FinancialNewsMedia.com Information Commentary –
PALM BEACH, Fla., Could 24, 2022 /PRNewswire/ — The worldwide crypto mining trade has been steadily rising over the previous few years and is projected by most specialists to proceed its fast progress over the subsequent a number of years. A report from ResearchAndMarkets reported that The worldwide cryptocurrency market reached a worth of US$ 1,782 Billion in 2021. Wanting ahead, the writer expects the market to achieve US$ 32,420 Billion by 2027, exhibiting a CAGR of 58.4% throughout 2022-2027. The report stated: “Cryptocurrency refers to digital or digital cash secured by cryptography to watch transactions and forestall counterfeit. It doesn’t have a bodily illustration and is distributed over an unlimited community of computer systems linked to a digital surroundings. It operates by decentralized networks which might be primarily based on the blockchain know-how. The transfers are secured by public or non-public keys and are linked on to the person’s digital pockets. In distinction to the historically used foreign money, it’s not issued by a centralized authority and has minimal interference or manipulation from the federal government. It additionally affords numerous benefits, akin to enhanced portability, divisibility, inflation resistance and transparency. Rising digitization throughout industries represents one of many key components driving the expansion of the market. In keeping with this, straightforward accessibility to and rising penetration of high-speed web connectivity in day by day actions can also be making a optimistic outlook for the market. Moreover, legalization and approval of buy, sale or commerce of digital currencies in numerous developed international locations are additionally driving the market progress.” Energetic firms within the markets this week embody Bit Origin Restricted (NASDAQ: BTOG), Bit Digital, Inc. (NASDAQ: BTBT), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Stronghold Digital Mining, Inc. (NASDAQ: SDIG), Canaan Inc. (NASDAQ: CAN).
ResearchAndMarkets continued: “With the immense transparency of distributed ledger know-how or blockchain, there’s minimal threat of fraudulent or undesirable transactions because of human or machine error or knowledge manipulation. This allows all of the events to watch any modifications which might be being made throughout the transaction in real-time, thereby providing enhanced knowledge safety and immutability of the transactions. Moreover, handy entry to on-line buying and selling platforms that can be utilized by smartphones is contributing to the market progress. Different components, together with rising market capitalization or market cap of the trade, together with the appearance of bitcoin money and bitcoin lite, are anticipated to drive the market additional.”
Bit Origin Restricted (NASDAQ: BTOG) BREAKING NEWS: Bit Origin Restricted Completes Identify Change from China Xiangtai Meals Co., Ltd. in Rebranding Initiative – The Firm has launched its new brand & web site and launched its new investor presentation – Bit Origin Restricted (“Bit Origin” or the “Firm”), an rising progress firm engaged in crypto mining enterprise with diversified enlargement technique, at present introduced that it has accomplished its holding firm identify change from China Xiangtai Meals Co., Ltd. as part of the rebranding that comes because the Firm embraces a collection of enterprise transformations into the crypto mining trade. The identify change grew to become efficient on Could 18, 2022.
Bit Origin has additionally launched a brand new company brand. The letters “b” and “o” within the new Bit Origin brand function an infinite chain signal, which symbolize steady progress development of the Firm and the crypto mining trade whereas connecting applied sciences, abilities, improvements and sources.
Moreover, the Firm has launched its new company web site at https://bitorigin.io on Could 11, 2022. The Firm’s investor presentation is now out there beneath the Traders part on the Firm’s new web site. The brand new investor presentation will mirror the Firm’s new enterprise focus with its near-term, mid-term and long-term methods.
Mr. Lucas Wang, Chairman and Chief Government Officer of the Firm, commented, “The identify, Bit Origin Restricted, clearly represents the Firm’s strategic mission and imaginative and prescient. Our mission is shaping the way forward for blockchain ecosystem in a sustainable approach, and our imaginative and prescient is to change into the main Bitcoin mining firm by improvements. The brand new identify gives a extra unbiased entrance as we proceed to develop and construct upon the enterprise within the crypto mining trade.” CONTINUED… Read this full press launch and extra information for BTOG at: https://www.financialnewsmedia.com/btog-news/
Different latest developments within the crypto trade of be aware embody:
Bit Digital, Inc. (NASDAQ: BTBT), a bitcoin mining firm headquartered in New York, not too long ago announced its unaudited bitcoin manufacturing and mining operations replace for the primary quarter ended March 31, 2022. Preliminary First Quarter 2022 Highlights Had been: The Firm earned 194.48 bitcoins and 189.26 ETH throughout the quarter. Components impacting manufacturing included the Firm’s ongoing miner redeployment program, progress within the general bitcoin community hash price, and the variety of days within the quarter; Treasury holdings of BTC and ETH had been 832.14 and 266.71, with a good market worth of roughly $37.9 million and $0.9 million on March 31, 2022, respectively; As of March 31, 2022, 36.9% of our owned fleet, or 9,748 bitcoin miners and 713 Ethereum miners representing 0.544 Exahash (“EH/s”) and 0.188 Terahash (“TH/s”) respectively, was deployed in North America. 27.8% of our fleet, or 7,710 bitcoin miners representing 0.457 EH/s, was deployed in North America as of December 31, 2021; The Firm owned 27,644 bitcoin miners and 731 Ethereum miners as of March 31, 2022, with an estimated most complete hash price of 1.6 EH/s and 0.3 TH/s, respectively. As of April 27, 2022, the Firm owned 30,865 bitcoin miners with an estimated most complete hash price of 1.9 EH/s.
