#CryptoCorner: Gains in Bitcoin Reignite Crypto Fever - Companies Aim to Lower Mining and Energy Costs (OTCQB: $INTV) (NASDAQ: $MARA) (NASDAQ: $RIOT) (OTC: $GBTC)
#CryptoCorner: Gains in Bitcoin Reignite
Crypto Fever - Companies Aim to Lower Mining and Energy Costs (OTCQB: $INTV)
(NASDAQ: $MARA) (NASDAQ: $RIOT) (OTC: $GBTC)
Point Roberts WA,
Delta BC – May 14, 2019 – Investorideas.com, a global investor news source covering
blockchain and cryptocurrency issues a special edition
of the Crypto Corner looking at recent
news and developments in the cryptocurrency sector.
As Bitcoin and other
cryptocurrencies regain stability and enter a bullish phase, many crypto
related companies are focusing heavily on lower mining costs and capitalizing
on this renewed interest. Bitcoin prices are entering territory not seen in
some time, breaking $7500 and doubling in price since mid-December.
Read this in full at https://www.investorideas.com/news/2019/crypto-corner/05142INTV-MARA-RIOT-GBTC.asp
The Crypto Corner reported yesterday,
Monday, May 13th, “This rally
was accompanied by a record high in trading volume for Bitcoin set on Sunday,
May 12. Blockfyre founder Jonathan Habicht tweeted:
$29 Billion in $BTC volume was traded today.
The previous high of $25.5 billion was set on Jan 8, 2018.”
After experiencing historic growth (growing
from a $7 billion market cap in January 2016 to a more than $600 billion market
cap by late 2017), the cryptocurrency market has entered into a bear phase.
Recovery has been strong in recent months, with Bitcoin's value increasing
nearly 70% from December 2018 to May 2019, and growing Institutional interest,
a low cost of mining equipment and ROI are key factors for investments at these
levels.
Integrated Ventures
Inc. (OTCQB: INTV), a company that engages in digital currency mining
operations through manufacturing equipment; selling mining rigs, as well as
developing blockchain software, recently announced the signing of a
Hosting and Marketing Agreement with PetaWatt Properties, LLC. As a result, the
previously contemplated transaction to acquire Erie Power, LLC has been
terminated, (1) due to a need for significant capital requirements to re-start
the plant and build out mining infrastructure, (2) up to a 6 month timeline for
launch of mining operations, (3) a need for a significant dilution due to the
recent stock pricing weakness and (4) the company's ability to secure a similar
deal, in terms of power cost, without any additional investment.
On May 7, 2019, Integrated Ventures signed a
three-year Agreement with PetaWatt Properties, LLC, which will allow Integrated
Ventures to consolidate and streamline all mining operations (NC, PA and NJ)
into one location, to eliminate the Company's lease obligations and payroll
expenses and to lower its power costs by over 50%, thus greatly enhancing
mining profitability and long-term viability.
In addition, Integrated Ventures intends to
market PW's services to diversify its business by offering hosting and pool
services via a la carte packages to third-party miners and market participants.
The company has formulated and plans to
execute a 6 step plan, designed to position INTV for the next bull cycle:
- Operational Restructuring.
To streamline and improve profitability of current operations, the company
is switching from warehouse mining to third party hosting model, based on
monthly flat fee and resulting in elimination of all major expenses such
monthly lease, payroll, etc. All mining equipment (775+ rigs) is scheduled
to be connected by May 30th.
- Securing Competitive
Electricity Rates. By partnering with PetaWatt,
Integrated Ventures will secure access to a lowest power pricing
structure.
- Generating Cash Flow via
Hosting & Mining Revenue Share Services. Integrated Ventures
intends to generate significant revenue through reselling of hosting and
revenue share services.
- Locking-In Record Low Hosting
Rate.
Newly secured Integrated Ventures' access to the most competitive power
cost, will allow the company to utilize and market one of the most
competitive hosting rates in the industry, thus driving profitability and
demand for long-term hosting contracts.
