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Crypto Mining Operations Establish A Foothold In North America

FinancialBuzz.com News Commentary

FinancialBuzz.com News Commentary

The Chinese government’s crackdown on crypto mining continues. According to a report by CNN, the Chinese authorities are ramping up atheir crackdown on crypto mining, calling it an “extremely harmful” practice that threatens to jeopardize the country’s efforts to reduce carbon emissions. The Chinese authorities also target crypto miners because they view the digital currencies as a big financial risk, as people can evade the strict national controls on capital. The National Development and Reform Commission of the People’s Republic of China (NDRC) indicated that it will would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining. In the meantime, the U.S is now the largest crypto mining hub in the world, as it has the largest share of global Bitcoin mining networks, according to data from the University of Cambridge. ISW Holdings Inc. (OTC: ISWH), Hut 8 Mining Corp. (NASDAQ: HUT), Ebang International Holdings Inc. (NASDAQ: EBON), Future FinTech Group Inc. (NASDAQ: FTFT), The9 Limited (NASDAQ: NCTY)

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Overall, the approach of financial institutions, businesses and even certain governments has significantly changed in recent years, as commercial payments are slowly warming up to the prospects of Bitcoin. One of the major reasons for this is that a Bitcoin payment is faster, cheaper, safer and less volatile than the local currencies in many countries. In addition, some of the problems that the crypto market was recently facing are already being resolved. For example, by the latest estimates, the Bitcoin network uses as much energy in one year as the country of Argentina. Yet, some companies in the crypto and blockchain market have taken steps to improve the situation. Manhattan Solar Partners, LLC, a joint venture between BIT5IVE, LLC and GMine LLC, recently announced plans to build crypto data centers utilizing over a gigawatt of renewable energy in Texas.

ISW Holdings Inc. (OTC: ISWH), transitioning to “BlockQuarry,” pending name change, announced breaking news earlier this month regarding, “the filing of the Company’s financial performance data for the Three and Nine Months ended September 30, 2021.

Financial Highlights for Three and Nine Months Ended September 30, 2021

  • Revenues from operations for the Three Months ended Sep 30 of $1.075 million (including deferred revenues), up 2,435% on year-over-year basis
  • Net Revenues (excluding deferred revenues) for the Three Months ended Sep 30 grew 579% on year-over-year basis
  • Net Revenues (excluding deferred revenues) for the Nine Months ended Sep 30 grew 185% on year-over-year basis
  • Net Cash increased by over 3,100% year to date to over $2.8 million
  • Total Assets increased 5,263% year to date to $9.56 million
  • Total liabilities decreased 73%, and total derivative liabilities decreased 98% to under $340k

Operational Highlights for Three Months Ended September 30, 2021

  • Exceeded internal expectations for cryptocurrency performance in first quarter of significant mining operations
  • Triggered Performance bonus clause for additional $1.7 million in Bitmain Miners from Minerset
  • Continued to eliminate dilution risk through aggressive reduction in convertible notes outstanding
  • Reached nearly $10 million in total assets
  • Neared completion of Phase 1 (build-out and deployment of first 20 MW) of Southeastern U.S. project to pair 56,000 mining rigs with 200 MW of power

The three months ended September 30 exceeded management expectations for growth in the Company’s assets due to positive gains from mining operations as well as greater than anticipated expansion in equipment.

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This was primarily due to the triggering of a performance incentive clause in the Company’s agreement with Minerset, LLC that granted the Company an additional 150 Bitmain S19 95TH/s state-of-the-art miners carrying a market value of approximately $1.7 million.

‘Q3 was a landmark quarter in Company history,’ remarked Alonzo Pierce, President and Chairman of ISW Holdings. ‘We switched on our mining fleet and saw our first substantial mining and hosting revenues hit the books. We also broke ground on our massive cryptocurrency hosting infrastructure and nearly finished the phase 1 build-out to deploy the first 20 MW to on-site Pods. In the process, we have seen a huge growth in the tangible value of the Company, as assets grew considerably while we continued our campaign to stamp out dilution risk through elimination of toxic notes and strict adherence to financing through a combination of cash from operations and non-toxic funding sources. As a result, we were in the best overall shape in our history coming into Q4, which is set to deliver on a much larger scale into year end.'”

