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New Markets and Businesses Turn to Blockchain Technology


News provided by

FinancialBuzz.com

27 Oct, 2021, 13:00 GMT

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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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About FinancialBuzz.com 

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.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For agm group holdings inc. video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.

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