#CryptoCorner Episode 434: BTC Resumes Rally? Square Reports (NYSE: $SQ) 600% Quarterly BTC Revenue Increase, Hut 8 (TSX: $HUT.TO) Announce Site Management Changes and Dash Partners with Taurus for Latin American #Crypto Debit Card
#CryptoCorner
Episode 434: BTC Resumes Rally? Square Reports (NYSE: $SQ) 600% Quarterly BTC
Revenue Increase, Hut 8 (TSX: $HUT.TO) Announce Site Management Changes and
Dash Partners with Taurus for Latin American #Crypto Debit Card
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Stocks discussed: (NYSE:SQ) (TSX:HUT)
Bitcoin (BTC), after having fairly steadily remained
around a trading price of $11,150-11,250 since Sunday, appears to have resumed
its rally, according to data from CoinMarketCap. The flagship cryptocurrency is up just
over 4 percent in the last 24 hours and is trading for about $11,615 at press
time. Bitcoin last reached this price on this past Saturday, and on that
occasion continued rallying to just under $12,000 before the “flash crash” that
dragged it back down nearly $1,500.
Financial services
firm Square, Inc. (NYSE:SQ) reported, in a letter to shareholders, that it generated $875
million of bitcoin revenue and $17 million of bitcoin gross profit during Q2
2020 on its Cash App. This represents a revenue increase of 600 percent year
over year, something the letter ascribes to “an increase in bitcoin activities
and growth in customer demand.” As of June, the company boasted “more than 30
million monthly transacting active customers,” on its Cash App.
Hut 8 Mining Corp.
(TSX:HUT) has announced that the management of the Medicine
Hat facility operations have been transferred from the Bitfury Group to Hut 8
effective August 1, 2020. The company had formerly outsourced the facility’s
operations and maintenance, but has now “brought this in-house to reduce costs
and streamline operations.” Jimmy Vaiopoulos, Interim CEO of Hut 8, said:
"This transfer of the management of site
operations will allow Hut 8 to work more directly with site staff to streamline
operations and lower costs to continue our focus on being a low cost bitcoin
miner. This will save us upwards of $500,000 per year and I strongly believe this
will benefit Hut 8, Bitfury, and our site staff."
Cointelegraph reports that Dash (DASH), in a partnership with Mexican
cryptocurrency exchange, Tauros.io, will be releasing the first crypto Visa
debit card in Latin America. Through the conversion of cryptocurrencies to
pesos using the Tauros mobile app, the card “will work at millions of stores in
Mexico.” Ernesto Contreras, Head of Business Development at Dash Core Group,
told Cointelegraph:
"The Tauros card is a first in Mexico and the
region, and it will also allow for a very easy way in and out of the Tauros
ecosystem, which is very important as it adds massive usability to Dash users
in the country. The fact that we are giving the opportunity for people to earn
DashBack rewards with their card will also give a boost to the crypto ecosystem
in Mexico as now anyone can use their pesos, and Hodl Dash."
Sam
Mowers, Investorideas
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