Financialnewsmedia.com News Commentary PALM BEACH, Fla., March 8, 2021 /PRNewswire/ — Bitcoin was the first cryptocurrency to ever be created, sparking the birth of an entire industry and thousands upon thousands of altcoins to be created in its image.Not only is Bitcoin the first of its kind, but it has been designed to disrupt and replace paper-based fiat currencies to become the global digital currency used by the entire population, regardless of what country or region they live in.Because Bitcoin is so powerful and has so much potential, Bitcoin’s projected value and estimated growth could be astronomical.An article by a trading company said that ” Speculation from crypto analysts and industry experts suggests that Bitcoin’s long term value could reach over $100,000 to as much as one million dollars per BTC in the future by 2025… Considering all of the massive price projections and forecasts from industry experts that suggest Bitcoin will someday replace all currencies across the globe, it’s easy to see what so many are bullish on Bitcoin, and why Bitcoin price predictions can reach such high numbers, ranging from thousands to even over $1 million dollars per BTC.The revolutionary technology has sparked an entire industry aimed at disrupting traditional finance, and cryptocurrencies are already well on their way to widespread adoption and regular use by the mainstream public.” Active companies with recent developments in the Tech Industry include: Riot Blockchain, Inc.(NASDAQ: RIOT), Hello Pal International Inc.
(OTCQB: HLLPF) (CSE: HP), Canaan Inc.(NASDAQ: CAN), Marathon Patent Group, Inc.(NASDAQ: MARA), HIVE Blockchain Technologies Ltd.(OTCQX: HVBTF) (TSX-V: HIVE).Yet another article added some comparisons to gold… an historical safe haven during times of crisis.It said: When the pandemic began, the stock, gold, and Bitcoin markets dropped by around 30%.
But unlike the other two, Bitcoin managed to return to its annual maximum pretty fast and outperformed other markets’ growth within months… As the market hates uncertainty, the whole world froze, awaiting election results.Stock market and gold prices dropped again as a natural response to the election season, and everyone expected Bitcoin to follow the same falling trend, but nay.As investors always keep looking for new opportunities, while the stock market and gold didn’t promise much return, it became a unique asset with huge potential.The Bitcoin addiction buzz also raised as Paypal announced it would enable buying, selling, and holding digital currencies.Paypal owns a huge payment infrastructure and sets a new trend that will soon be supported by others.” Hello Pal International Inc.(CSE: HP) (OTCQB: HLLPF) BREAKING NEWS: Hello Pal Announces Proposed Transaction to Acquire Interests in Dogecoin/Litecoin Mining Facility and Mining Assets – Hello Pal International Inc., a provider of rapidly growing international live-streaming, social messaging and language learning mobile apps, is pleased to announce that it has entered into a letter of intent (the “Agreement”) with Shanghai Yitang Data Technology Co.
Ltd.(“Yitang”) to acquire: (a) an initial 15% interest in a cryptocurrency mining facility (the “Mining Facility”) located in North-West China to be dedicated to mining Dogecoin (DOGE) and Litecoin (LTC), with an option to increase such interest to 35%; and (b) an initial 51% interest in a number of mining rigs also dedicated to mining Dogecoin and Litecoin (the “Mining Assets”), with an option to increase such interest to 100%.The number of mining rigs has been agreed to be a minimum of 12,500, with potentially up to 2,500 more (at no extra cost to the Company), depending on how many more can be secured by Yitang before completion (together, the “Transaction”).THE TRANSACTION: The Mining Facility, when completed, will be able to house 90,000 mining rigs and have a capacity of 70,000 kWh, which the Company believes will make it one of the largest dedicated Dogecoin/Litecoin mining facility in the world.When fully deployed, the Mining Assets are believed to account for 3-5% of the Dogecoin/Litecoin hashrate in the world, which the Company believes would make it the world’s third largest Dogecoin/Litecoin miner.Assuming operation at full capacity and based on current economics, including current Dogecoin and Litecoin prices, the combined value of Dogecoin and Litecoin mined using the Mining Assets over a 12-month period is expected to be over US$14,000,000.
The Company has agreed to acquire the initial 15% interest in the Mining Facility for a cash payment of RMB 5,000,000 (equal to approximately C$1,000,000) and the Company will have the option to acquire a further 20% interest in the Mining Facility (for a total interest of 35%) for an additional cash payment to be agreed upon between the parties, each acting reasonably, however, not to exceed RMB 8,000,000.The Company has also agreed to acquire the initial 51% interest in the Mining Assets for C$1,500,000 in cash and 1,800,000 units of the Company (the “Consideration Units”) valued at C$2,250,000.Each Consideration Unit will have a deemed value of C$1.25 and consist of one common share of the Company (each, a “Common Share”) and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a “Consideration Warrant”).Each Consideration Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of C$2.00 for a period of two years from the date of issue.
