Sign In  |  Register  |  About Daly City  |  Contact Us

Daly City, CA
September 01, 2020 1:20pm
7-Day Forecast | Traffic
  • Search Hotels in Daly City

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Experts See larger, More Capitalized Companies Likely to Gobble Up Smaller Cryptocurrency Miners Struggling to Keep Pace

Palm Beach, FL – December 21, 2021 – FinancialNewsMedia.com News Commentary – Recently, an insider/watchdog in the cryptocurrency mining industry, gave its view of what the coming year will look like. CoinDesk issued its first year-end survey of crypto miners, which revealed a competitive but mature business with potential for merger activity to accelerate. It started off by saying: “If you thought 2021 was a wild ride for crypto mining, you’d better strap yourself in for 2022.  The past year saw one of the biggest shake ups in mining history. Swathes of Chinese miners had to look for new homes due to the most intense regulatory crackdown in the country to date, while an ongoing global chip shortage capped the capacity of new mining machines globally.  But thanks to these developments, North American miners had a stellar year. With China out of the game, and their machine orders already in place, the U.S. and Canada have quickly risen to be the uncontested hashrate capitals of the world.  As the price of bitcoin hit historic heights, mining profit margins were as high as 90%. The industry entered a “gold rush” period, said an industry executive, citing the high profitability of the miners. At the same time, a subtler change took place. “Mining seems to have crossed the line where it was very risky and uncertain,” said another executive. The global industry is now becoming more like traditional business, where risk is lower and investors are throwing money in and are ready to wait two or three years to get their return, he added.   Active companies in the markets today include:  Fourth Wave Energy, Inc. (OTCQB: FWAV), Riot Blockchain, Inc. (NASDAQ: RIOT), Bit Digital, Inc. (NASDAQ: BTBT), Canaan Inc. (NASDAQ: CAN), HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSXV: HIVE).

 

The Coindesk article added: “With competition ramping up next year, some miners will start to feel the margin squeeze, leading to potential for increased mergers and acquisitions. “I think there’s going to come a time, in the not too distant future, where there are companies that have raised money, have machines on order and have not deployed them yet that are in a cash crunch,” said the CEO of  one of the largest publicly traded bitcoin miners.”  “When that happens, you get some very interesting opportunities, because now you don’t have to integrate a company; you’re just acquiring their assets,” he added.  It concluded: “To be sure, this is not bad news for the industry in the long term. More consolidation and competition will not only make the industry more mature but will also help usher in the age of more efficient mining operations and incentivize use of more renewable sources of power.  “With the overall expansion of market boundaries, such a positive feedback mechanism will elevate the bitcoin mining industry to a more competitive and dynamic stage,” said a senior vice president of one of the industry’s largest manufacturers of bitcoin mining machines.”

 

Fourth Wave Energy, Inc. (OTCQB:FWAV) BREAKING NEWSFourth Wave Energy Inc. Raises $4,300,000 in capital financing – EdgeMode advanced $1,600,000 in anticipation of closing the definitive merger agreement –  Fourth Wave Energy, Inc. (or the “Company”), has raised $4,300,000 million dollars through multiple retail and institutional investors. The funds will be used to acquire and deploy new mining and HPC hardware and invest into secured hardware and hosting contracts.

 

“We initially set out to raise 3 million dollars but had extra demand due to the exciting story of EdgeMode. We have advanced EdgeMode $1,600,000 to date to support their rapid growth objectives” stated Joseph Isaacs, current CEO of Fourth Wave Energy Inc.

 

EdgeMode has used these funds to place their fourth hardware order of 2021 with 2CSRi (EPA: 2CRSI, ISIN code: FR0013341781), a designer and manufacturer of high-performance energy-efficient IT servers and therefore increase their processing powering, revenue and exceeding growth targets.    See full press release      CONTINUED…   READ THIS AND MORE NEWS FOR FWAV BY VISITING:  https://www.fourthwaveenergyinc.com/investor-relations

 

In other technology recent news of interest:

 

Riot Blockchain, Inc. (NASDAQ: RIOT) recently announced that it has acquired Ferrie Franzmann Industries, LLC (d/b/a ESS Metron) (“ESS Metron”). The total consideration payable in the transaction is valued at approximately $50 million, consisting of up to 715,413 shares of Riot common stock and $25 million in cash, funded with cash on the balance sheet.