- Implementing All-In-One
"Plug-and-Mine" Mining Solution. Integrated Ventures
will offer clients an access to best hosting and pool rates for ASIC and
GPU miners, creating a "We Work" -style turn-key mining option
for miners seeking a fast market entry combined with a cost effective
hosting and pool space.
- Purchasing Discounted Mining
Rigs from Secondary Markets. Integrated Ventures will
keep costs low by purchasing equipment on the secondary market, a strategy
that was not possible when the market was in its infancy.
Integrated Ventures will have reliable
long-term access to inexpensive electricity through its three-year agreement
with PetaWatt. Access to the low cost power is the key that will allow
Integrated Ventures to mine far more profitably than most of its North American
competitors and provide hosting services at the market's most competitive price
point.
Marathon Patent
Group, Inc. (NASDAQ:MARA) recently announced its operating
results for the three months ended March 31, 2019, as published in its Form
10-Q filed today with the Securities and Exchange Commission.
Some of the key operating Results for the
Quarter Ended March 31, 2019 were revenues of $230,694 during the three months
ended March 31, 2019 compared to $239,967 during the three months ended March
31, 2018, operating loss improved to $984,909 (inclusive of non-cash expenses)
for the quarter ended March 31, 2019 compared to an operating loss of $1.8
million (inclusive of non-cash expenses) quarter ended March 31, 2018, and the
company had approximately $2 million of cash and cash equivalents.
Merrick Okamoto, Chief Executive Officer,
stated, “We’re pleased to show significant financial improvement on a year over
year basis including significant reductions in our operating costs, While
recent improvements in the price of Bitcoin is clearly beneficial to our
ongoing mining operations and should benefit our financial performance in our
Q2, we continue to seek potential acquisition opportunities that we deem to
offer the best opportunity for appreciation for our shareholders.”
Riot Blockchain, Inc. (NASDAQ: RIOT) also announced the filing of its
March 31, 2019 Quarterly Report on Form 10-Q, which can be viewed on the
Company's website or at SEC.gov.
Some of the highlights extracted from the
March 31, 2019 quarterly consolidated financial statements were generating
approximately $1.4 million in revenue on the production of 329.52 Bitcoins, 356
Bitcoin Cash, and 1,422.5 Litecoins for the quarter, a gross margin which was
roughly breakeven at (4)% before depreciation and amortization despite an
average Bitcoin price of $3,799 for the 2019 quarter, and a net loss of
approximately $13.5 million or $0.94 per share compared to a net loss of $16.4
million or $1.35 per share in the quarter ended March 31, 2018.
Riot's fully-owned hashing power was
approximately 101 Petahash as of March 31, 2019; which ranks the company among
the largest publicly-listed miners of Bitcoin and the operation continues to be
fully deployed with 24/7 real-time monitoring of status and profitability.
Grayscale Investments, LLC (OTC: GBTC), a global leader in digital currency asset management, recently released its 2019 Q1
Grayscale Digital Asset Investment Report, a comprehensive report that
highlights investment activity and performance across the Grayscale family of
products during the first three months of the year.
During the first
quarter of 2019, Grayscale raised $42.7 million into its single-asset and
diversified investment products, marking a 42% increase in quarter-over-quarter
product inflows, with 73% of capital raised coming from institutional
investors.
In conjunction with
performance of the broader digital asset market, Q1 2019 marked the first
positive quarterly performance for six of the ten Grayscale investment
vehicles, including Grayscale Bitcoin Trust and Grayscale Digital Large Cap
Fund, since the end of 2017.*
Grayscale's
investment products are available to institutional and accredited individual
investors through their respective private placements. Grayscale’s single-asset
investment products provide exposure to Bitcoin (BTC),** Bitcoin Cash (BCH),
Ethereum (ETH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar
Lumens (XLM), XRP, and Zcash (ZEC). Grayscale’s diversified investment vehicle,
Grayscale Digital Large Cap Fund™, provides exposure to the top digital
currencies by market capitalization.
With continued
quarterly financials showing an increase in capital and a decrease in losses,
as well as continued crypto-currency stability, interest is growing in this
sector. Companies making headways in lowering energy costs and increasing
efficiencies hope to capitalize on this next phase of the crypto bull market.
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