FinancialBuzz.com News Commentary
New York, NY (3/26/2021) – The excitement around cryptocurrencies is driven by several factors and continues to grow across the board. As a result, major corporations, financial institutions and even certain governments are becoming more open minded when it comes to taking cryptocurrencies mainstream. Tesla’s purchase of USD 1.5 Billion worth of Bitcoin earlier this year has helped the most popular digital currency reach new highs. The multinational financial services corporation Mastercard also recently announced that it would begin supporting select cryptocurrencies, including Bitcoin, on its payment network. Nevertheless, the proliferation of cryptocurrencies in the more mainstream business infrastructure is often misunderstood by the public, yet is also larger than most perceive. According to a report by Allied Market Research, in a filing published by the U.S. Patent and Trademark Office, the retailing giant Walmart applied for a patent to use a digital coin tied to a traditional fiat currency, which could allow for cheaper and faster transactions as well as loyalty features. DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTC: DMGGF), Argo Blockchain Plc (LSE: ARB) (OTC: ARBKF), 500.com Limited (NYSE: WBAI), HIVE Blockchain Technologies Ltd. (TSX-V: HIVE) (OTC: HVBTF), Hut 8 Mining Corp. (TSX: HUT) (OTC: HUTMF)
As for the use of cryptocurrencies and the blockchain technology in governmental institutions, the city of Miami has stepped forward, as local Commissioners recently voted to study moving certain municipal financial transactions to Bitcoin, which would allow city workers to be paid in cryptocurrency, while residents could likewise use it to pay for city services, according to a report by Bloomberg.
DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) and Argo Blockchain Plc, a UK-based global cryptocurrency mining company, just announced breaking news regarding, “Terra Pool (the “Pool”), the world’s first Bitcoin mining pool powered by clean energy. Aligning with the latest climate science, Terra Pool will work to better manage the impact of Bitcoin mining on the climate.
As founding shareholders and partners, DMG and Argo have entered into a Memorandum of Understanding to establish Terra Pool, a cooperative effort to launch a Bitcoin mining pool exclusively powered by clean energy. Initially, the Pool will consist of both DMG’s and Argo’s hashrate, which is currently using energy generated by hydroelectric resources.
‘DMG’s increased innovative strength and continued focus on eco-friendly Bitcoin mining has the opportunity to drive transformations in how the Bitcoin mining community acts toward a climate-conscious future,’ said DMG CEO, Dan Reitzik. ‘DMG’s ongoing commitment to clean energy-based capital deployment is a key industry development. We believe this is an opportunity for continued growth as we develop a better understanding of climate-friendly operations while simultaneously integrating the newest and most innovative blockchain technologies.’
In establishing Terra Pool, Argo and DMG are bringing greater transparency and change to the cryptocurrency sector. This offering will provide a strong incentive and platform for cryptocurrency miners to produce Bitcoin in a sustainable and climate-conscious way.
‘Addressing climate change is a priority for Argo,’ said Argo Blockchain CEO, Peter Wall. ‘Partnering with DMG to create the first ‘green’ Bitcoin mining pool is an important step toward protecting our planet today and for generations to come. We are hopeful other companies within the Bitcoin mining industry will follow in our footsteps to demonstrate broader climate consciousness.’
Terra Pool’s goal is to eliminate significant greenhouse gas emissions over the next decade. In the near-term, Terra Pool will work with like-minded Bitcoin miners to expedite the shift from conventional power to clean energy.
About Argo Blockchain Plc: Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the OTCQX Best Market in the United States under the ticker: ARBKF.”
Argo Blockchain Plc (LSE: ARB) (OTCQX: ARBKF) provided earlier this month a further update to its previously announced non-binding Letter of Intent with DPN LLC of New York, which set out the terms for Argo to acquire 320 acres of land in West Texas, U.S.A. The Company has now completed the acquisition of DPN LLC and as a result, has acquired the land. The acquisition of DPN LLC (by way of a merger with a wholly owned subsidiary of Argo) gives Argo access to up to 800-megawatts of electrical power, where Argo intends to build a new 200mw mining facility over the next 12 months. This facility will provide Argo with what it believes are some of the lowest electricity rates in the world, the majority of which is from renewable sources.
500.com Limited (NYSE: WBAI) announced earlier this month that it has completed its acquisition of bitcoin mining machines owned by certain non-U.S. persons in exchange for an aggregate of 11,882,860 newly-issued Class A ordinary shares valued at USD 1.21 per share, corresponding to USD 12.10 per American Depositary Share (“ADS”) (based on the ratio of ten ordinary shares per ADS), the closing trading price of the Company’s ADSs on January 8th, 2021. This transaction was previously announced on January 11th, 2021.
HIVE Blockchain Technologies Ltd. (TSX-V: HIVE) (OTCQX: HVBTF) reported earlier this year an agreement to expand the footprint of their Sweden GPU mining data centre by an immediate 2 MW at an estimated cost of USD 9 Million, by the end of April 2021. By the end of 2021 we are planning a 30% increase in our Ethereum mining capacity. The immediate expansion of the operating footprint would be accomplished through an infrastructure re-fitting of a portion of its existing facility in Boden, Sweden at an estimated cost of USD 250,000 and the purchase of new generation GPU chips and associated mining rigs to house them at an estimated cost of USD 8.75 Million. These new generation chips are expected to be more efficient than currently available GPU chips on the market while consuming less electricity, which should lead to continuing positive gross margins.
Hut 8 Mining Corp. (TSX: HUT) (OTCQX: HUTMF) reported earlier this year the opening of a Bitcoin (BTC) Yield Account in partnership with Genesis Global Capital, a company providing a single point of access for digital asset markets. The BTC Yield account will enable Hut 8 to earn at a 4% rate of return on its BTC Holdings. With an initial investment of 1000 bitcoin, the Genesis Yield Account will allow Hut 8 to increase or decrease holdings with one days’ notice, offering both the returns and the flexibility essential for continued and strategic growth.
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