PALM BEACH, Florida, October 18, 2018 /PRNewswire/ --
Financialnewsmedia.com News Commentary
Cryptomining remains a lucrative arm of the overall cryptocurrency marketplace as leaders in the industry aim to capture value through advanced mining techniques and state of the art facilities. Operations have exploded overseas including in China, but now the United States has an amazing opportunity to step up and start taking part in creating mega facilities, or data centers with high computational power for mining that supports the transactions on the blockchain. Through the expansion of data and mining facilities, mining companies are leveraging advanced technology in order to increase the efficiency of digital asset extraction. Various research reports forecast that cryptomining will push cryptocurrency prices even higher in 2019, as the overall market cap of all cryptocurrencies surpassed $700 billion earlier this year according to Coin Market Cap. Due to this, the mining economy is only expected to continue growing at a steady rate throughout the next few years. Active tech companies in the markets this week include Mining Power Group, Inc. (OTC:RCGR), Seven Stars Cloud Group Inc. (NASDAQ:SSC), Xunlei Limited (NASDAQ:XNET), DPW Holdings Inc. (NYSE:DPW), Glance Technologies Inc. (CSE:GET) (OTC:GLNNF).
Mining Power Group, Inc. (OTCPK:RCGR) BREAKING NEWS: Mining Power Group announced today that its majority-owned subsidiary, Northway Mining, LLC, ("Northway") which offers highly specialized data center hosting services for cryptomining, has acquired an additional 66,000 square foot building, located at 2 Flint Mine Road, Coxsackie, New York, for use as a cryptomining data center.
The Company had previously announced that it had acquired a majority interest in Northway Mining, which included real estate assets of substantial value including 30 acres of flat surrounding land that can be used for future expansion of Northway's data center facilities. Northway at that time had 5000 square feet of secure crypto mining space. This transaction provides additional square footage for the Company's planned expansion.
Northway is a cryptocurrency mining hosting facility that provides hosting, electricity, cooling, maintenance, insurance, downtime coverage, OS installation (GPU) assistance, setup & security, and more, including especially low rates for electricity, that reduces client costs and is a major competitive advantage in the marketplace.
Dror Svorai President and CEO, stated, "This additional 66,000 square foot facility also has 15 Megawatts of power on site, expandable to 100 Megawatts, and, with a power station literally next door, we now have a 1000 Megawatt capability. This purchase represents over a $1Million investment, long term, in the facility given that $950,000 was paid for the building which will now have over $50,000 additional invested in it in improvements to facilitate the data center operations. This acquisition will allow us to quickly accommodate a substantial number of additional clients, generating more revenues for the Company." Read this and more news for Mining Power Group at http://www.financialnewsmedia.com/news-rcgr
Other recent developments in the industry include:
Seven Stars Cloud Group Inc. (NASDAQ:SSC) recently announced it has closed on its purchase of the 58-acre former University of Connecticut campus in West Hartford from the State of Connecticut. Ideanomics plans to transform the property into a world-renowned technology campus named Fintech Village. The planned $283 million-plus investment will focus on being an ultra high-speed computing facility and laboratory for developing new and leading edge Fintech solutions utilizing artificial intelligence, deep learning, IoT, and blockchain. "We intend to expand upon the original campus' dedication to excellence by enhancing the efforts to educate, create the ultimate in learning and R&D environments, and by building out the campus to attract top tier academic talent, companies, entrepreneurs, and innovators from around the world. Our Fintech Village technology campus will stimulate the highest innovation by boasting the finest in urban design, sustainable and green technologies, and improvements to community connectivity factors such as trails for walking, biking, and enriched urban flow," said Dr. Bruno Wu, co-CEO and Chairman of Ideanomics. "We are excited to be in a town that recently was named by Money Magazine as one of the 50 Best Communities in the Country, and we know that our Fintech Village will continue to enhance the image of West Hartford as a unique and vibrant community."
Xunlei Limited (NASDAQ:XNET) recently announced it has entered into a transaction with Beijing LinkChain Co., Ltd. ("Beijing LinkChain"), an independent third party, to transfer its overseas LinkToken program (the "Transfer"). Pursuant to the Transfer, Xunlei will transfer the exclusive right to operate LinkToken program outside mainland China, including without limitation, the formulation, amendment and execution of the rules governing the rewarding of LinkToken to users of overseas LinkToken program, LinkToken Pocket, and the related assets and liabilities to Beijing LinkChain. While the exclusive right to operate the overseas LinkToken program has been transferred, overseas users of OneThing Cloud device will still be able to obtain LinkToken via contributing their idle computing resources and redeem products and services in LinkToken Mall. Xunlei will also continue to leverage shared computing and blockchain technology to provide enterprise customers with cloud computing services.
DPW Holdings Inc. (NYSE:DPW) a diversified holding company, today announced that its subsidiary Super Crypto Mining entered into a Revolving Loan Agreement for up to $2.5 million and in connection with a Security Agreement granting interest in certain collateral, including bitcoin. "It is important for each subsidiary to develop its own capital structure to create flexibility and provide opportunity for expansion," stated DPW's CEO and Chairman Milton "Todd" Ault, III. "As Super Crypto continues its plan to increase miners, this line of credit enables Super Crypto to deploy its assets - bitcoin - to fund growth."
Glance Technologies Inc. (CSE:GET.CN) (OTCQB:GLNNF) recently announced financial results for the third quarter ended August 31, 2018. From the release - Our 3rd quarter saw a continued focus on developing some of the significant innovations we have announced such as an integration capability allowing us to connect to an estimated 500,000 different POS installations in North America (which is now complete), as well as our highly anticipated Glance PayMe application which is currently in beta. Glance PayMe will offer merchants an unparalleled suite of payment options including payments by photo, QR Code, Bluetooth, and digital invoices for remote payments, as well as Glance's full suite of features, including powerful anti-fraud technology and a robust loyalty rewards program. We believe there is broad application for our unique Glance PayMe product in a variety of vertical markets and are excited about its potential. We have continued to focus on improved spend efficiency which has resulted in our costs incurred from operating activities dropping from $4.9m in Q1 to $2.6m in Q3. We have continued to focus on spending efficiency and we expect some of the recent changes we have adopted to be reflected in future quarters.
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