Point Roberts WA, Delta BC -- May 14,
2019 -- InvestorsHub NewsWire -- Investorideas.com, a global investor news source covering
blockchain and cryptocurrency issues a special edition of the Crypto Corner looking at recent news and developments in
the cryptocurrency sector.
As Bitcoin and other cryptocurrencies
regain stability and enter a bullish phase, many crypto related
companies are focusing heavily on lower mining costs and
capitalizing on this renewed interest. Bitcoin prices are entering
territory not seen in some time, breaking $7500 and doubling in
price since
mid-December.
The Crypto Corner reported yesterday, Monday, May
13th, “This rally was accompanied by a record high
in trading volume for Bitcoin set on Sunday, May 12. Blockfyre
founder Jonathan Habicht
tweeted:
$29 Billion in $BTC volume was traded
today. The previous high of $25.5 billion was set on Jan 8,
2018.”
After experiencing historic growth
(growing from a $7 billion market cap in January 2016 to a more
than $600 billion market cap by late 2017), the cryptocurrency
market has entered into a bear phase. Recovery has been strong in
recent months, with Bitcoin's value increasing nearly 70% from
December 2018 to May 2019, and growing Institutional interest, a
low cost of mining equipment and ROI are key factors for
investments at these levels.
Integrated Ventures
Inc. (OTCQB: INTV), a company that engages in digital
currency mining operations through manufacturing equipment; selling
mining rigs, as well as developing blockchain
software, recently announced
the signing of a Hosting and
Marketing Agreement with PetaWatt Properties, LLC. As a result, the
previously contemplated transaction to acquire Erie Power, LLC has
been terminated, (1) due to a need for significant capital
requirements to re-start the plant and build out mining
infrastructure, (2) up to a 6 month timeline for launch of mining
operations, (3) a need for a significant dilution due to the recent
stock pricing weakness and (4) the company's ability to secure a
similar deal, in terms of power cost, without any additional
investment.
On May 7, 2019, Integrated Ventures signed
a three-year Agreement with PetaWatt Properties, LLC, which will
allow Integrated Ventures to consolidate and streamline all mining
operations (NC, PA and NJ) into one location, to eliminate the
Company's lease obligations and payroll expenses and to lower its
power costs by over 50%, thus greatly enhancing mining
profitability and long-term
viability.
In addition, Integrated Ventures intends
to market PW's services to diversify its business by offering
hosting and pool services via a la carte packages to third-party
miners and market participants.
The company has formulated and plans to
execute a 6 step plan, designed to position INTV for the next bull
cycle:
- Operational
Restructuring. To streamline and improve profitability of
current operations, the company is switching from warehouse mining
to third party hosting model, based on monthly flat fee and
resulting in elimination of all major expenses such monthly lease,
payroll, etc. All mining equipment (775+ rigs) is scheduled to be
connected by May
30th.
- Securing Competitive Electricity
Rates. By partnering with PetaWatt, Integrated
Ventures will secure access to a lowest power pricing
structure.
- Generating Cash Flow via Hosting &
Mining Revenue Share Services. Integrated Ventures intends to generate
significant revenue through reselling of hosting and revenue share
services.
- Locking-In Record Low Hosting
Rate. Newly secured Integrated Ventures' access
to the most competitive power cost, will allow the company to
utilize and market one of the most competitive hosting rates in the
industry, thus driving profitability and demand for long-term
hosting contracts.
- Implementing All-In-One "Plug-and-Mine"
Mining Solution. Integrated Ventures will offer clients an
access to best hosting and pool rates for ASIC and GPU miners,
creating a "We Work" -style turn-key mining option for miners
seeking a fast market entry combined with a cost effective hosting
and pool space.
- Purchasing Discounted Mining Rigs from
Secondary Markets. Integrated Ventures will keep costs low by
purchasing equipment on the secondary market, a strategy that was
not possible when the market was in its
infancy.
Integrated Ventures will have reliable
long-term access to inexpensive electricity through its three-year
agreement with PetaWatt. Access to the low cost power is the key
that will allow Integrated Ventures to mine far more profitably
than most of its North American competitors and provide hosting
services at the market's most competitive price
point.
Marathon Patent Group,
Inc. (NASDAQ:MARA) recently announced its operating results for the three months
ended March 31, 2019, as published in its Form 10-Q filed today
with the Securities and Exchange
Commission.
Some of the key operating Results for the
Quarter Ended March 31, 2019 were revenues of $230,694 during the
three months ended March 31, 2019 compared to $239,967 during the
three months ended March 31, 2018, operating loss improved to
$984,909 (inclusive of non-cash expenses) for the quarter ended
March 31, 2019 compared to an operating loss of $1.8 million
(inclusive of non-cash expenses) quarter ended March 31, 2018, and
the company had approximately $2 million of cash and cash
equivalents.
Merrick Okamoto, Chief Executive Officer,
stated, “We’re pleased to show significant financial improvement on
a year over year basis including significant reductions in our
operating costs, While recent improvements in the price of Bitcoin
is clearly beneficial to our ongoing mining operations and should
benefit our financial performance in our Q2, we continue to seek
potential acquisition opportunities that we deem to offer the best
opportunity for appreciation for our
shareholders.”
Riot Blockchain,
Inc. (NASDAQ: RIOT) also announced the filing of its March 31, 2019 Quarterly
Report on Form 10-Q, which can be viewed on the Company's website
or at SEC.gov.
Some of the highlights extracted from the
March 31, 2019 quarterly consolidated financial statements were
generating approximately $1.4 million in revenue on the production
of 329.52 Bitcoins, 356 Bitcoin Cash, and 1,422.5 Litecoins for the
quarter, a gross margin which was roughly breakeven at (4)% before
depreciation and amortization despite an average Bitcoin price of
$3,799 for the 2019 quarter, and a net loss of approximately $13.5
million or $0.94 per share compared to a net loss of $16.4 million
or $1.35 per share in the quarter ended March 31,
2018.
Riot's fully-owned hashing power was
approximately 101 Petahash as of March 31, 2019; which ranks the
company among the largest publicly-listed miners of Bitcoin and the
operation continues to be fully deployed with 24/7 real-time
monitoring of status and
profitability.
Grayscale Investments,
LLC (OTC: GBTC), a global leader in
digital currency asset management, recently released
its 2019 Q1 Grayscale Digital
Asset Investment Report, a comprehensive report that highlights
investment activity and performance across the Grayscale family of
products during the first three months of the
year.
During the first quarter of 2019,
Grayscale raised $42.7 million into its single-asset and
diversified investment products, marking a 42% increase in
quarter-over-quarter product inflows, with 73% of capital raised
coming from institutional
investors.
In conjunction with performance of the
broader digital asset market, Q1 2019 marked the first positive
quarterly performance for six of the ten Grayscale investment
vehicles, including Grayscale Bitcoin Trust and Grayscale Digital
Large Cap Fund, since the end of
2017.*
Grayscale's investment products are
available to institutional and accredited individual investors
through their respective private placements. Grayscale’s
single-asset investment products provide exposure to Bitcoin
(BTC),** Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic
(ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP,
and Zcash (ZEC). Grayscale’s diversified investment vehicle,
Grayscale Digital Large Cap Fund™, provides exposure to the top
digital currencies by market
capitalization.
With continued quarterly financials
showing an increase in capital and a decrease in losses, as well as
continued crypto-currency stability, interest is growing in this
sector. Companies making headways in lowering energy costs and
increasing efficiencies hope to capitalize on this next phase of
the crypto bull market.
Get the Crypto Corner and a
directory of blockchain and crypto
stocks at
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