#CryptoCorner: BCH “Halving”, Galaxy Digital (TSXV: $GLXY.V) Releases 2019 Financials and DMG #Blockchain Solutions (TSXV: $DMGI.V) Increases Mining Capacity with New Equipment
#CryptoCorner: BCH
“Halving”, Galaxy Digital (TSXV: $GLXY.V) Releases 2019 Financials and DMG #Blockchain
Solutions (TSXV: $DMGI.V) Increases Mining Capacity with New Equipment
Point Roberts, WA, Delta BC April 8, 2020
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and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on
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Stocks discussed: (TSXV:GLXY) (TSXV:DMGI)
The crypto market
is a bit of a mixed bag today with some of the top 100 coins listed by market
cap in the red, and others in the green, according to data from CoinMarketCap. Bitcoin (BTC) is slightly in
the red at press time, but has maintained a trading price above $7,000 since
late Sunday. It is currently trading for about $7,275.
Earlier today
Bitcoin Cash (BCH) went through its
first “halving”, an event which sees each new transaction block produce half of
its mining reward. Specifically, Bitcoin Cash miners will see a reward of 6.25
BCH per block, which is down from 12.5 BCH per block. This is commonly supposed
to lead to a rally in the cryptocurrency, as it creates a deficit in supply.
This remains to be seen, however, as it also reduces incentives for miners who
will now see their rewards cut in half. The halving of Bitcoin is expected
sometime in May.
Galaxy Digital
Holdings Ltd. (TSXV:GLXY) has released financial results
for the fourth quarter and full year ending December 31, 2019. Galaxy Digital
CEO Mike Novogratz said:
"Galaxy Digital entered 2020 with significant
operational momentum in our three operating businesses of Trading, Asset
Management and Advisory Services, and I am proud of how our dedicated team is
now navigating the unprecedented global economic dislocation driven by
Covid-19. The digital asset and cryptocurrency market has seen significant
volatility and de-risking in the past several weeks, similar to other growth
and safe-haven asset classes, as investors prioritized liquidity above all. In
this market environment, we continue to focus on the safety of our people,
trading nimbly, and sharing differentiated insights with our institutional
clients and counterparties."
DMG Blockchain
Solutions Inc. (TSXV:DMGI) has increased its mining
capacity with the addition of new equipment. The company’s COO, Sheldon
Bennett, explained:
“DMG has been testing the latest models of ASIC miners
from various manufacturers and, based on capital cost, energy consumption, and
mining efficiency, the Company has chosen to begin deployment of additional M30
miners manufactured by MicroBT. The M30s generate 88 TH/s of compute power with
an energy consumption of 3,344 watts. We expect the M30 to be profitable for at
least 36 months based on the current bitcoin price and forecasted network hash
rate changes during this period, including the May 2020 Bitcoin reward halving,
as well as DMG’s access to low cost power via our 85MW substation. One of our
existing alt-coin clients has also added 23 Petahash of Bitcoin miners for
hosting at DMG’s facility. We expect receipt of shipments of all new miners as
well as their energization by the end of this month.”
Sam
Mowers, Investorideas
For investors following the sector Investor Ideas has a
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