#CryptoCorner
Episode 383- #Bitcoin Rallies After Weekend Slump, Microsoft (NasdaqGS: $MSFT)
Files #Crypto Mining Patent and HIVE (TSXV: $HIVE.V) to Acquire 30MW Mining
Facility from Cryptologic (CSE: $CRY.C)
Point Roberts, WA, Delta BC March 30, 2020
- Investorideas.com, a leader in crypto
and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on
what’s driving the cryptocurrency market .
Listen
to today’s Crypto Corner Podcast:
Read
this in full at https://www.investorideas.com/news/2020/crypto-corner/03301Bitcoin-MSFT-HIVE-CRY.asp
Stocks discussed: (NasdaqGS:MSFT) (TSXV:HIVE) (CSE:CRY)
When we left off on
last Friday’s Crypto Corner, Bitcoin
(BTC) was trading for
$6,600. Shortly after, however, it witnessed a rapid drop down to around $6,150
and bottomed on Sunday with a trading price of $5,900 according to data from CoinMarketCap. But after
spending the weekend in this rut, Bitcoin has rallied this morning to a current
trading price of $6,320.
A possible reason
for the hampered and underwhelming growth exhibited by the crypto market
following the coronavirus could be that the amount of cash circulating has
increased in the same period. Figures from Federal Reserve
Economic Data
(FRED) show that the amount of cash circulating shot up between March 11 and 18
from $1.809 trillion to $1.843 trillion, which according to a tweet from economist
John Paul Koning, is “the largest weekly increase in US banknotes in
circulation since the Y2K jump in December 1999.” This preponderance of cash
may indicate that people are less inclined to rely on cryptocurrencies to make
transactions currently.
Microsoft (NasdaqGS:MSFT)
has filed a patent
application for a “cryptocurrency system using body activity data.” The
proposed system would allow crypto mining by leveraging body activity data. The
application’s abstract reads:
Human body activity associated with a task provided to
a user may be used in a mining process of a cryptocurrency system. A server may
provide a task to a device of a user which is communicatively coupled to the
server. A sensor communicatively coupled to or comprised in the device of the
user may sense body activity of the user. Body activity data may be generated
based on the sensed body activity of the user. The cryptocurrency system
communicatively coupled to the device of the user may verify if the body
activity data satisfies one or more conditions set by the cryptocurrency
system, and award cryptocurrency to the user whose body activity data is
verified.
HIVE Blockchain
Technologies Ltd. (TSXV:HIVE) has signed a definitive
agreement to acquire a mining operation in Lachute, Quebec from Cryptologic
Corp. (CSE:CRY) for an
approximate purchase price of $4 million CAD. The mining facility has access to
30 megawatts of low cost green power. Frank Holmes , Interim Executive Chairman
of HIVE, commented:
"This is an important strategic acquisition for
HIVE that diversifies our business significantly, and we are making it at an
opportune time at an attractive valuation for our shareholders. The Acquisition
provides us with an advanced, operating Bitcoin mining facility ready to
transition to next generation mining hardware with access to some of the lowest
cost electricity on the planet. The cost of US$95,000 per MW is less than half
the industry standard build cost per MW.”
Sam Mowers,
Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
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