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NEW YORK, Aug. 25, 2021 /PRNewswire/ — The cryptocurrency market is on the rebound. This year has been full of important development for digital currencies and the global infrastructure supporting this market. After a troublesome and volatile period of time for cryptocurrencies in recent months due to a political crackdown in China on crypto miners, concerns over stronger regulations from governments and the immense energy required to mine Bitcoin, the prices of many of cryptos are once again on the rise. According to a report by CNBC, Bitcoin’s biggest investors appear to be upping their positions as the price recovers. In fact, cryptocurrency accounts holding roughly USD 50 Million or more worth of Bitcoin have steadily increased their buying since the end of June, according to new data from blockchain firm Chainalysis. ISW Holdings Inc. (OTC: ISWH), Bit Digital, Inc. (NASDAQ: BTBT), Riot Blockchain, Inc. (NASDAQ: RIOT), The9 Limited (NASDAQ: NCTY), BIT Mining Limited (NYSE: BTCM)
Some of the problems that the crypto market was recently facing are already being solved. For example, by the latest estimates, the Bitcoin network uses as much energy in one year as the country of Argentina. Yet, some companies in the crypto and blockchain market have taken steps to improve the situation. Manhattan Solar Partners, LLC, a joint venture between BIT5IVE, LLC and GMine LLC, recently announced plans to build crypto data centers utilizing over a gigawatt of renewable energy in Texas.
ISW Holdings Inc. (OTC: ISWH), transitioning to “BlockQuarry,” pending name change, announced earlier this week, “the filing of the Company’s financial performance data for the three months ended June 30, 2021.
“Our primary mining equipment was not installed and switched on until about two weeks before the end of Q2, so the bulk of the impact will show up in Q3 data in terms of topline numbers,” commented Alonzo Pierce, president and chairman of ISW Holdings. “That said, we have significant equipment now running and just received another large delivery of miners, so we are now cooking at a pace of well over $5 million in annual revenues on a monthly basis, with substantial growth ahead over coming months. We are also proud of material gains in assets while dramatically reducing our liabilities, including derivative liabilities, as we implement our new shareholder-friendly initiative announced several months ago.”
Financial Highlights for Three Months Ended June 30, 2021
- Net Cash increased by over 2,600% on a 6-month basis to over $2.3 million
- Total Assets increased 2,657% on a 6-month basis to over $4.9 million
- Total liabilities decreased 58%, and total derivative liabilities decreased 96% to under $750k
- Booked initial cryptocurrency mining revenues beginning during final weeks of quarter
Operational Highlights for Three Months Ended June 30, 2021
- Received, installed and switched on initial equipment to begin active cryptocurrency mining operations
- Entering Q3 with new partnerships, including partnership with Bitmain Technologies
- Minerset now confirmed as new shareholder, with incentives built in for more mining equipment as shares gain value
- Reached nearly $5 million in total assets
- Reduced liabilities from derivatives by over 96% and implemented new initiatives to prevent future dilution
The three months ended June 30 represent a period of powerful growth in underlying value for the Company, driven by a large increase in assets paired with a large decrease in liabilities. The period is also meaningful because it represents the launch of active operations in cryptocurrency mining with the installation and switch-on in Pennsylvania.
However, management believes that the progress the Company has made in Q3 has been substantially more important to demonstrating tangible financial gains and the Company’s capacity to drive top and bottom-line growth. This progress has been highlighted by the Company’s recent partnerships with Bitmain Technologies and Minerset, which will provide for significant material gains in both mining and hosting activities.
The Company looks forward to further discussing its growing operations in its Southeastern U.S. hosting sites, including total mining capacity that could reach 5.32 EH/s once all 200+ MW are active across all pod units.
