A Growing Number of Companies Adopt Cryptocurrency Solutions
NEW YORK, Oct. 1, 2021 /PRNewswire/ — As a result of the crypto boom that occurred earlier this year, many companies and organizations have become noticeably more open to blockchain technology and cryptocurrencies. Therefore, it is not surprising that ETFs with a focus on crypto and blockchain are doing so well. “Just over three years ago we launched the first actively-managed ETF focused on the dynamic market segment of blockchain-related stocks,” said Amplify CEO Christian Magoon. “BLOK has provided investors with additional portfolio diversification through its unique portfolio makeup that includes the Bitcoin Investment Trust. Blockchain technology is primarily known for one application today: cryptocurrency.” And just this week, Canada’s first multi-cryptocurrency ETF, the Evolve Cryptocurrencies ETF (ETC), which invests in both Bitcoin ETF (EBIT) and Ether ETF (ETHR), began trading under the ticker ETC on the Toronto Stock Exchange. ISW Holdings Inc. (OTC: ISWH), BIT Mining Limited (NYSE: BTCM), Bitfarms Ltd. (NASDAQ: BITF), Riot Blockchain, Inc. (NASDAQ: RIOT), Sphere 3D Corp. (NASDAQ: ANY)
While many industries and governments have become more open minded about digital currencies over the last several years, obstacles still remail. For instance, according to a report by Yahoo Finance, China continues with its crackdown on crypto mining. Nevertheless, since the clampdown by the Chinese government on crypto mining began, Bitcoin miners in China have begun looking to relocate their operations to U.S. states like Texas, South Dakota and Tennessee, The Washington Post reported.
ISW Holdings Inc. (OTC: ISWH) transitioning to “BlockQuarry,” pending name change, announced yesterday breaking news that, “the Company surpassed agreed upon milestones related to the performance of its common stock price and will therefore receive an additional 150 Bitmain S19 95TH/s miners from Minerset, a Delaware LLC, due to negotiated milestone clauses included in the asset purchase agreement (the “Agreement”) reached between the two companies in August.
These 150 miners are supplemental to the 400 miners already paid for and received as part of the original Agreement.
The Company leveraged its shares of Preferred B stock to purchase its initial tranche of 400 miners. As a part of the contract, ISW Holdings President and Chair, Alonzo Pierce, and Minerset Managing Member, Elias Fernandez Sanchez, negotiated a graduated milestone provision deeming that ISW Holdings would earn 75, 150, or 225 additional Bitmain S19 95TH/s miners based on the performance of the Company’s common stock at or above $2, $3, or $4, respectively.
The Company has now triggered two of those milestones and looks forward to the opportunity to reach the next – the stock price for common shares of ISWH closed at $3.44 on Monday after hitting a 52-week intraday high of $3.78 during the session.
‘This contract was a win for both companies: We didn’t have to part with $3.8 million in cash and Minerset was able to quickly move its inventory,’ noted Pierce. ‘With the appreciation of our stock price, both companies have already been amply rewarded for this partnership.’
Upon delivery, the miners will be prepped and deployed in POD5 units at the Company’s Pennsylvania mining project.
‘In addition to being a surprise reward for our shareholders on the asset side, this new tranche of miners will drive significant further bottom line performance gains over coming quarters,’ added Pierce. “We also continue to work with FINRA on our name and symbol change, which is our first step of many on our way toward a NASDAQ listing.'”
For more information visit: www.blockquarry.io
BIT Mining Limited (NYSE: BTCM) announced last week that it has entered into a Membership Interest Purchase Agreement and certain other auxiliary agreements (the “Agreements”) with Viking Data Centers, LLC (“Viking Data Centers”) to jointly invest in the development of a cryptocurrency mining data center space in Ohio (the “Ohio Mining Site”) with access to power capacity of up to 85 megawatts (“MW”). Development of the Ohio Mining Site is currently expected to be fully completed in February 2022. As part of its growth strategy, BIT Mining has been executing a robust plan to invest in, acquire and develop high-quality mining resources around the world. The Company has shipped 1,016 mining machines to the United States as of the date of this press release. Going forward, the Company plans to further strengthen its expansion efforts and accelerate its global development.
Bitfarms Ltd. (NASDAQ: BITF) announced back in September a Bitcoin production and operations update. The Company reported that it has mined 354 new Bitcoin during August 2021. The Company is currently mining approximately 10 Bitcoin each day, and deposited 2,028 Bitcoin into custody through September 1, 2021, representing approximately 96% of the Company’s Bitcoin production this year and valued at approximately US$101.4 million based on a Bitcoin price of US$50,000. “As we execute on our expansion plans, we are excited to surpass 2 Exahash per second in the coming months and continue to add most of our mined Bitcoin to treasury at an even faster rate than in the first half of 2021,” commented Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. “As we work to execute on our growth targets, we are aggressively pursuing opportunities to add new infrastructure to support our equipment acquisitions and look forward to reporting on even greater infrastructure growth in the months ahead,” added Mr. Grodzki.
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.
Sphere 3D Corp. (NASDAQ: ANY) announced this June that it has entered into an Agreement and Plan of Merger with Gryphon Digital Mining Inc. (“Gryphon”), a privately-held company focused on the mining of bitcoin using renewable energy. Upon completion of the merger, the Company will change its name to Gryphon Digital Mining Inc. The merged company will focus on expanding Gryphon’s digital mining operations and utilize Sphere 3D’s proprietary enterprise solutions to optimize Gryphon’s processes. “Gryphon’s future focus on mining using 100% renewable energy will set the bar for mining companies of the future. We have been engineering GPU-based converged systems for many years and are excited to leverage our experience to enhance the performance of Gryphon’s operations. We believe the merger of the two companies provides an excellent opportunity to create meaningful value for our shareholders,” said Peter Tassiopoulos, Sphere 3D’s Chief Executive Officer.
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.