#CryptoCorner Episode 399: #Bitcoin Passes $10K, Riot (NasdaqGS: $RIOT) Purchases Another 1,040 Bitmain Antminers and Coinstar Plans a Doubling of Bitcoin ATMs
#CryptoCorner
Episode 399: #Bitcoin Passes $10K, Riot (NasdaqGS: $RIOT) Purchases Another
1,040 Bitmain Antminers and Coinstar Plans a Doubling of Bitcoin ATMs
Point Roberts, WA, Delta BC May 8, 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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Stocks discussed: (TSXV:GLXY) (NasdaqGS:RIOT)
A report from CoinDesk indicates that
Bitcoin (BTC) reached a trading
price of $10,071 late last night after having surged nearly 7 percent in the
preceding 24 hours. According to the report, this represents a 40 percent
increase in Bitcoin since the beginning of the year, a period which, of course,
includes the global downtrend seen in markets in the wake of the COVID-19
pandemic. Data from Coinmarketcap shows that, at
press time, Bitcoin has cooled slightly and is now trading for about $9,950.
This activity places
Bitcoin just 10 days away from a 9 week bull-run, which according to a piece
from Cointelegraph, will be “the
first time in its history.” Naturally this has prompted enthusiasm from much of
the crypto community, with Galaxy Digital Holdings (TSXV:GLXY) CEO Michael
Novogratz tweeting:
Exciting day for $btc. I want to point out that we
aren’t even at the years highs. This rally is just starting. Don’t miss the
bus.
Riot Blockchain,
Inc. (NasdaqGS:RIOT) has announced the purchase of an
additional 1,040 next generation Bitmain S19 (95 TH) Antminers for USD $1.9 million
from BitmainTech. This is in addition to the purchase of 1,000 S19 Pro (110 TH)
miners, announced on April 30, which together the company anticipates will
bring a more than 80 percent increase in its aggregate operating hash rate.
Crypto kiosk maker
Coinstar, which hosts some 3,500 Coinme Bitcoin ATM machines, told CoinDesk it aims to double
its bitcoin-able supermarket locations “within a year.” This comes after a
surge in the usage of such machines by 40 percent since late February, of which
40 percent of transactions, according to Coinme spokesman Nick Olsson, “are
from first-timers.” Coinme had recently announced the raising of $10 million in
Series A funding from companies including Coinstar. An excerpt from the
CoinDesk report outlines the company’s plans for the funds:
Olsson said Coinme would use the cash to expand its
business in Latin America. Because it builds an exchange API rather than an
actual machines, Coinme can plug bitcoin buying into just about any compatible
device: “kiosks, ATMs, [Point of Sale], and merchants” in Latin American
countries, Olsson said.
Sam
Mowers, Investorideas
For investors following the sector Investor Ideas has a
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