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Revenues Soar for North American Miners Following China's Crypto Crackdown


News provided by

Financialnewsmedia.com

07 Sep, 2021, 12:50 GMT

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FN Media Group Presents Microsmallcap.com Market Commentary

NEW YORK, Sept. 7, 2021 /PRNewswire/ -- China's crackdown on bitcoin mining has given miners outside China tremendous opportunity and bitcoin miners around the world have jumped on the opportunity to expand their operations. Before the crackdown, China held the helm of bitcoin production generating about half of the world's total output. The crackdown has made it easier for global miners to source miners competitively, expand their operations, and reduce the cost of producing bitcoin. Hello Pal (CSE: HP) (OTCQB: HLLPF), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Riot Blockchain, Inc. (NASDAQ: RIOT), HUT 8 Mining Corp. (NASDAQ: HUT), and Bitfarms Ltd (NASDAQ: BITF) (TSXV: BITF) have been major beneficiaries of the crackdown as their earnings reports show an increase in bitcoin production and revenue.

Hello Pal (CSE:HP) (OTCQB:HLLPF) hit yet another income milestone with its August revenue which passed the $3 million mark, a significant increase in income from July's $2.54 million. The rapidly growing international live streaming, language learning, and social-crypto platform recorded a gross margin of 61% and 8% for its crypto mining and live streaming operations respectively.

The $3M+ record marks a new milestone for Hello Pal as it continues its expansion into non-Chinese markets in the Middle East and Southeast Asia. "This new record revenue is another important milestone for us, and it shows that our efforts in the earlier part of this year in relation to our live streaming market expansion and crypto-mining initiatives are bearing fruit," said KL Wong, Hello Pal's Founder, and Chairman.

Hello Pal's relocation to more suitable locations in July is one of the factors that contributed to the higher earnings recorded in August 2021. This relocation also promises more long-term stability and profitability for the company.

Crypto Boon Generates Big Returns For Crypto Stocks

Marathon Digital Holdings, Inc. (NASDAQ: MARA) saw a 220% revenue increase to $29.3 million in Q2 2021 from $9.2 million in Q1 2021 and a 10,147% year-over-year increase from $286,000 in Q2 2020. The company increased the number of miners deployed to 19,395 and held approximately 5,784 bitcoin as of June 30, 2021. Marathon produced 654 newly mined bitcoins in Q2 2021 out of 846 newly minted bitcoin as of June 30, 2021. Aside from increasing its bitcoin production, Marathon increased its hash rate by 196% from 0.7EH/s by the end of Q1 2021 to 2.9EH/s by June 30, 2021. The company's increasing production continued into July with the company recording a 66% increase in BTC production to 442.2 new BTC in July.

Revenues for Riot Blockchain, Inc. (NASDAQ: RIOT) grew in bounds with the company reporting a record second quarter as its mining revenue increased by 1,540% to $31.5 million in Q2 2021 compared to $1.9 million in Q2 2020. Riot's focus on bitcoin mining and expanding its operations coupled with the boost from the decreased global hash rate has paid off based on Q2 earnings. The company also anticipates exciting financial opportunities as it expands its capacity at Whinstone, one of North America's largest hosting and mining companies by developed and future capacity.

Hut 8 Mining Corp. (NASDAQ: HUT) is also riding the wave of crypto's massive boon with a new record-breaking quarter. Hut 8 realized yet another quarter of increased revenues with its Q2 2021 revenues hitting a new high of $33.5 million, $31.4 of which came from its self-mining operations. The company mined 553 bitcoin in Q2 2021 bringing its total bitcoin balance to 1,824 as of June 30, 2021. Hut 8 also enjoyed increased bitcoin production at a lower cost thanks to China's crackdown on bitcoin.

Like MARA, RIOT, and HUT, Bitfarms LTD (NASDAQ: BITF) (TSXV: BITF) has gained significantly from China's bitcoin market diffusing across the globe. Bitfarms saw a 29% increase in its quarter-to-quarter revenue in Q2 2021 and an increase of about 389% from Q2 2020. The company's bitcoin production also increased by 26% from Q1 2021. According to Bitfarm's CEO, China's ban on bitcoin mining reduced the network hash rate by about 50% and allowed the company to increase its market share to about 1.5% up from less than 1% at the beginning of 2021. The crackdown also allows Bitfarms to source miners competitively and leverage its infrastructure and capabilities to expand even further.

As more Chinese BTC miners exit the market, a 50% share of what China previously produced is up for grabs for miners such as Hello Pal. The company is expanding its mining operations outside China in countries that offer more long-term stability as it works to capture a bigger market share.

For more information about Hello Pal International, please click here.

DISCLAIMER: Microsmallcap.com (MSC) is the source of the Article and content set forth above.  References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.
 
The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of Hello Pal International Inc.
 
FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.
 
Media Contact:
FN Media Group, LLC
info@financialnews.com
+1(561)325-8757

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