For a period of two years following the acquisition of the initial 51%, the Company will have the option to acquire a further 49% interest in the Mining Assets (for a total interest of 100%) for an additional payment, as to half in cash and half in common shares in the capital of the Company (the number of common shares to be determined in the context of the market), where the valuation of the Mining Assets is dependent on their net profit over a 12-month period immediately preceding the date on which this option is exercised, multiplied by a formulated multiplier.“We are excited to expand our crypto strategy to also include Dogecoin and Litecoin, which we believe will play an increasingly important role in the cryptocurrency world going forward,” said KL Wong, Founder and Chairman of the Company.
“The Hello Pal community, especially what we envision for it to become, is a natural fit with the Dogecoin/Litecoin community, and this deal allows us to become a key player in it,” he added.Read this entire press release and more news for Hello Pal at: https://www.financialnewsmedia.com/news-hp.Other industry developments from around the markets include: Riot Blockchain, Inc.(NASDAQ: RIOT) one of the few NASDAQ-listed bitcoin mining companies in the United States, recently announced that it will achieve an estimated hash rate capacity of 1.06 Exahash per second (“EH/s”) with the deployment of the newly received 2,002 S19 Pro Antminers.“Exceeding 1 EH/s in hash rate capacity marks a major milestone for the Company,” said Jason Les, CEO of Riot.
“While we are proud of this accomplishment, we view it as the successful completion of just one of many steps of our ongoing growth plan.
Riot continues to receive and deploy next-generation miners from Bitmain and remains on schedule to more than triple our currently deployed capacity by the fourth quarter of 2021.” Marathon Patent Group, Inc.(NASDAQ: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, recently announced that 4,000 Antminer S-19 Pro ASIC miners have been shipped from Bitmain to Marathon’s mining facility in Hardin, MT as scheduled.Marathon’s current mining fleet consists of 2,560 miners, generating 248 PH/s (petahash per second).Each S-19 Pro miner produces 110 TH/s (terahash per second) and adds 0.11 PH/s to the Company’s existing operations.Once the additional 4,000 miners are installed, the Company’s mining fleet will consist of 6,560 miners producing approximately 688 PH/s.This represents a 256% increase of our current Hashrate production.
To date, the Company has purchased 103,060 miners, which, once delivered and fully deployed, will produce approximately 10.36 EH/s (exahash per second).Canaan Inc.
(NASDAQ: CAN), a leading high-performance computing solutions provider, recently announced that its revenue visibility has improved substantially in 2021 as a result of attaining purchase orders totaling more than 100,000 units of bitcoin mining machines from customers in North America.Many of those purchase orders were placed with prepayment and will likely occupy the Company’s current manufacturing capacity entirely for the full year of 2021 and beyond.With those fully committed purchase orders, the Company now enjoys a much higher degree of revenue visibility and more precise forecast.As such, the Company is able to leverage such information and additional liquidity to conduct its component purchases, production scheduling, warehousing and logistics.
HIVE Blockchain Technologies Ltd.(TSX.V: HIVE) (OTCQX: HVBTF) recently announced its results for the third quarter ended December 31, 2020 (all amounts in US dollars, unless otherwise indicated).
Income from digital currency mining was $13.7 million in this third quarter, a 174% increase from the same quarter last year, and 5% higher than the previous quarter.Record cash flow of $13.7 million, up significantly from $5.7 million a year earlier, and $3.1 million higher than the previous quarter.Gross mining margin expanded to $10.6 million, from $3.8 million last year, and is $1.4 million higher than that experienced in the prior quarter of $9.2 million.Net income per share grew to $0.05 from $0.01 during the prior year period ended December 31, and is $0.02 higher than the previous quarter of September 30, 2020.“In spite of the decreased number of Ethereum coins mined during this quarter as a result of the lower transaction fees when compared to the previous quarter, our Bitcoin operations doubled in the quarter so that our combined revenue and cash flow made new highs.In addition, we started upgrading our memory chips during the quarter from 4 Gigabyte to 8 Gigabyte which has been a big challenge with Europe locking down due to COVID-19 crisis, but we were able to upgrade over 60% of our mining equipment and still deliver record income and cash flow from operations for our shareholders,” said Frank Holmes, Executive Chairman of HIVE.
“Even with the challenges that have been faced with raising difficulty levels, the strong crypto currency prices coupled by our continued focus on lowering costs at our operations we have seen very strong results for our shareholders.DISCLAIMER: FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third- party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.FNM is NOT affiliated in any manner with any company mentioned herein.FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.
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