Institutions are Ramping Up Investments in the Crypto Sector

FinancialBuzz.com News Commentary

NEW YORK, Aug. 16, 2021 /PRNewswire/ -- After several months of complicated market conditions for cryptocurrencies, Bitcoin and other digital assets are rising in value once again. Overall, the acceptance of digital currencies as a payment or as an investment opportunity is becoming more common around the world. For example, according to data published by Blockdata, most major banks have invested in crypto and blockchain-related companies in 2021. Out of the top 100 banks by assets under management, 55 have invested in cryptocurrency and/or blockchain-related companies, either directly or through subsidiaries. The data also indicates that the most active investors based on the number of investments in blockchain companies are Barclays, Citigroup, Goldman Sachs, J.P. Morgan Chase and BNP Paribas. ISW Holdings Inc. (OTC: ISWH), Canaan Inc. (NASDAQ: CAN), BIT Mining Limited (NYSE: BTCM), CleanSpark, Inc. (NASDAQ: CLSK), Hut 8 Mining Corp. (NASDAQ: HUT)

Overall, the approach of financial institutions, businesses and even governments has significantly changed in recent years, as commercial payments are slowly warming up to the prospects of Bitcoin. One of the major reasons for this is that a Bitcoin payment is faster, cheaper, safer and less volatile than the local currencies in many countries. Therefore, it can be used in these countries for storing value, besides being used to pay for many products and services around the world and on the Internet. For example, El Salvador just recently become the first country in the world to adopt Bitcoin as legal tender, which could start a trend across other Latin American countries.

ISW Holdings Inc. (OTC: ISWH) announced last month breaking news regarding the, "signing of a cryptocurrency mining hosting agreement (the "Agreement") with Bitmain Technologies ("Bitmain"), the world's leading producer of cryptocurrency mining hardware and a leading global cryptocurrency mining firm.

The Agreement will form the backbone of the Company's Phase One launch of its cryptocurrency hosting and mining operation in Georgia. Further details related to this Agreement will be discussed in the near future.

Irene Gao, Antminer BD Director NCSA Region, Bitmain, said, "We are excited to have signed this new pioneering project to begin cooperation with ISW Holdings, a new milestone for the industry for creating hosting facilities overseas. The 200 MW facility is the first phase of our long-term partnership, utilizing renewable energy as its source. We expect to further expand this project into the future to support the development of the industry."

"Bitmain is probably the most recognizable name in the mining space, and we are excited that they will be a major piece of our success in Georgia," remarked Alonzo Pierce, ISW Holdings president and chairman. "Once our 200 MW power tranche is fully utilized, we anticipate annualized revenues of over $200 million, but that will only close the first phase of our vision. We look forward to discussing our next phases in due course. If we are able to execute according to our full vision, we have the potential to drive exponential revenue growth ahead."

Canaan Inc. (NASDAQ: CAN) announced last week 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. Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "We are pleased to further enhance our partnership with Mawson. With potent computing performance, we are bringing our next-generation mining solutions to a growing cohort of renowned international miners. Meanwhile, by strengthening our supply chain management, we have also secured our production capacity and ensured the timely delivery of our products to support our clients in their mining capacity expansions. Looking ahead, we will remain focused on our growth strategies for overseas advancement, R&D investment, and supply chain cultivation to augment the sustainability of our business development."

BIT Mining Limited (NYSE: BTCM) reported last month that it has entered into a definitive purchase agreement (the "Purchase Agreement") to acquire 2,500 new bitcoin mining machines ("the Acquired Machines") for a total consideration of approximately US$6.6 million. When deployed, the Company expects the Acquired Machines to increase its theoretical maximum total hash rate capacity by approximately 165 peta hashes per second (PH/s). The Acquired Machines are expected to be delivered within one week from today. Following delivery, the Company plans for them to be shipped to Kazakhstan for deployment. BIT Mining is monitoring current conditions in the market for cryptocurrency mining machines and will consider cost-efficient mining machine acquisitions on an opportunistic basis. Looking forward, the Company is prepared to further expand the scale of its business and increase its theoretical maximum total hash rate capacity, in order to strengthen its position as a leading cryptocurrency mining enterprise.

CleanSpark, Inc. (NASDAQ: CLSK) announced last week that it has closed on its acquisition of an additional nearly 87,000 square foot data center in Norcross, Georgia, to substantially increase the Company's Bitcoin mining operation. CleanSpark's Newest 20MW Bitcoin Mining Facility Expected to Boost Total Daily Bitcoin Production to 18 BTC Per Day. The $6.55M purchase of the former Sprint/Nextel data center situated on over 7 acres in Norcross, Georgia closed on August 6, 2021. The facility, located 33 miles from the current ATLData Center and CleanBlok operations in Atlanta, will provide 20 MW of additional power to CleanSpark's mining business with the opportunity for significant expansion. The Company expects to complete the installation of the mining infrastructure and have the miners running by late 2021.

Hut 8 Mining Corp. (NASDAQ: HUT) announced last week 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.

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