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Hut 8 Mining Corp. (NASDAQ: HUT) reported back in October that the development of its third mining site, in conjunction with Validus Power Corp. (“Validus”), is underway. This site, located in North Bay, Ontario, will begin with 35MW of capacity and is expected to be online by the end of 2021. The North Bay site will enable Hut 8 to generate power using a blend of by-product steam, hydrogen and natural gas along with a secondary geothermal system that ties in the data center facility. “We couldn’t be more excited to diversify our power blend across the country and to continue to take advantage of Canada’s favourable climate,” said Jaime Leverton, CEO of Hut 8. “This third location demonstrates our commitment to sustainable technological innovation as we continue to expand our operations and strive to remain an industry leading Bitcoin miner.”

Ebang International Holdings Inc. (NASDAQ: EBON) reported earlier this year a statement on the changes in regulatory landscape in China and their impact on the Company. As China’s central government recently intensified a crackdown on bitcoin mining and trading, Ebang International Holdings, Inc. stressed in a latest statement that the crackdown has no direct or immediate impact on the company by highlighting for its shareholders the distinctions between its business and the impact of the China government’s policy. Through its subsidiaries the Company engages in the research, design, and development of application-specific integrated circuit chips and manufacture of Bitcoin mining machines in China, the United States, Hong Kong, and internationally. It also provides mining machine hosting services that enable customers to operate mining machines remotely, as well as offers routine maintenance services.

Future FinTech Group Inc. (NASDAQ: FTFT) announced last month announced that the Company plans to build a cryptocurrency mining farm in Paraguay. The Company has received official invitations from Paraguay’s Minister of Social Development and the Mayor of the City of Coronel Oviedo and has had discussions with them as to its business development plan with a proposed site of Coronel Oviedo. Future FinTech has engaged Paraguay’s former Deputy Minister of National Energy Department, Mr. Emilio Buongermini, as a consultant to assist the Company in assessing cryptocurrency mining business opportunities in Paraguay. Shanchun Huang, Chief Executive of Future FinTech, commented, “We have had very encouraging discussions with officials of Paraguay, and we understand that there has been a marked increase in cryptocurrency mining activities in Paraguay in 2021 due to its favorable business policies and competitive energy prices. An important feature of cryptocurrency mining in Paraguay is that it could be powered by hydroelectric environmental-friendly clean energy since Paraguay has abundant hydroelectric power resources as its ITAIPU Hydroelectric Dam is one of the largest hydroelectric dam in the world, with an installed generation capacity of 14 gigawatts.”

The9 Limited (NASDAQ: NCTY) announced last month that its wholly-owned subsidiary NBTC Limited (“NBTC”) and a Kazakhstan company LGHSTR Ltd. (“LGHSTR”) have signed a non-binding investment memorandum to establish a joint venture in Kazakhstan. According to the investment memorandum, NBTC and LGHSTR will own 51% and 49% of the joint venture respectively. NBTC will control the board of directors of the joint venture. The joint venture plans to invest and build cryptocurrency mining sites with a total capacity of 200MW within two years. NBTC will have the priority to deploy cryptocurrency mining machines owned by NBTC or its partners. When the 200MW mining sites construction is fully completed, taking S19 Antminers as an example, the sites are expected to be able to deploy more than 50,000 S19 Antminers and accommodate about 5EH/s of hash power. The joint venture will also carry out operation and maintenance of cryptocurrency mining machines in Kazakhstan. The joint venture plans to complete the construction of 20MW in September 2021; a total of 100 MW is expected to complete by the end of 2021 cumulatively; and a total of 200MW is expected to be completed by the end of 2022 cumulatively.

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