Point Roberts WA, Delta, BC, Canada
-- April 13, 2021 -- InvestorsHub NewsWire -- Investorideas.com, a leading investor news resource
covering cryptocurrency and crypto mining stocks releases a special
report on the current cryptocurrency boom. As Bitcoin, Ethereum and
other digital currencies are gaining, public companies are
investing heavier in crypto mining and realizing positive
returns.
Forbes reports,
“With San Francisco-based bitcoin and cryptocurrency Coinbase
eyeing a valuation that could top $90 billion when it lists on the
tech-heavy Nasdaq on Wednesday April 14, the bitcoin and crypto
market is braced for one of its biggest ever weeks.”
Integrated Ventures Inc., (OTCQB:
INTV), a company with a focus on the cryptocurrency sector is
betting on a further long-term upside and is in expansion mode. The
Company
recently confirmed it has partnered with Wattum Management and
entered into a 12-month Sales and Purchase Agreement with Bitmain
Technologies Limited to acquire 4,800 Antminer model S19J (100 Th)
digital currency miners.
Bitmain is scheduled to manufacture and ship miners on a monthly
basis, in 12 equal batches of 400 units, starting on August 2021
and thru July 2022. Partners agreed to purchase 4,800 units, on
50/50 basis, and to pay Bitmain approximately $34,047,600 (“Total
Purchase Price” or “TPP”) (*).
In addition, Integrated Ventures has received (1) downside price
protection and (2) right to replace S19JPro miners with new models,
scheduled to be released in early 2022.
The TPP is payable as follows: (i) 25% of the TPP, upon the
execution of the Sales Purchase Agreement or no later than April
19, 2021; (ii) 35% of the TPP, is due by May 30, 2021; and (iii)
the remaining 40%, is due on monthly basis, starting on June
2021.
In addition to Bitmain order, the Company has purchased 150
WhatMiners, (“PO-2”), valued at $1,078,000. These miners will be
installed in container facility, located in PA and managed by
Wattum.
Steve Rubakh, CEO of Integrated Ventures, Inc. provided the
following commentary: “The Company is very pleased to secure this
large scale purchase agreement, especially during a period of
scarce supply of mining hardware. Going forward, INTV is committed
to deploy any raised capital for purchases of the mining equipment.
This purchase effectively doubles INTV's hash rate and represents a
major step in INTV's strategic growth plan, resulting in
significant increase of the Company's projected revenue growth
rate.”
He continued: “By the end of December 2021, at minimum, the Company
will own and operate over 2,000 miners. Based on BTC pricing of
$60,000, the projected and unaudited mining revenues for next 12
months, once all units are connected are expected to be in range of
$19,000,000 and $21,000,000 million dollars.”
Riot Blockchain, Inc. (NASDAQ:
RIOT), one of the leading Bitcoin mining companies in the
United States, recently
announced an operations update that includes an unaudited
Bitcoin (“BTC“) production and an unaudited BTC holdings update,
through March 2021.
Production and Operations Updates:
- In March 2021, Riot produced 187 BTC, an
increase of 80% over its pre-halving March 2020 production of 104
BTC.
- In Q1 2021, the Company produced 491 BTC,
an increase of 75% over its pre-halving Q1 2020 production of 281
BTC.
- As of March 31, 2021, Riot holds over
1,565 BTC on its balance sheet, all of which was produced by its
mining operations.
- On April 6, 2021, the Company bolstered
its management team, appointing Megan Brooks as Chief Operating
Officer and welcoming Phil McPherson as Vice President, Capital
Markets and Ryan Werner as Vice President, Finance.
- On April 8, 2021, Riot announced that it
had signed a definitive agreement to acquire Whinstone US, Inc.
(“Whinstone”), creating a US-based industry leader in Bitcoin
mining.
On April 7, 2021, Riot announced a large-scale contract for the
purchase of 42,000 S19j Antminers for $138.5 million from Bitmain
Technologies Limited (“Bitmain”). This purchase represents a
significant step forward in Riot’s strategic initiative to increase
its Bitcoin mining hash rate, which is now estimated to reach
approximately 5 exahash per second (EH/s) by the end of 2021, and
7.7 EH/s once fully deployed by the end of 2022. This level of
growth represents a 93% increase over the Company’s previously
estimated committed hash rate capacity of 4.0 EH/s by October
2021.
In connection with previously announced purchase orders with
Bitmain in August 2020, 2,400 S19 Pro Antminers were shipped in
late March and early April 2021, and are in the process of being
received at Coinmint, LLC’s (“Coinmint”) facility in Massena, NY.
Installation of these 2,400 miners is expected to be completed by
late April, and upon deployment, Riot will have a total of 16,146
Antminers in operation utilizing approximately 51 megawatts (“MW”)
of energy, with an estimated hash rate capacity of 1.6 EH/s.
