#CryptoCorner #Podcast 631: #Stocks discussed: (NasdaqGM: $BITF) (NasdaqGS: $EQOS) (TSXV: $BNXA.V) (TSXV: $DMGI.V)

 

 

#CryptoCorner #Podcast 631: #Stocks discussed: (NasdaqGM: $BITF) (NasdaqGS: $EQOS) (TSXV: $BNXA.V) (TSXV: $DMGI.V)

 

Bitfarms Gives Bitcoin Production Update, EQONEX Provides Q1 Business Updates, Banxa Holdings Announces TTV for Financial Year, and DMG Purchases 2,450 Miners

 

Point Roberts, WA, Delta BC July 14, 2021 -  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 cryptocurrency stocks and the crypto market.

 

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Stocks discussed: (NasdaqGM:BITF) (NasdaqGS:EQOS) (TSXV:BNXA) (TSXV:DMGI)

 

Bitfarms Ltd. (NasdaqGM:BITF) has announced a Bitcoin (BTC) production update. Using green electricity, the company mined 1,357 Bitcoin in the first six months of 2021, which according to the press release is “the largest number of Bitcoin mined in North America.” The firm’s founder and CEO, Emiliano Grodzki, explained:

 

“For the last 18 months, Bitfarms has been one of the largest publicly traded producers of Bitcoin and one of the only companies doing so with greater than 99% green hydroelectricity. With the recent ban on Bitcoin mining in China, Bitfarms has nearly doubled its market share and is currently producing approximately 13 Bitcoin per day. Reports indicate that the ban on crypto mining in China and the exodus of mining rigs seeking new hosting may take an extended period of time to resolve. Bitfarms is well positioned to take advantage of the significantly improved economic opportunity. With mining difficulty expected to be reduced even further, and as we continue to receive and install new miners, we believe that Bitfarms’ market share and our share of block rewards should continue to increase.”

 

EQONEX Group (NasdaqGS:EQOS), formerly Diginex Limited, has provided business updates for its first quarter ended June 30, 2021 of fiscal 2022. Highlights include revenue of $2.5 million, an 8x increase over the previous year’s Q1 revenue of $0.3 million. The company’s EQONEX Exchange saw average daily volumes of $176.9 million, up from $15.9 million recorded in March 2021. EQONEX CEO Richard Byworth said:

 

"The structural design of our ecosystem means market volatility is good for business: directional moves matter less. While the remaining parts of our business did not contribute materially to revenues yet, they are primed to do so as the year continues. Volumes, assets and revenues are all increasing as traction with our key targets of institutional clients grows. This fiscal year will no doubt be yet another transformative year for the company, and we look forward to delivering increasing value to our shareholders."

 

Banxa Holdings Inc. (TSXV:BNXA) has announced total transaction volume (TTV) of $687 million AUD ($513m USD) for the financial year ending 30th June 2021. The press release indicates that the company has also grown its team from 28 at the start of the year, to 100 currently, and “maintains the belief that this is the beginning of mass market adoption into cryptocurrencies and continues to carry a long position in the sector as a whole.”

 

DMG Blockchain Solutions Inc. (TSXV:DMGI) has announced the purchase of 2,450 Bitcoin ASIC miners from Bitmain. The addition of these miners, which are expected to be installed byt the end of August this year, will add approximately 245 additional Petahash per second (PH/s) to the company's Bitcoin mining capacity. DMG's CEO, Sheldon Bennett, said:

 

“DMG is capitalizing on the declining mining equipment prices in Asia by spot purchasing new-generation bitcoin mining equipment at an approximately 60% lower price than just a month ago. While it was hard to resist purchasing Bitcoin miners over the past few months during their all-time high cost, DMG held strong knowing, from our past buying experiences, that, although the hardware market remains extremely active, it is important to secure the appropriate equipment at the right price to receive optimum value. We believe this purchase, along with other purchases that DMG is currently negotiating, will greatly improve our self-mining goals in the near term."

 

Sam Mowers, Investorideas

 

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