FinancialBuzz.com News Commentary
Over the last several years, the perception of cryptocurrencies has changed drastically. Earlier in the year, several major companies announced a more open-minded approach to Bitcoin, accepting it as payment for product and services. Since then, business and major corporations have become much more open to investing in blockchain and cryptocurrencie. Just last month, Mastercard announced that it has agreed to acquire the blockchain analytics start-up CipherTrace, in the latest sign of how major companies are warming to the technology. “Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient,” said Ajay Bhalla, President, Cyber & Intelligence at Mastercard. “With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this.” AGM Group Holdings Inc. , Marathon Digital Holdings, Inc. HIVE Blockchain Technologies Ltd. , SOS Limited , Bit Digital, Inc.
Top AiThority.com Insights: RentPath Appoints Seasoned B2B Technology Executive, Sean Barry, As Chief Operating Officer
The cryptocurrency market is ever evolving and growing more complex. Now, government agencies are pushing for more regulations because of how popular digital currencies have become. According to the New York Times, cryptocurrency grew from a digital curiosity into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks for consumers and financial markets. “Their concerns have only grown as both new and established firms have rushed to find ways to profit from bringing the massive wealth held in cryptocurrency into the traditional financial system through quasi-banking services like interest-bearing accounts and lending,” the Times indicate. Overall, the global blockchain market is expected to grow by USD 15.1 Billion by 2024, while at a CAGR of 69.3% according to Market Research Engine.
AGM Group Holdings Inc. just announced breaking news that, “the Company is exploring strategic opportunities to set up a North American manufacturing base in the United States or Canada, in order to position the company’s leadership in Bitcoin mining.
The move is part of AGMH’s ongoing efforts to expand its global footprint in the mining machine industry, and signifies a new phase of growth for the Company. In particular, North America is one of key regions for Bitcoin mining, thus building the manufacturing base in the United States or Canada will bring the Company closer to customers, streamline supply chain, mitigate the impact of global logistics issues and accelerate local market penetration. Pittsburgh and Seattle are among the Company’s considerations for the manufacturing base, which is expected to accommodate AGMH’s R&D lab, hardware production, assembly and business development team.
This strategic initiative is led by Mr. Bo Zhu, Chief Strategy Office of AGMH. Mr. Zhu has deep knowledge in the local customer base and relationship in North America. AGMH has sent some sample components of mining machines to local manufacturers for production tests and the manufacturing base selection.
Mr. Chenjun Li, Co-Chief Executive Officer of AGMH, commented: ‘Apart from China, we are dedicated to developing and producing high-performance hardware and software of mining machines to engage a broader client group in overseas countries. The new manufacturing base will play a critical role for our North American operations of mining machine business, spurring the next phase of growth for our Company.'”
Browse The Complete News About AI : Liquid Intelligent Technologies launches OneVoice for Cloud PBX in six African markets
Marathon Digital Holdings, Inc. reported earlier tin September DMG Blockchain, a vertically integrated blockchain and cryptocurrency technology company, will become the first North American Bitcoin miner, excluding Marathon, to join Marathon’s mining pool, MaraPool. On Monday September 13, 2021, DMG Blockchain will begin pointing 100% of its hash rate towards MaraPool, as the pool opens to additional Bitcoin mining companies. MaraPool is a U.S.-based Bitcoin mining pool that is focused on reducing the environmental impact of Bitcoin mining through carbon neutral mining. The pool, which is fully audited by a third-party firm in the U.S., provides its members with industry leading transparency, an intuitive reporting system, and access to exclusive services from NYDIG. “After experiencing difficulties with mining pools outside the U.S., we decided to launch our own pool that would reflect the values and needs of enterprising North American Bitcoin miners,” said Fred Thiel, Marathon’s CEO. “After many months of testing, we have now opened the pool to other Bitcoin miners that share our beliefs and our desire to improve miners’ processes. DMG Blockchain has long been an innovator in this regard, having worked closely with us on this initiative, and we are pleased to welcome them to MaraPool.”
HIVE Blockchain Technologies Ltd. reported last month he purchase of 6,500 next generation Bitcoin miners. These new machines have an aggregate hash power of 585 Petahash per second (PH/s). The integration of these miners into HIVE’s systems will be made in tranches over the next 130 days. They will be placed in existing facilities, and in our newly constructed data centres at our campus in New Brunswick, Canada. This new equipment sourced from a top global manufacturer is expected to be received and in operation by the end of February 2022 in 3 tranches, with 3,000 miners in December 2021, 3,100 miners in January 2022 and 400 miners in February 2022. At the current difficulty and Bitcoin price these purchased miners will generate approximately an additional 3.7 Bitcoin per day, or equivalent to an additional US$250,000 in daily income, or US$7,500,000 in monthly run rate income. Bitcoin continues to have a daily volatility of plus or minus 6% and investors should be aware of this volatility. It is a high risk, high reward investment.
SOS Limited reported back in June that it has entered into a joint venture agreement with Niagara Development LLC (“Niagara Development”), a New Jersey limited liability company, for a joint venture to be based in Niagara, Wisconsin. The joint venture, FD LLC, is expected to carry out crypto-currency mining operations and construct an international standardized Digital Super Computing Custody Operation Center. Under terms of the agreement, Niagara Development will be responsible for providing up to 150MW of electricity, including electricity generated from renewable sources, and construction the Digital Super Computing Custody Operation Center. SOS will be responsible for the management, operations and financing of the joint venture. SOS remains committed to its block-chain strategy and strive to become a sustainability leader in the industry.
Bit Digital, Inc. and Digihost Technology Inc. announced earlier in July that the Companies have entered into a second strategic co-mining agreement (the “Agreement”). Pursuant to the terms of the Agreement, Digihost will provide certain premises (the “Premises”) to Bit Digital for the operation of a 100 MW Bitcoin mining system (the “Miners”) to be delivered by Bit Digital for a term of two years. This expanded collaboration between Digihost and Bit Digital is expected to facilitate an additional increase in hashrate of approximately 2 EH between the companies, and a total increase in hashrate between the two companies of approximately 2.4 EH including the initial collaboration agreement that was previously announced.
Read More About AI News : Lacework Strengthens Data-Driven Cloud Security Platform with Acquisition of Infrastructure as Code Company Soluble
[To share your insights with us, please write to sghosh@martechseries.com]
Comments are closed.