Marathon Digital Holdings, Inc. (NASDAQ:
MARA), one of the largest enterprise Bitcoin self-mining
companies in North America, recently
published their unaudited bitcoin (“BTC”) production and miner
installation updates for the first quarter, ended March 31,
2021.
Some of the Preliminary First Quarter 2021 Highlights included:
- Produced 196 new minted bitcoins in the
first quarter of 2021, increasing total bitcoin holdings to 5,134.2
with a fair market value of approximately $301.9 million as of
March 31, 2021
- At March 31, 2021, cash on hand was
approximately $212 million and total liquidity, defined as cash and
bitcoin holdings, was approximately $513.9 million
- Received approximately 10,300 S-19 Pro
ASIC miners from Bitmain during the first quarter of 2021
In the first quarter of 2021, Marathon’s mining fleet produced 196
newly minted bitcoins. By month, the Company’s bitcoin production
was as follows:
- January 2021: 50.4 BTC
- February 2021: 43.4 BTC
- March 2021: 102.3 BTC
As a result, Marathon currently holds approximately 5,134.2 BTC,
including the 4,812.66 BTC the Company purchased in January 2021
for an average price of $31,168 per BTC. On March 31, 2021, the
fair market value of one bitcoin was approximately $58,800,
implying that the approximate fair market value of Marathon’s
current bitcoin holdings is $301.9 million.
As of March 31, 2021, Bitmain has delivered approximately 10,300
S-19 Pro ASIC miners to the Company’s mining facility in Hardin,
MT, all of which were delivered on time and as scheduled. While
Marathon continues to build out its Hardin, MT mining facility and
install miners, adverse weather conditions in March created
temporary installation headwinds. As a result, the Company’s active
mining fleet at the end of the first quarter of 2021 consisted of
approximately 6,800 miners, generating approximately 0.71 EH/s. New
miners are being installed on a daily basis, and based on current
delivery and installation schedules, Marathon continues to expect
all previously purchased miners to be fully installed by the end of
the first quarter of 2022.
All miners are currently expected to be installed and fully
operational by March 31, 2022. At that time, Marathon’s total
mining fleet will consist of 103,120 miners generating
approximately 10.37 EH/s. Based on current schedules, Marathon’s
hashrate is expected to scale as follows:
“Our business is in the midst of undergoing a substantial
transformation,” said Merrick Okamoto, Marathon’s Chairman and CEO.
“As our first quarter bitcoin production numbers indicate, we are
clearly beginning to scale as new miners come online on a daily
basis. In the first ten days of March, we had installed 3,000
miners at our Hardin facility before our installation schedule was
impacted by adverse weather conditions. Fortunately, these delays
were temporary. Bitmain’s shipments have continued to arrive as
scheduled, and given our team’s ability to adapt to changing
circumstances, we remain well positioned to continue building out
our mining operations. At the start of 2021, our mining fleet
consisted of 2,560 miners, generating 0.25 EH/s. By early 2022, our
mining fleet will consist of 103,120 miners, generating 10.37 EH/s.
That is a 4,081% increase in power in approximately one year.”
The current investor interest and momentum being generated around
the cryptocurrency market is exemplified best through Coinbase
(NASDAQ:
COIN), one of the most popular regulated cryptocurrency
exchanges and depositories which is expected to
be valued at more than BP this week, and is on course to make
history as the first major crypto company to go public, paving the
way to legitimise an industry marred with distrust from regulators
and traditional investors.
Coinbase is the largest cryptocurrency exchange in the United
States and lists about 50 cryptocurrencies for trading and is due
to list on the Nasdaq this Wednesday, April 14th with a valuation
that could run in excess of $90bn (£66bn).
It was most recently valued at $91.5bn – higher than BP’s current
market capitalisation of $84bn. However, that price tag is
predicted to inch closer toward $100bn on Wednesday, possibly even
beating that of Facebook which was valued at $104bn when it went
public in 2012.
In the first three months of the year, Coinbase made $730m in
profit on revenues of $1.8bn, bolstered by Bitcoin’s rise. The
exchange lured 13m new users in the first three months of 2021.
Brian Armstrong, Coinbase’s chief executive, says that the company
has been profitable since 2017.
“A crypto company moving to IPO is a big milestone,” said Nick
Jones, CEO and Co-founder at cryptocurrency wallet Zumo. “Its moves
like this that make consumers feel safer with crypto and ultimately
boost confidence in the space.”
As cryptocurrencies continue to gain mainstream popularity, are
being utilized in more daily transactions from real estate to
paying taxes, and as institutional investors invest heavier in the
crypto market, the sector seems poised for aggressive growth over
the next few years.
Research cryptocurrency and blockchain stocks with the Investor
ideas free stock directory https://www.investorideas.com/Bitcoin-Cryptocurrency/Stocks_List.asp
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