#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

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