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VANCOUVER – USA News Group – After hyping it through teasing his company would accept it for EVs made by his company Tesla, Inc. (NASDAQ:TSLA), Elon Musk has now crashed the price of Bitcoin (BTC), in favor of promoting his new favourite Dogecoin (DOGE) to become the “Currency of Earth”, which he believes he can optimize to be more efficient. Musk’s crypto flip-flops have cause heightened volatility in the digital currency markets, leading investors to once again look at gaining exposure to them without actually banking on them individually in their crypto wallets. This latest round of fluctuations has them opening up to other opportunities such as the live-streaming/crypto mining operations of Hello Pal International Inc. (CSE:HP) (OTC:HLLPF), Chinese blockchain miners Ebang International Holdings Inc. (NASDAQ:EBON), and diversified crypto miners Ault Global Holdings, Inc. (NYSE:DPW), all while there are growing calls for online retail giant Amazon, Inc. (NASDAQ:AMZN) to accept Dogecoin in its marketplace.
More and more people are gaining access to cryptocurrency, without actually tackling it head on. Users of the popular live-streaming platform Hello Pal International Inc. (CSE:HP) (OTC:HLLPF) are gaining access to mining operations of Dogecoin and Litecoin.
Back in April, Hello Pal announced it had signed a definitive purchase agreement to acquire a 51% interest (with an option to acquire 100% interest) in 12,500 mining rigs dedicated to mining DOGE and Litecoin (LTC).
“With the signing of the definitive agreement, we have taken the next step towards having cryptocurrency as an integral part of Hello Pal,” said KL Wong, Founder and Chairman of Hello Pal International in the accompanying release. “We are also ecstatic that our choice of cryptocurrencies to mine seems to have been validated especially by the recent incredible surge in market interest and activity of Dogecoin. As far as we are aware, upon completion of this transaction, we shall be the only publicly listed company with primary exposure to Dogecoin.”
Their mining assets provide a combined hash rate of 6.25 TH/s, amounting to 2.1% of the entire current LTC network hash rate. In an effort to better secure their assets, these mining operations are hosted across multiple locations, ensuring diversification of risk against potential factors that may adversely affect cryptocurrency mining.
Hello Pal originally signalled its users could take part in their cryptocurrency mining initiative back in February—including access to mining Bitcoin (BTC) and Ethereum (ETH)—through access to crypto mining machines.
“It has long been our intention for cryptocurrency to play a central part on our platform, especially given the borderless nature of cryptocurrency and our international nature,” said Wong. “The recent activity and interest in cryptocurrency presents us with a unique opportunity to introduce cryptocurrency to our users, as well as to bring cryptocurrency users to our platform.”
However, it wasn’t until Hello Pal linked itself to Dogecoin that interest in their cryptomining initiative hit a tipping point. In fact, their DOGE/LTC press release triggered a server overload causing a temporary outage.
“The sharp increase in activity on our website and the Hello Pal app validates the clear position we have taken on Dogecoin as well as on cryptocurrency in general,” said Wong. The company website was swiftly back online, but the surge signaled the potential for the DOGE interest to come.
Chinese-based Ebang International Holdings Inc. (NASDAQ:EBON) currently derives a huge portion of its business from Bitcoin mining. The company develops miners that use 10-nanometer ASIC chips.
Even though the company is predominantly associated with Bitcoin, back in February Ebang announced it would roll out simultaneous Dogecoin/Litecoin mining, not unlike Hello Pal.
“We will develop LTC and Doge mining on the basis of our Bitcoin mining business,” said Ebang Chairman and CEO, Dong Hu. “We believe this move will accelerate [Ebang’s] transformation from solely a hardware manufacturer to a diversified and vertically integrated blockchain company with comprehensive involvements in the blockchain industry value chain.”
Another diversified company that includes cryptomining among its businesses is Ault Global Holdings, Inc. (NYSE:DPW). After a short hiatus, the company resumed cryptocurrency mining operations earlier this year.
“Since we abandoned our bitcoin mining activities approximately a year ago, much has changed for the Company,” said Milton “Todd” Ault, III, the Company’s Executive Chairman. “We have significantly strengthened our balance sheet, which allows us to invest in growing our cryptocurrency mining operations. We believe that we are now in a position to better withstand the volatility associated with cryptocurrency mining, as we have secured a low-cost energy source that we control.”
However, the company has yet to announce any official mining of Dogecoin, with the first interests being focused mostly on bitcoin and Ethereum.
Where holders can spend their Dogecoin currently is limited to smaller firms, with the most prominent entity being the Dallas Mavericks NBA team. However, there’s plenty of speculation of a big fish on the way, with Elon Musk polling his Twitter followers whether his company Tesla, Inc. (NASDAQ:TSLA) should receive DOGE for its vehicles, and a petition for Amazon, Inc. (NASDAQ:AMZN) to accept DOGE as payment topped 200,000 signatures in April.
When Musk put out his DOGE poll tweet, he garnered over 4 million respondents—of which 80% supported the proposal.
But as much as Dogecoin enthusiasts would welcome buying a Tesla with their favourite cryptocurrency, their biggest wish is to spend their digital assets on Amazon.
A recent study showed that more than one in four people believe “dogecoin is the future”, and a majority of respondents (52.9%) wanted Amazon to accept it—more than any other retailer.
To be clear, Amazon does NOT take Dogecoin as payment at this time. And it’s hard to imagine that Amazon will readily accept DOGE right away, especially given that the company has already shown it’s set to launch its own digital currency.
Article Source: https://usanewsgroup.com/2020/11/16/live-streaming-is-taking-the-market-by-storm/
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