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Crypto Corner Podcast 656: Stocks discussed: (NasdaqGS: FB) (NasdaqCM: CLSK) (NYSE: BTCM)

Facebook's Novi Digital Wallet "Ready to Come to Market," CleanSpark and BIT Mining Reports Quarterly Financial Results


Point Roberts, WA and Delta, BC - August 18, 2021 ( Newswire), a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving cryptocurrency stocks and the crypto market.

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Crypto Corner Podcast 656: Stocks discussed: (NasdaqGS: FB) (NasdaqCM: CLSK) (NYSE: BTCM)


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Stocks discussed: (NasdaqGS:FB) (NasdaqCM:CLSK) (NYSE:BTCM)

Novi, the digital wallet component of Facebook's (NasdaqGS:FB) stablecoin project Diem, formerly Libra, is "ready to come to market," according to a blog post by David Marcus. Marcus leads Facebook Financial and is a board member of the Diem Association, which comprises 25 organizations apart from Novi. Regarding Novi, Marcus wrote:

"It's regulated, and we're confident in our operational ability to exceed the high standards of compliance that will be demanded of us. We feel that it's unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payments. We will continue to persevere and demonstrate we can be a trusted player in this industry - and one that's bringing positive change by being in it."

CleanSpark, Inc. (NasdaqCM:CLSK) has reported its financial results for the three and nine months ended June 30, 2021. Highlights for the quarter include the production of 191 Bitcoins (BTC), a revenue of $11.9 million, which is an increase of $8.5 million, or 250 percent, over the prior year, as well as a net loss of $16.7 million. Zach Bradford, the company's CEO, outlined the company's plans in the following excerpt from its recent earnings call transcript:

"We now expect to more than double our current hash rate before the end of 2021 and more than quadruple our current hash rate in 2022. Our energy business continues to build momentum with positive regulatory tailwinds and incentives in place for Green Energy, along with our backlog of executed contracts of over $20 million. The combined efforts of our Bitcoin mining and energy businesses are expected to contribute to record growth through the balance of 2021 and 2022."

BIT Mining Limited (NYSE:BTCM) has reported its unaudited financial results for the second quarter ended June 30, 2021. Highlights include net revenues of $445.1 million and an operating loss of $15.7 million. An excerpt from the press release outlines the company's progress regarding crypto miners:

The Company has adopted a development strategy to focus on expanding its cryptocurrency mining operations globally. As of today, we have delivered 7,849 bitcoin mining machines with a total hash rate capacity of 292.7 PH/s to Kazakhstan, of which 3,293 bitcoin mining machines, with a total hash rate capacity of 121.0 PH/s, have been deployed at data centers in Kazakhstan and 4,556 bitcoin mining machines are waiting to be deployed.

Sam Mowers, Investorideas

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