FinancialBuzz.com News Commentary
NEW YORK, Oct. 27, 2021 /PRNewswire/ -- Over the last several years, the perception of cryptocurrencies has shifted drastically. Earlier in the year, several major companies announced a more open-minded approach to Bitcoin, accepting it as payment for product and services. For example, earlier in August, United Wholesale Mortgage, which made its public debut in January via a special purpose acquisition (SPAC) merger, announced plans to accept cryptocurrency for home loans in what is being billed as a first for the national mortgage industry. And just this week, CNBC reported that Mastercard is preparing to announce that any of the thousands of banks and millions of merchants on its payments network can soon integrate crypto into their products. "We want to offer all of our partners the ability to more easily add crypto services to whatever it is they're doing," Sherri Haymond, Mastercard's Executive Vice President of Digital Partnerships, said in an interview. "Our partners, be they banks, fintechs or merchants, can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Baktt platform." AGM Group Holdings Inc. (NASDAQ: AGMH), Hut 8 Mining Corp. (NASDAQ: HUT), The9 Limited (NASDAQ: NCTY), Bitfarms Ltd. (NASDAQ: BITF), HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE)
In the meantime, Bitcoin's recent rally has brought back optimism to the digital currencies market. The Fidelity Director of Global/Macro, Jurrien Timmer indicated that the ongoing rally in Bitcoin could continue towards new record heights over the next two years, Markets Insider reported. Based on his proprietary supply-and-demand model, Timmer sees Bitcoin reaching USD 100,000 by 2023 as momentum traders begin to buy into the recent rally. "This rally has come with little fanfare and doesn't seem driven by momentum chasers. The percentage of coins held by short-term 'tourists' is down to just 15%. This tells me there could be room to run if momentum chasers pile in," Timmer said.
AGM Group Holdings Inc. (NASDAQ: AGMH) announced yesterday breaking news that, "it has entered into a strategic partnership with Meten Holding Group Ltd. ("Meten") (NASDAQ: METX).
The partnership will primarily focus on research and development support for blockchain applications, and in establishing a supply chain for cryptocurrency mining. The agreement includes an initial order from Meten for 1,500 Bitcoin mining machines worth US$12 million. Meten also has an option to purchase additional machines.
AGMH through its strategic partnership with HighSharp (Shenzhen Gaorui) Electronic Technology Co., Ltd ("HighSharp") has built a cutting-edge R&D capability with engineers who are experts in blockchain and related technologies, which is also the major reason why Meten chose to partner with AGMH.
Mr. Chenjun Li, Co-Chief Executive Officer of AGMH, commented, 'We are delighted to partner with Meten to further develop a blockchain ecosystem that integrates technology, products, sales and service. Building on our recently announced AGMH-HighSharp partnership, we see growing demand for our high-performance mining hardware and related computing equipment. These partnerships further validate our position in the cryptocurrency mining world. Looking ahead, we are optimistic in our ability to help mining clients to augment their computing power, enabling their success in the rapidly growing cryptocurrency industry while generating value for our shareholders.'
Mr. Jason Zhao, Co-Founder and Executive Director of Meten, said: 'We are thrilled to be working with AGMH. With respective strengths, we believe our partnership will further unlock the full potential of the blockchain and cryptocurrency business, putting both of us on the best path to success.'"
Hut 8 Mining Corp. (NASDAQ: HUT) reported last week that it has executed on a $58.7 million USD purchase of 12,000 new MicroBT M30S, M30S+ and M30S++ miners from Inchigle Technology Hong Kong Limited, representing a cost of approximately $50/Terahash, with aggregate incremental production of 1.17 EH/s. The miners are expected to be delivered starting in January 2022, at a delivery rate of approximately 1,000 machines per month, with full deployment anticipated by December 2022. "We are thrilled to announce our latest strategic purchase of new MicroBT equipment," remarked Jaime Leverton, Chief Executive Officer of Hut 8. "The strength of our relationship with MicroBT enabled us to quickly execute on this compelling investment opportunity. While timing relative to Bitcoin achieving an all-time high is coincidence, this investment serves to reinforce our commitment to efficiently mine and Hodl Bitcoin."
The9 Limited (NASDAQ: NCTY) announced back in August that its wholly-owned subsidiary NBTC Limited ("NBTC") and a Kazakhstan company LGHSTR Ltd. ("LGHSTR") have signed a non-binding investment memorandum to establish a joint venture in Kazakhstan. According to the investment memorandum, NBTC and LGHSTR will own 51% and 49% of the joint venture respectively. NBTC will control the board of directors of the joint venture. The joint venture plans to invest and build cryptocurrency mining sites with a total capacity of 200MW within two years. NBTC will have the priority to deploy cryptocurrency mining machines owned by NBTC or its partners. When the 200MW mining sites construction is fully completed, taking S19 Antminers as an example, the sites are expected to be able to deploy more than 50,000 S19 Antminers and accommodate about 5EH/s of hash power. The joint venture will also carry out operation and maintenance of cryptocurrency mining machines in Kazakhstan. The joint venture plans to complete the construction of 20MW in September 2021; a total of 100 MW is expected to complete by the end of 2021 cumulatively; and a total of 200MW is expected to be completed by the end of 2022 cumulatively.
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.
HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) reported last week the purchase of 6,500 next generation Bitcoin miners. These new machines have an aggregate hash power of 585 Petahash per second (PH/s). The integration of these miners into HIVE's systems will be made in tranches over the next 130 days. They will be placed in existing facilities, and in our newly constructed data centres at our campus in New Brunswick, Canada. Frank Holmes, Executive Chairman of HIVE stated "We are pleased to be building on our strategic alliances with leading ASIC manufacturer Canaan to achieve our goals and drive value for our shareholders, with executing on a transaction that increases our cash flow and green mining capacity. Frank continued, "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. In addition to this, we are expanding our current active Ethereum mining capacity from approximately 4,000 Gigahash per second (GH/s), to 6,000 GH/s in new facilities in Sweden."
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