#CryptoCorner: HIVE Blockchain’s (TSXV: $HIVE.V) 750 New Bitmain S17s Operational, Riot Blockchain (NasdaqGS: $RIOT) and Hut 8 Mining (TSX: $HUT.TO) Announce Q1 Financials
#CryptoCorner: HIVE
Blockchain’s (TSXV: $HIVE.V) 750 New Bitmain S17s Operational, Riot Blockchain
(NasdaqGS: $RIOT) and Hut 8 Mining (TSX: $HUT.TO) Announce Q1 Financials
Point Roberts, WA, Delta BC May 11, 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:
Stocks discussed: (TSXV:HIVE) (TSX:HUT) (NasdaqGS:RIOT)
(TSXV:GLXY)
Bitcoin (BTC), despite rallying
into the weekend and peaking at just over $10,000, has since taken a tumble to
a current trading price of $8,925, according to data from Coinmarketcap. However, it
appears that it is actually in the midst of a recovery of sorts, as it is up
significantly from its bottom of $8,100 as indicated in a report from Cointelegraph. That same report
identifies three reasons why Bitcoin fell as:
…strong multi-year resistance area above $10,000,
whales moving to short the market on BitMEX, and extreme volatility heading
into the halving.
The
much-anticipated “halving” will indeed take place today, reducing the block
reward from 12.5 BTC to 6.75 BTC. As yet it remains to be seen whether the
event will result in a strong rally for the cryptocurrency, as is widely
expected, or something else.
HIVE Blockchain
Technologies Ltd. (TSXV:HIVE) has announced that its 750 new
Bitmain S17+ Antminer machines are now operational at its recently acquired 30
megawatt (MW) green energy-powered Bitcoin mining operation in Quebec. The
company’s Interim Executive Chairman, Frank Holmes, explained:
"The halving of Bitcoin rewards effectively cuts
in half the diminishing finite supply of newly minted Bitcoin, and is an
important milestone for the network. Bitcoin rewards for miners have halved
twice previously, in 2012 and 2016, when the price of Bitcoin was approximately
$12 and $650 respectively, and prices rose significantly in the ensuing 18
months. Naturally past performance is no guarantee that previous cycles will
repeat themselves, therefore we have been preparing for the halving through the
acquisition of our own low cost Bitcoin mining operation in April and
subsequent investment in high efficiency computing equipment to both increase
the operational efficiency of our Quebec facility and maximize use of its
existing 30 megawatt power capacity."
Hut 8 Mining Corp.
(TSX:HUT) has announced its financial
results for the first quarter ending March 31, 2020. Highlights include
quarterly revenue of $12.7 million CAD from mining 1,116 bitcoin, and a mining
profit margin of 1 percent, which the company said was hindered by a 48 percent
price collapse in BTC in the space of two days in March.
Riot Blockchain,
Inc. (NasdaqGS:RIOT) also reported its financial
results for the first quarter ended March 31, 2020. Highlights there include
the production of 281 newly minted bitcoins, an increased bitcoin inventory by
60 percent to 821 BTC in the quarter, and total mining revenue of $2.4 million
as compared to $1.4 million in the first quarter of 2019.
Galaxy Digital
Holdings Ltd. (TSXV:GLXY) has been
conditionally approved to be listed on
the Toronto Stock Exchange via TSX Sandbox. Mike Novogratz, the company’s
Founder and CEO, said:
"Our move to the TSX, the most senior public
market of the TMX Group, is another significant step in our evolution as a
public company focused on providing improved liquidity and enhanced public
disclosure to investors.”
Sam
Mowers, Investorideas
For investors following the sector Investor Ideas has a
comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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