 megawatts ("MW") of power is now nearing completion, which constitutes the infrastructure build-out to deploy 20 MW of power to self-contained cryptocurrency mining Pods.
Larry Sossamon, President, and Chic Blanton, Vice President of Sossamon Construction Co., Inc., commented, "We are very excited to be working with the Bit5ive team, a leading pioneer in the crypto mining space, on this exciting project. We have made excellent progress as we near completion of the first phase of over 200MW of crypto mining parks in South and North Carolina. These projects represent some of the most innovative of their kind, and stand to create many new jobs and new opportunities in the area."
Company management also notes that Bit5ive will begin delivering the first tranche of new mining Pods to the site over coming weeks.
"Even with supply chain issues, we have managed to manufacture in record time," noted Alonzo Pierce, Chair and President of ISW Holdings. "We will continue to do our best to hit our schedule objectives despite difficult market conditions, and we are thrilled to start deploying our Gen4 Pods to the site as the project ramps up. We are also excited to report that engineering and planning have gotten underway on the next sites to be developed starting in early 2022."
Bitfarms Ltd. (NASDAQ: BITF) announced back in September a Bitcoin production and operations update. The Company reported that it has mined 354 new Bitcoin during August 2021. The Company is currently mining approximately 10 Bitcoin each day, and deposited 2,028 Bitcoin into custody through September 1, 2021, representing approximately 96% of the Company's Bitcoin production this year and valued at approximately US$101.4 million based on a Bitcoin price of US$50,000. "As we execute on our expansion plans, we are excited to surpass 2 Exahash per second in the coming months and continue to add most of our mined Bitcoin to treasury at an even faster rate than in the first half of 2021," commented Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. "As we work to execute on our growth targets, we are aggressively pursuing opportunities to add new infrastructure to support our equipment acquisitions and look forward to reporting on even greater infrastructure growth in the months ahead," added Mr. Grodzki.
BIT Mining Limited (NYSE: BTCM) announced last month that it has entered into a Membership Interest Purchase Agreement and certain other auxiliary agreements (the "Agreements") with Viking Data Centers, LLC ("Viking Data Centers") to jointly invest in the development of a cryptocurrency mining data center space in Ohio (the "Ohio Mining Site") with access to power capacity of up to 85 megawatts ("MW"). Development of the Ohio Mining Site is currently expected to be fully completed in February 2022. As part of its growth strategy, BIT Mining has been executing a robust plan to invest in, acquire and develop high-quality mining resources around the world. The Company has shipped 1,016 mining machines to the United States as of the date of this press release. Going forward, the Company plans to further strengthen its expansion efforts and accelerate its global development.
Canaan Inc. (NASDAQ: CAN) announced earlier in August that it has received from Mawson Infrastructure Group Inc. (OTCQB: MIGI) ("Mawson") a purchase order (the "Order") for 17,352 bitcoin mining machines with an aggregate operating hash power of 1.5EH. According to the terms of the Order, the Company will deliver the latest generations of its Avalon A1166 and A1246 bitcoin mining machines to Mawson's operations in the U.S. and Australia throughout 2021 and 2022. The Order is in addition to Mawson's previous order placed earlier this year for 11,760 of the Company's A1246 bitcoin mining machines with an aggregate operating hash power of 1.05EH. Headquartered in Sydney, Australia, Mawson is a global digital infrastructure provider with diversified operations across cryptocurrency mining and digital asset management. Mawson currently conducts its bitcoin mining operations in both the U.S. and Australia.
Hut 8 Mining Corp. (NASDAQ: HUT) announced back in August its financial results for the quarter ending June 30, 2021 ("Q2-2021") Hut 8 continues to strategically emphasize its "hodl" strategy, taking active steps to generate Canadian and US dollars to help fund operating expenses, so as to avoid selling Bitcoin. During Q2-2021, 100% of self- mined Bitcoin was deposited into custody. As of June 30, 2021, the Company had a total Bitcoin balance of 3,824 with a market value of $166 million. Hut 8's current Bitcoin balance, including 2,000 Bitcoin loaned as part of the Company's fiat yield strategy, is approximately 4,240 Bitcoin, reflecting a market value of approximately $245 million. Hut 8 currently has an installed hashrate of 1.37 exahash ("E/H"). Given pending orders, we have additional contracted hashrate of 1.3 E/H (including 1,600 gigahash equivalent), bringing contracted hashrate to approximately 2.7 E/H. Based on current network dynamics, we anticipate daily settlement once all contracted equipment is hashing will equate to 20 – 25 Bitcoin per day.
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.