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Aug 11, 2021, 10:45 ET
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NEW YORK, Aug. 11, 2021 /PRNewswire/ — Despite the numerous obstacles the cryptocurrency market has had to overcome in recent months, there are clear indications that there is plenty of demand for the digital currencies and for blockchain technology. For example, Coinbase shares rose as much as 2.1% in extended trading Tuesday after reported second-quarter revenue  was stronger than analysts had expected, according to a report by CNBC. Additionally, the company reported that total trading volume was diversified beyond Bitcoin, into Ethereum and other crypto assets. Approximately 24% of the company’s total trading volume for the quarter was concentrated in Bitcoin, down from 39% in the first quarter. ISW Holdings Inc. (OTC: ISWH), Bitfarms Ltd. (NASDAQ: BITF), Riot Blockchain, Inc. (NASDAQ: RIOT), Bit Digital, Inc. (NASDAQ: BTBT), Power & Digital Infrastructure Acquisition Corp. (NASDAQ: XPDI)
The U.S. in now the new hub of the Bitcoin mining market. In fact, it is the second-biggest mining destination on the planet, accounting for nearly 17% of all the world’s bitcoin miners as of April 2021. That’s a 151% increase from September 2020, according to CNBC. After the crackdown by the Chinese government on crypto mining, Bitcoin miners in China have begun looking to relocate their operations to U.S. states like Texas, South Dakota and Tennessee, The Washington Post reported.
ISW Holdings Inc. (OTC: ISWH) announced last month breaking news regarding the, "signing of a cryptocurrency mining hosting agreement (the "Agreement") with Bitmain Technologies ("Bitmain"), the world’s leading producer of cryptocurrency mining hardware and a leading global cryptocurrency mining firm.
The Agreement will form the backbone of the Company’s Phase One launch of its cryptocurrency hosting and mining operation in Georgia. Further details related to this Agreement will be discussed in the near future.
Irene Gao, Antminer BD Director NCSA Region, Bitmain, said, "We are excited to have signed this new pioneering project to begin cooperation with ISW Holdings, a new milestone for the industry for creating hosting facilities overseas. The 200 MW facility is the first phase of our long-term partnership, utilizing renewable energy as its source. We expect to further expand this project into the future to support the development of the industry."
"Bitmain is probably the most recognizable name in the mining space, and we are excited that they will be a major piece of our success in Georgia," remarked Alonzo Pierce, ISW Holdings president and chairman. "Once our 200 MW power tranche is fully utilized, we anticipate annualized revenues of over $200 million, but that will only close the first phase of our vision. We look forward to discussing our next phases in due course. If we are able to execute according to our full vision, we have the potential to drive exponential revenue growth ahead."
Bitfarms Ltd. (NASDAQ: BITFannounced back in June that the Company has received DTC eligibility for the Company’s common shares in connection with their listing on the Nasdaq Stock Market. e. When Bitfarms begins trading on the Nasdaq, it will be the largest publicly traded Bitcoin miner in North America using greater than 99% hydroelectric renewable electricity. We are proud to be a leader in the industry in setting the highest standards for ourselves and our mining operations and to be uplisting to one of the most prestigious stock exchanges in the world. Having reached this milestone we are even more excited about where it will take our company next," commented Emiliano Grodzki, Bitfarms’ Founder and Chief Executive Officer.
Riot Blockchain, Inc. (NASDAQ: RIOT) announced earlier in June its May production and operational updates, including its unaudited Bitcoin ("BTC") production for May 2021 and its latest miner delivery status. The Company plans to continue to provide monthly operational updates and unaudited production results through the end of 2021. These updates are intended to keep shareholders informed of Riot’s mining production as it continues to deploy its expanding miner fleet. On May 26th, 2021, Riot announced it completed its previously announced acquisition of Whinstone U.S. ("Whinstone"). Whinstone’s Bitcoin mining facility in Rockdale, TX is the largest Bitcoin mining facility in North America, as measured by its 300 MW in developed capacity. The Company announced its plans to immediately commence further development of additional capacity at Whinstone in order to rapidly bring the property to its current capacity of 750 MW. This expansion will be driven by Whinstone’s industry leading development team of over 100 employees.
Bit Digital, Inc. (NASDAQ: BTBT) and Digihost Technology Inc. announced last week 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 on June 10, 2021.
Power & Digital Infrastructure Acquisition Corp. (NASDAQ: XPDI) and Core Scientific Holding Co. announced back in July that they have entered into a definitive merger agreement pursuant to which XPDI will acquire the Company (the "Transaction").  As a result of the Transaction, which values the Company at a pro forma enterprise value of approximately $4.3 billion, the combined company is expected to operate as Core Scientific, Inc. and remain a publicly listed company on the NASDAQ stock market. Core Scientific is the largest blockchain infrastructure, hosting provider and digital asset miner in North America, with estimated year-end power capacity of approximately 510 megawatts through four dedicated facilities strategically located across the United States. The Transaction positions Core Scientific to mine for digital assets and provide and develop hosting and other blockchain services at scale, using low cost, clean and renewable energy for a growing, global decentralized finance industry.
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