 

ESS Metron is a leader with over sixty years of experience in designing and producing highly engineered electrical equipment solutions, many of which are mission-critical to successfully deploying Bitcoin mining operations at scale. Acquisition assists in ensuring Riot’s timely miner installations by de-risking procurement of mission-critical infrastructure. Acquisition enhances Riot’s competitive position across the electrical supply chain, as ESS Metron is also a leading supplier to numerous third-party clients.  Transaction valued at approximately $50 million, $25 million payable in cash, and remainder in issuance of up to 715,413 shares of Riot’s common stock.

 

Bit Digital, Inc. (NASDAQ: BTBT), a public bitcoin mining company headquartered in New York, recently announced its new investor presentation is now available on the Company’s website in the Investors section.

 

Bit Digital is an American sustainability-focused generator of digital assets with a mission to build the largest global digital asset mining platform. The Company owns a fleet of nearly 40,000 miners, with a projected weighted average power cost of $0.036 kWh, a production cost of $5,978/BTC, and a hash rate of 2.6 EH/s. Bit Digital operates an institutional scale digital asset portfolio across five sites in the US and Canada. The Company continues to increase the number of bitcoins mined reaching 3,335 historically in 3Q21 versus 814 in 3Q20. Bit Digital brings proven institutional capabilities and access to strategic opportunities in the North American market through its seasoned NYC based leadership team with strong experience in the digital assets and mining space. The Company continues to strengthen its strategic commitment to sustainability with about half of its operations running on carbon-free energy sources, with a goal of 100% sustainable power. Bit Digital maximizes ROE by focusing investment on mining assets, while leveraging strategic partnerships for access to physical infrastructure and low-cost energy. With over 200MW of contracted hosting power, Bit Digital is well positioned to expand its fleet in 2022.

 

Canaan Inc. (NASDAQ: CAN), a leading high-performance computing solutions provider, recently announced that it has secured a purchase order (the “Order”) from Genesis Digital Assets Limited (“Genesis Digital Assets”), a leading Bitcoin mining firm with extensive experience in building and operating industrial-scale Bitcoin mining data centers, for 30,000 units of its Avalon Bitcoin mining machines.

 

In August 2021, Canaan granted Genesis Digital Assets an option to purchase up to 180,000 additional Bitcoin mining machines along with its original sales contract of 20,000 machines. The Order represents the first phase of this option exercised by Genesis Digital Assets and is expected to be delivered in the first quarter of 2022.

 

HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSXV: HIVE) recently announced its investment in Titan.IO, Inc. (“Titan”), a cutting-edge blockchain software company and the creator of Lumerin, a next generation decentralized mining marketplace where hashpower can be bought and sold using tokens. Today Titan offers software which helps Bitcoin miners increase their efficiency and scalability at a flat, low cost. It also operates the Titan Mining Pool, which recently surpassed 3 Exahash of Bitcoin mining capacity.

 

Titan has also announced a disruptive decentralized hashpower routing protocol named Lumerin. The open source Lumerin Protocol is a peer-to-peer solution that enables the exchange of hashpower through smart contracts, making crypto mining hashpower tradable and liquid.

 


DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  Except as set forth below, FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM was compensated forty six hundred dollars by Fourth Wave Energy, Inc. for news coverage of the current press releases issued by the company.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

 

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or Form 1-K, as applicable, and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

 

Contact Information:

Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

 

SOURCE Financialnewsmedia.com

The post Experts See larger, More Capitalized Companies Likely to Gobble Up Smaller Cryptocurrency Miners Struggling to Keep Pace appeared first on Financial News Media.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 DalyCity.com & California Media Partners, LLC. All rights reserved.