As of the date of this press launch, the Firm had obtained 2,515 machines pursuant to its beforehand introduced 10,000-unit buy settlement with Bitmain Applied sciences Restricted. The ultimate installment is predicted to ship in June 2022. Professional forma for these introduced purchases, our most complete hash price is predicted to be roughly 2.67 EH/s; The Firm bought 706 bitcoin miners on the spot market throughout the first quarter. The Firm took supply of those machines throughout April 2022. The Firm additionally bought 100 MicroBT Whatsminer M21S bitcoin miners throughout the quarter; and Roughly 67% of our fleet’s electrical energy consumption was generated from carbon-free vitality sources as of March 31, 2022, primarily based on knowledge supplied by our hosts, publicly out there sources, and inner estimates, demonstrating our dedication to sustainable practices within the digital asset mining trade.
Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of many largest enterprise Bitcoin self-mining firms in North America, not too long ago reported its monetary and operational outcomes for the quarter ended March 31, 2022.
First Quarter 2022 Monetary Outcomes Had been: Income elevated to $51.7 million, a rise of $42.6 million, or 465%, from the prior-year quarter and a lower of $8.6 million, or 14%, from the fourth quarter of 2021. Bitcoin manufacturing elevated to 1,259 bitcoin throughout the interval, a 556% improve from the prior-year quarter and a 15% improve from the fourth quarter of 2021. The income decline from the fourth quarter of 2021 was the results of an approximate 25% lower in common income per bitcoin mined, partially offset by the rise in bitcoin manufacturing throughout the first quarter of 2022.
Regardless of larger earnings contributions ensuing from the enlargement of the Firm’s bitcoin mining operations, GAAP web loss for the quarter totaled $13.0 million, or ($0.13) per share, in comparison with web earnings of $83.4 million, or $0.87 per diluted share, within the prior-year quarter. The present-year quarter contains $19.6 million in impairment expenses associated to self-mined bitcoin held by the Firm and a $5.5 million lower within the truthful market worth of the Firm’s funding fund. The prior-year interval included $0.7 million in impairment expenses associated to self-mined bitcoin held by the Firm and a $131.8 million improve within the truthful market worth of the Firm’s funding fund.
Stronghold Digital Mining, Inc. (NASDAQ: SDIG) not too long ago reported monetary outcomes for its first quarter ended March 31, 2022 and supplied an operational replace.
“Since we reported FY 2021 earnings on March 29, 2022, we consider that we have now made important progress on enhancing our operations, and we’re executing on our purpose of exceeding 4 EH/s by the tip of the 12 months,” stated Greg Beard, co-chairman and chief government officer of Stronghold. “Earlier within the 12 months, Stronghold selected to de-emphasize progress to give attention to capital self-discipline and monetary flexibility, and up to date operational and monetary initiatives, together with our latest issuance of the Notes, have helped de-risk our funding wants, regardless of latest volatility in cryptocurrency markets.”
“Moreover, we consider that our vertically built-in enterprise mannequin gives us with differentiated draw back safety that’s misunderstood by the market. We constructed Stronghold with the expectation that volatility within the cryptocurrency markets might, at instances, stress full-cycle returns all through the trade. Proudly owning our energy belongings, which promote energy into the PJM grid, permits us to pivot to promote energy opportunistically during times when energy costs are extra favorable than Bitcoin mining economics. This highly effective choice has by no means been extra useful, and we’re within the technique of guaranteeing that our crops and datacenters have the flexibility to optimize for profitability during times of weak Bitcoin costs and robust energy costs.”
Canaan Inc. (NASDAQ: CAN), a number one high-performance computing options supplier, not too long ago announced its unaudited monetary outcomes for the three months ended March 31, 2022.
Mr. Nangeng Zhang, Chairman and Chief Government Officer of Canaan, commented, “We kicked off the 12 months 2022 in an more and more unpredictable surroundings because of macroeconomic uncertainties and logistic disruptions attributable to the COVID-19 pandemic. Whereas confronting these challenges, we remained steadfast in our dedication to strengthening our partnerships with shoppers and increasing our international protection. Consequently, our computing energy bought within the first quarter reached 4.3 million Thash/s, representing a rise of 119.1% from 2.0 million Thash/s in the identical interval of 2021. As we continued to develop globally, we established a world headquarters in Singapore which has already earned recognition and help from the native authorities. In an effort to present best-in-class service and amplify our international attain, we’re investing in increase our community of after-sales service facilities abroad. We additionally not too long ago launched a web-based retailer to allow international retail shoppers to seamlessly buy our merchandise. We’ve got additionally been ramping up our mining enterprise regardless of energy shortages, and we now maintain a complete of 166.96 bitcoins on our steadiness sheet as of March 31, 2022. Wanting forward, whereas we’re cognizant of the near-term headwinds, we’re assured that our in depth expertise, more and more globalized operations, and execution capabilities put us in a strong place to navigate the present interval of uncertainty.”
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