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Friday, April 3, 2020

#CryptoCorner: Hut 8 (TSX: $HUT.TO) Reports 2019 Financials and Riot Blockchain (NasdaqCM: $RIOT) Releases March Production Update



#CryptoCorner:  Hut 8 (TSX: $HUT.TO) Reports 2019 Financials and Riot Blockchain (NasdaqCM: $RIOT) Releases March Production Update

Point Roberts, WA, Delta BC April 3, 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 .

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Hut 8 Reports 2019 Financials and Riot Blockchain Releases March Production Update

Stocks discussed: (NasdaqGS:CME) (NYSE:ICE) (TSX:HUT) (NasdaqCM:RIOT)

Since late Wednesday Bitcoin (BTC) has been rallying. It reached a peak of nearly $7,100 on Thursday, according to data from CoinMarketCap, though some price trackers have it closer to $7,300. At press time it is trading for $6,900. A tweet from data monitor Skew indicated that Bitcoin futures volumes on CME (NasdaqGS:CME) and Intercontinental Exchange (NYSE:ICE) subsidiary Bakkt had hit their highest levels since March 16 on April 2, coinciding with this rally.

Speaking of CoinMarketCap, the crypto data site was acquired by the largest cryptocurrency exchange by market volume, Binance. In an interview with CoinDesk, Binance CEO Changpeng “CZ” Zhao revealed that the deal, which was closed on March 31, was “by far the largest” the company had ever done. He said:

“CoinMarketCap has more users than any other product in the crypto space. Even though their money generation mechanism is not as strong as Binance, they do have the users – it’s a very valuable platform.”

Hut 8 Mining Corp. (TSX:HUT) has reported its financial results for the year ended December 31, 2019. Highlights include an annual revenue of $82.0 million CAD from mining 8,618 bitcoin, mining profit margin of 45 percent, and a graduation to the TSX from the TSX Sandbox. Jimmy Vaiopoulos, Chief Financial Officer of Hut 8, commented:

"2019 was a milestone year for Hut 8 as we achieved bottom line profitability which allowed for growth in operating capacity and paying down debt. We are proud to have had a successful first full year as a public company while also graduating to the TSX via the TSX Sandbox."

For more on Hut 8, feel free to check out the Investorideas.com interview with the company’s CEO Andrew Kiguel featured on the October 15, 2019 episode of Crypto Corner.

Riot Blockchain, Inc. (NasdaqCM:RIOT) has released its March 2020 production update, revealing that it produced 102 newly mined bitcoins in the month. This represents a 126 percent increase over the company’s December results, which can likely be attributed to its Oklahoma City mining facility upgrade which saw the integration of Bitmain S17 Antminers.

Sam Mowers, Investorideas

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