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This year has been crucial for the fate of the digital currency and blockchain markets. Generally speaking, the methodology of monetary institutions, organizations and surprisingly certain legislatures has altogether changed lately, as commercial payments are gradually getting used to the possibilities of Bitcoin. One of the significant explanations behind this is that a Bitcoin installment is quicker, less expensive, more secure and less unpredictable than the local currencies in many nations. Furthermore, a portion of the issues that the crypto market was as of late confronting are now being settled. For instance, in light of appraisals from recently, the Bitcoin network utilizes as much energy in one year as the nation of Argentina.
According to Allied Market Research, the global cryptocurrency market size is projected to reach USD 4.94 Billion by 2030 while growing at a CAGR of 12.8% from 2021 to 2030. The increased demand for operational efficiency and transparency in financial payment systems, including data security, are major factors that drive the growth of the global cryptocurrency market. Additionally, the increased demand for cryptocurrency among banks and financial institutions provides a lucrative opportunity for market expansion during the forecast period. Paypal, a company focused on online payment systems, announced on October 21st, 2020 that customers may buy and sell Bitcoin and other cryptocurrencies using their PayPal accounts. Furthermore, Mastercard partnered with Island Pay to launch the world’s first CBDC-linked Card on February 10th, 2021.
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 more than a gigawatt of renewable energy in Texas. AGM Group Holdings, Riot Blockchain, Marathon Digital Holdings, PayPal Holdings, MicroStrategy Incorporated.
AGM Group Holdings Inc. (NASDAQ: AGMH) just announced breaking news that, “it has received a purchase order (the “Order”) from Minerva Corp, a with strong relationships and resources within the Fintech and Blockchain ecosystems, and includes leading global blockchain players like Terawulf Inc. and among its client portfolio. Pursuant to the terms of the Order, the Company will initially receive US$20 million as a deposit that constitutes approximately 15% of the total order value with the remainder of the order amount to be payable before delivery commencement. AGMH expects to deliver 25,000 units of 100 TH/S ASIC crypto miners with an aggregate operating hash power of 2500 PH/S to Minerva within the first quarter of 2022.
About AGM Group Holdings Inc.: Incorporated in April 2015 and headquartered in Beijing, China, AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment. AGMH’s mission is to become one of the key participants and contributors in the global fintech and blockchain ecosystem. For more information, please visit www.agmprime.com.”
Mr. Steven Sim, Chief Financial Officer of AGMH, commented, ‘This order from Minerva builds on the previous Nowlit order from October 13th and is evidence of our growth as we continue to solidify our leading position in the market while also allowing us to increase the Company’s cashflow, which gives us sound financial footing as we begin our plans for mass production in 2022.’
Riot Blockchain, Inc. (NASDAQ: RIOT) announced on October 19th, the development of 200 megawatts (“MW”) of immersion-cooling technology at its Whinstone facility (“Whinstone”), which to the Company’s knowledge is the Bitcoin mining industry’s first industrial-scale immersion-cooled deployment of Bitcoin mining hardware (“miner(s)”, “ASIC” or “ASICs”). “After months of research and development, utilizing partnerships across industries, Riot is proud to be a pioneer in the use of cutting-edge immersion-cooling technology at an unprecedented scale,” said Jason Les, CEO of Riot. “By leveraging technology, industry-leading low power costs, and economies of scale, Riot intends to continue driving operating and capital efficiencies for its self-mining business and its institutional clients. Due to these efficiencies, we anticipate observing an increase in the Company’s hash rate and productivity through 2022, without having to rely solely on purchasing additional ASICs.”
Marathon Digital Holdings, Inc. (NASDAQ: MARA) published on October 4th, unaudited bitcoin (“BTC”) production and miner installation updates for September 2021 and announced a new $100 million revolving line of credit (“RLOC”) with Silvergate Bank, a leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry. “In the third quarter, we increased our bitcoin production by 91% quarter-over-quarter to 1,252 BTC, which increased our total bitcoin holdings to approximately 7,035 BTC,” said Fred Thiel, Marathon’s CEO. “Our September production figures were impacted by a material increase in the total network’s hash rate, the ‘luck’ factor inherent in bitcoin mining, and two days of scheduled downtime at the Hardin power plant. While some amount of downtime and ‘luck’ will always be present in bitcoin mining, affecting results in the near-term, we believe our production will become more stable over time as we continue to bring new miners online and achieve greater scale.
PayPal Holdings, Inc. (NASDAQ: PYPL) subsidiary Venmo, LLC announced on August 10th, Cash Back to Crypto, a new way for Venmo Credit Card customers to automatically purchase cryptocurrency from their Venmo account using cash back earned from their card purchases. The new feature, which further enhances the Venmo Credit Card’s dynamic rewards experience, expands choice in how customers can spend their cash back while allowing them to start exploring crypto within the Venmo environment they know and love. “The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo,” said Darrell Esch, SVP and GM, Venmo. “We’re excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo.” MicroStrategy Incorporated (NASDAQ: MSTR) announced on June 21st, that it had purchased an additional approximately 13,005 bitcoins for approximately $489 million in cash at an average price of approximately $37,617 per bitcoin, inclusive of fees and expenses. As of June 21, 2021, MicroStrategy holds an aggregate of approximately 105,085 bitcoins, which were acquired at an aggregate purchase price of approximately $2.741 billion and an average purchase price of approximately $26,080 per bitcoin, inclusive of fees and expenses. MacroStrategy LLC, a subsidiary of MicroStrategy, holds approximately 92,079 of the bitcoins.
News Summary:
- Crypto miners take advantage of an increasingly favorable market climate
- Check all news and articles from the latest Business news updates.
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