Pierce added, ‘We received our initial primary tranche of miners by mid-June. By June 30, we had mined only $19k. However, this was achieved with only minimal mining capacity up and running. Other minor obstacles included refitting our pods for s19’s given that the pods were designed for s17’s. Another 250 Avalon’s arrived last week, and we are now in process of installing the remaining miners needed to reach a hashrate of 54,000 TH/s, which will produce nearly 12 BTC per month, or a little over $6 million in annual revenues at current pricing. However, that doesn’t include new equipment gains on the way or our upcoming growth in hosting revenues, which should surpass $10 million per month once we fully implement the terms of our Bitmain 200 MW agreement, as recently discussed in Company communications.'”
Bit Digital, Inc. (NASDAQ: BTBT) and Digihost Technology Inc. announced last month that the Companies have entered into a second strategic co-mining agreement (the “Agreement”). Pursuant to the terms of the Agreement, Digihost will provide certain premises (the “Premises”) to Bit Digital for the operation of a 100 MW Bitcoin mining system (the “Miners”) to be delivered by Bit Digital for a term of two years. This expanded collaboration between Digihost and Bit Digital is expected to facilitate an additional increase in hashrate of approximately 2 EH between the companies, and a total increase in hashrate between the two companies of approximately 2.4 EH including the initial collaboration agreement that was previously announced on June 10, 2021.
Riot Blockchain, Inc. (NASDAQ: RIOT) announced earlier in June its May production and operational updates, including its unaudited Bitcoin (“BTC”) production for May 2021 and its latest miner delivery status. The Company plans to continue to provide monthly operational updates and unaudited production results through the end of 2021. These updates are intended to keep shareholders informed of Riot’s mining production as it continues to deploy its expanding miner fleet. On May 26th, 2021, Riot announced it completed its previously announced acquisition of Whinstone U.S. (“Whinstone”). Whinstone’s Bitcoin mining facility in Rockdale, TX is the largest Bitcoin mining facility in North America, as measured by its 300 MW in developed capacity. The Company announced its plans to immediately commence further development of additional capacity at Whinstone in order to rapidly bring the property to its current capacity of 750 MW. This expansion will be driven by Whinstone’s industry leading development team of over 100 employees.
The9 Limited (NASDAQ: NCTY) announced last week that its wholly-owned subsidiary NBTC Limited (“NBTC”) and a Kazakhstan company LGHSTR Ltd. (“LGHSTR”) have signed a non-binding investment memorandum to establish a joint venture in Kazakhstan. According to the investment memorandum, NBTC and LGHSTR will own 51% and 49% of the joint venture respectively. NBTC will control the board of directors of the joint venture. The joint venture plans to invest and build cryptocurrency mining sites with a total capacity of 200MW within two years. NBTC will have the priority to deploy cryptocurrency mining machines owned by NBTC or its partners. When the 200MW mining sites construction is fully completed, taking S19 Antminers as an example, the sites are expected to be able to deploy more than 50,000 S19 Antminers and accommodate about 5EH/s of hash power. The joint venture will also carry out operation and maintenance of cryptocurrency mining machines in Kazakhstan. The joint venture plans to complete the construction of 20MW in September 2021; a total of 100 MW is expected to complete by the end of 2021 cumulatively; and a total of 200MW is expected to be completed by the end of 2022 cumulatively.
BIT Mining Limited (NYSE: BTCM) reported last month that it has entered into a definitive purchase agreement (the “Purchase Agreement”) to acquire 2,500 new bitcoin mining machines (“the Acquired Machines”) for a total consideration of approximately US$6.6 million. When deployed, the Company expects the Acquired Machines to increase its theoretical maximum total hash rate capacity by approximately 165 peta hashes per second (PH/s). The Acquired Machines are expected to be delivered within one week from today. Following delivery, the Company plans for them to be shipped to Kazakhstan for deployment. BIT Mining is monitoring current conditions in the market for cryptocurrency mining machines and will consider cost-efficient mining machine acquisitions on an opportunistic basis. Looking forward, the Company is prepared to further expand the scale of its business and increase its theoretical maximum total hash rate capacity, in order to strengthen its position as a leading cryptocurrency mining enterprise.
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