FinancialBuzz.com News Commentary
New York, NY (02/28/2023) – The price of Bitcoin continues to hover around the USD 24,000 mark as of Monday evening, indicating a 29% increase since the beginning of the year. Despite the recent regulatory setbacks related to cryptocurrencies and the blockchain ecosystem, the overall market is projected to grow. According to Allied Market Research, the global cryptocurrency market size is projected to reach USD 4.94 Billion by 2030 while growing at a CAGR of 12.8% from 2021 to 2030. The increased demand for operational efficiency and transparency in financial payment systems, including data security, are major factors that drive the growth of the global cryptocurrency market. Additionally, an increased demand for cryptocurrency among banks and financial institutions provides a lucrative opportunity for market expansion during the forecast period. Paypal, a company focused on online payment systems, announced on October 21st, 2020 that customers may buy and sell Bitcoin and other cryptocurrencies using their PayPal accounts. Furthermore, Mastercard partnered with Island Pay to launch the world’s first CBDC-linked Card on February 10th, 2021. BlockQuarry Corp. (OTC: BLQC), Applied Digital Corporation (NASDAQ: APLD), Hut 8 Mining Corp. (NASDAQ: HUT), Bitfarms Ltd. (NASDAQ: BITF), Stronghold Digital Mining, Inc. (NASDAQ: SDIG)
Overall, the cryptocurrency market has gotten even more complex as the blockchain technology has been integrated into our world. For example, one of the largest crypto exchanges, Coinbase, announced this week that it is delving deeper into traditional financial services, allowing users to deposit paychecks directly into their online accounts. “With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase,” Max Branzburg, Vice President of Product at Coinbase, said in a blog post. “We’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.”
BlockQuarry Corp. (OTC: BLQC) announced last month that, “the following developments to its shareholders.
The Company has signed an LOI with Minerset Holdings LLC, a Delaware limited liability company, to merge with BlockQuarry Corp. The LOI is to execute a full merger between both companies, subject to the execution of a definitive agreement.
The definitive agreement will include the terms of the full merger as well as the structure for the remaining entity. Once the full agreement is approved and the details are available for public dissemination, shareholders will be notified via official press release.
Alonzo Pierce, president and chair of BlockQuarry, stated, ‘This exciting announcement has been in the works for quite a while now. The knowledge and experience Minerset will bring on board with us is invaluable. Minerset is the perfect fit for BlockQuarry, as they are firm believers, as we are, in green sustainable mining and understand how important the use of renewable energy is to ensure a sustainable crypto ecosystem.’
Pierce continued, ‘This move also provides a broader global platform for BlockQuarry as well as a whole new sales and customer service division that we haven’t had before. Additionally, the added revenue to our balance sheet should help bolster our standing in the public markets and could add additional value to both our current and future shareholders as well as the Company itself. This is especially important as we continue our efforts for a Nasdaq uplisting.’
Known as a leader in cryptocurrency mining hardware sales and logistics, Minerset has generated more than $300 million in revenue, distributing 120,000-plus crypto mining devices to hundreds of customers worldwide. The company’s website, minerset.com, launched in early 2017 and has established itself as a one-stop-shop solution for all digital mining needs, accessible only within the company’s comprehensive ecosystem:
– Supplying the latest digital mining hardware and infrastructure.
– Providing streamlined, safe and secure logistics.
– Enabling access to a global network of renewable mining farm projects providing complete hosting solutions.
Elias Fernandez Sanchez, CEO of Minerset, stated, ‘We are incredibly excited about the future partnership between BlockQuarry and Minerset. We feel the synergies between the two companies are perfect to bring together to combine forces. Execution of this merger will bring a symbiotic relationship combining Minerset’s expertise, revenues and assets. We feel this is the first step for both companies to make a big splash, and the future looks exciting.’
Pierce concluded, ‘This agreement is hopefully the first step in a large, long-term plan that BlockQuarry has laid out in order to make a household name for itself globally. We believe the value that Minerset will bring is going to exceed anything we have done so far for the Company, our shareholders and investors. We look forward to providing additional updates on this as we go.’”
Applied Digital Corporation (NASDAQ: APLD) has announced on November 21st, 2022 launch of an independent fund aimed at acquiring distressed cryptocurrency assets, which may include mining hardware and digital infrastructure assets. The fund and any acquired assets will be managed by a newly formed entity, Highland Digital, which is a 50/50 joint venture between Applied Digital and GMR Limited (“GMR”). The independent fund is targeting raising capital of up to $100 million from outside investors. Applied Digital does not anticipate issuing any equity to raise capital for the fund, nor does it plan on directly owning any mining hardware. “The creation of this fund and associated joint venture again demonstrates our creativity and strong industry relationships that position us to capitalize on this volatile market,” said Applied Digital Chairman and CEO Wes Cummins. “We have proven ourselves as a leading next-generation datacenter operator and hosting partner and look forward to deepening our partnership with GMR to take advantage of the opportunities we are seeing on a weekly basis.
Hut 8 Mining Corp. (NASDAQ: HUT) announced on February 13th, that it has mined 188 Bitcoin in the period ending January 31, 2023. “We have been intentional and strategic in pursuing our HODL strategy: by building a large, unencumbered stack, we have afforded ourselves the optionality to strategically use a portion of it to cover operating expenses rather than having to seek other financing options with less attractive terms,” said Jaime Leverton, CEO. “I am confident that selling production while we focus on closing the merger with USBTC is the right approach, as we expect to create a strong self-mining, hosting, managed infrastructure operations, and HPC organization in the long term.”
Bitfarms Ltd. (NASDAQ: BITF), announced on February 1st, a Bitcoin (BTC) production and mining operations update for January 2023. “With our proven best in class operations, well-established corporate infrastructure and team firmly in place, we are excited about the prospects in 2023 for both organic and transactional expansion emerging from the industry downturn,” said Geoff Morphy, CEO of Bitfarms. “In January, we continued to deliver steady performance amidst a period of macro headwinds and predominantly low BTC prices most of the month. Pursuing a disciplined approach to investment as the industry consolidates and recovers, we expect to benefit in 2023 and into the next halving event in 2024.” Ben Gagnon, Chief Mining Officer of Bitfarms, said, “With 486 BTC mined in January, we increased production by 61% compared to 301 BTC in the same period a year ago and averaged 15.7 BTC mined per day. Two network difficulty increases during the month impacted overall BTC productivity, as network difficulty increased 10.3% on January 15, and by another 4.7% on January 29, for a total of 15.5% in January. Additionally, during the month, we deployed more efficient miners in Paraguay, which added a net 168 petahash per second (PH/s) near the end of the month.”
Stronghold Digital Mining, Inc. (NASDAQ: SDIG) reported on November 9th, 2022, financial results for its third quarter ended September 30, 2022 and provided an operational update. “We have executed on the major strategic goals we laid out in August during our second quarter earnings announcement; we have reduced leverage, improved liquidity, cut costs and opportunistically grown our mining fleet at attractive prices,” said Greg Beard, co-chairman and chief executive officer of Stronghold. “In late October we fully eliminated our NYDIG debt and closed on the refinanced WhiteHawk debt. We have reduced our net debt by 51% to $55 million since June 30, 2022, and our current liquidity is approximately $27 million. We will remain patient and diligent, and believe we are meaningfully better positioned to take advantage of opportunities in the market.”
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