#CryptoCorner
Episode 419: BitMEX Launching Corporate Option, Core Scientific to Buy Over
17,000 Miners from Bitmain, and Mining Giant BHP (NYSE: $BHP) Completes $14
Million #Blockchain Trade
Point Roberts, WA, Delta BC June 29, 2020
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Stocks discussed: (NYSE:BHP)
BitMEX, the Hong
Kong-based crypto derivatives giant, recently reported the launching of BitMEX
Corporate, described in the announcement as an “account
programme is a set of features and services designed to better serve our
ever-growing segment of corporate customers.” The service boasts “tailored
benefits for corporate clients,” including: corporate legal structure, enhanced
service and security, accounting requirements, and an account audit service. An
excerpt from the announcement reads:
‘Corporate’ accounts are simply the part of our
customer base where the account owner is not an individual, but a company or
other legal entity, and as such need different ownership structures for their
accounts, ways for employees to access and manage those accounts on their behalf,
additional security requirements, and so on.
Cointelegraph reports that AI
and blockchain hosting provider Core Scientific has signed a deal to buy more
than 17,000 S19 Antminers from Chinese crypto mining giant Bitmain. Russell
Cann, Chief Customer Service Officer of Core Scientific, outlined the impetus
for growing hash rates in North America to Cointelegraph:
“Our view is that this rise in interest and increase in
capital allocation and investment can be attributed to the growing acceptance
of crypto and/or digital assets as an investment asset class as well as the
favorable investing characteristics of North America; specifically, the stable
geopolitical and regulatory environment, suitable climatic conditions and
multiple energy sources present.”
He went on to say:
“Importantly, with the collapse of energy pricing, the
lower cost power areas in the US and Canada, are creating some unique project
opportunities for larger-scale miners, like Core Scientific, to consider.”
Mining giant BHP
Group (NYSE:BHP) has completed its
first blockchain trade in iron ore – worth $14 million – with China Baoshan
Iron & Steel Co Ltd, according to a report from Reuters. The transaction
was executed on a blockchain platform developed by MineHub, which “processed
contract terms, exchanged digital documents and provided real-time cargo
visibility.” BHP sales and marketing officer Michiel Hovers said that “The bulk
commodity industry needs a digital revolution to reduce physical documentation
processes,” while MineHub’s Chief Executive Arnoud Star Busmann pointed out
that ““Current pandemic events and fraud cases in the commodity trading
industry are causing a step-change in the adoption of digital solutions.”
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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