Bitcoin, Ether, Dogecoin And Other Coins Surging While Crypto Miners Follow As Week Begins In Green
FN Media Group Presents USA News Group News Commentary
USA News Group Once again, Bitcoin (BTC) is setting the tone for the cryptocurrency market, as it emerged from the weekend to finally topple a $63,500 price resistance that’s seemed to work against the coin since hitting an all-time high. Global exchanges such as Coinbase Global, Inc. (NASDAQ: COIN) are showing that many of the other coins are following suit, including Ethereum (ETH), Dogecoin (DOGE), and Polkadot (DOT). But while the coins themselves have started the week with gains of 8-10%, the real story has been with the cryptocurrency miners, such as Riot Blockchain, Inc. (NASDAQ: RIOT), Canaan Inc. (NASDAQ: CAN), HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSX.V: HIVE) and Hello Pal International Inc. (CSE: HP) (OTCQB: HLLPF).
While most of the crypto mining is focused on BTC, there’s also been renewed interest in DOGE.
For instance, a recent cryptic change of Elon Musk’s Twitter name to “Lorde Edge” was seen as a nod to Dogecoin. Glauber Contessoto, known as the Dogecoin millionaire, revealed he allocates 99% of his portfolio to the “eldger dog” coin, after it already surged nearly 30% to close out October.
As BTC has been criticized for its intense energy consumption during the mining process, and ETH continues to move closer to a new era that won’t involve mining, DOGE remains an enigma (thanks to Elon Musk’s teasing) that’s proving to be a profitable mining venture.
Popular livestreaming platform Hello Pal International Inc. (CSE:HP) (OTC:HLLPF) officially became the first listed company with primary exposure to mining Dogecoin, back in May. The move allowed their users to access 12,500 DOGE/LTC mining rigs, with a combined hash rate of 6.25 TH/s.
The move has been a genuine success for Hello Pal, which recently announced record quarterly revenue for the period ended August 31, 2021.
“Our current fiscal year has been transformative and resulted in our achieving record revenue of $13,206,275 from livestreaming services and a profit of $1,449,335 from cryptocurrency mining during the six months ended August 31, 2021,” said KL Wong, Founder and Chairman of Hello Pal. “Revenue increased 208% compared to the six months ended 2020 with minimal spending on advertising and user generation during that period. With our acquisition of mining rigs, we anticipate that revenue and profit will continue in an upward trend for the balance of the fiscal year.”
Crypto currency mining accounted for more than 58% of the company’s gross profit of $2,488,454 in 2021 H1.
Shanghai Yitang, Hello Pal’s partner in cryptocurrency mining, continues to help manage these mining operations to ensure the decentralized locations of the mining rigs across various green renewable energy mining sites.
“We are very pleased to see the progress we have made as a Company, and believe that the results are evident in the financial figures,” added Wong. “We are particularly excited in the continued internationalization of our business, as reflected in our expansion of livestreaming services outside China and the integration of cryptocurrency into our platform through our newly launched crypto-mining operations.”
Out of its Whinstone Facility in Rockdale, Texas, Riot Blockchain, Inc. (NASDAQ:RIOT) recently announced it produced 464 Bitcoins in October 2021—an increase of approximately 433% over its October 2020 production of 87 BTC.
Year to date, Riot has produced a total of 2,921 BTC, representing an increase of approximately 257% over its BTC production during the same period in 2020 which yielded 818 BTC. Riot recently completed a $54 million purchase order with reputable ASIC manufacturers, Bitmain for 9,000 S19j Pro (100 TH/s) miners, with an anticipated delivery and deployment schedule set for May 2022 through October 2022. Shipments of 11,500 S19J Pro Antminers under previous purchase orders are expected to be shipped to Riot’s Whinstone facility in November 2021.
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Another reputable ASIC manufacturer, Canaan Inc. (NASDAQ:CAN) recently announced an order of 6,500 Bitcoin mining machines from HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSX.V:HIVE).
The order was made for 6,500 units of the next-generation Avalon Bitcoin mining machines, following up on two recent purchases of 4,000 units and 6,400 units of Canaan’s Avalon Miners in August 2021 and January 2021, respectively.
“We are pleased to be building on our strategic alliances with Canaan, a leading ASIC manufacturer, to achieve our goals and drive value for our shareholders, while executing on a transaction that increases our cash flow and green mining capacity,” said Frank Holmes, Executive Chairman of HIVE. “HIVE currently has approximately 1.2 Exahash per second (EH/s) of Bitcoin mining capacity, and with this new purchase, HIVE’s Bitcoin ASIC pipeline will be at 2 EH/s by December 2021, and 3 EH/s by March 2022.”
“The consecutive deals are not only a testament to the quality and performance of our mining machines, but also demonstrate our effective client relationship-building efforts,” said Nangeng Zhang, Chairman and Chief Executive Officer of Canaan. “We will continue to position ourselves as an important partner for HIVE as they accelerate their business growth. With our next-generation Avalon Miners as well as our quality on-site and off-site support, we are confident to achieve greater success with our clients in the crypto-mining field.”
While the cryptoverse continues to generate and circulate new supplies, Coinbase Global, Inc. (NASDAQ:COIN) has benefitted, seeing its stock rise by 40.4% in October. With optimism surrounding the exchange’s third-quarter earnings, COIN stock rose along with the coins it’s famous for trading.
Now as the company moves into the NFT space, Coinbase’s actions have even cause CNBC host Jim Cramer to change his tune.
It was after Coinbase announced on October 12 that it would add an NFT market place to the platform, that two weeks later, Cramer would admit to betting on the roughly $10 billion NFT market, by purchasing Ether tokens.
“In all honesty, I was gambling,” said Cramer. “I was simply gambling on crowd psychology. I have no idea whatsoever why these things went up.”
Now with a standalone browser extension for its Coinbase Wallet, and a commission-free trading service, Coinbase appears to be making the crypto world even more accessible as the space continues to blossom.
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