#CryptoCorner: Episode 383 - Bitcoin Rallies After Weekend Slump, Microsoft (NasdaqGS: $MSFT) Files Crypto Mining Patent and HIVE (TSXV: HIVE) to Acquire 30MW Mining Facility from Cryptologic (CSE: CRY)
Point Roberts, WA and Delta, BC - March 30, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
Listen to today's Crypto Corner Podcast:
#CryptoCorner Episode 383: Bitcoin Rallies After Weekend Slump, Microsoft (NasdaqGS: $MSFT) Files Crypto Mining Patent and HIVE (TSXV: HIVE) to Acquire 30MW Mining Facility from Cryptologic (CSE: CRY)
Stocks discussed: (NasdaqGS:MSFT) (TSXV:HIVE) (CSE:CRY)
When we left off on last Friday's Crypto Corner, Bitcoin (BTC) was trading for $6,600. Shortly after, however, it witnessed a rapid drop down to around $6,150 and bottomed on Sunday with a trading price of $5,900 according to data from CoinMarketCap. But after spending the weekend in this rut, Bitcoin has rallied this morning to a current trading price of $6,320.
A possible reason for the hampered and underwhelming growth exhibited by the crypto market following the coronavirus could be that the amount of cash circulating has increased in the same period. Figures from Federal Reserve Economic Data (FRED) show that the amount of cash circulating shot up between March 11 and 18 from $1.809 trillion to $1.843 trillion, which according to a tweet from economist John Paul Koning, is "the largest weekly increase in US banknotes in circulation since the Y2K jump in December 1999." This preponderance of cash may indicate that people are less inclined to rely on cryptocurrencies to make transactions currently.
Microsoft (NasdaqGS:MSFT) has filed a patent application for a "cryptocurrency system using body activity data." The proposed system would allow crypto mining by leveraging body activity data. The application's abstract reads:
Human body activity associated with a task provided to a user may be used in a mining process of a cryptocurrency system. A server may provide a task to a device of a user which is communicatively coupled to the server. A sensor communicatively coupled to or comprised in the device of the user may sense body activity of the user. Body activity data may be generated based on the sensed body activity of the user. The cryptocurrency system communicatively coupled to the device of the user may verify if the body activity data satisfies one or more conditions set by the cryptocurrency system, and award cryptocurrency to the user whose body activity data is verified.
HIVE Blockchain Technologies Ltd. (TSXV:HIVE) has signed a definitive agreement to acquire a mining operation in Lachute, Quebec from Cryptologic Corp. (CSE:CRY) for an approximate purchase price of $4 million CAD. The mining facility has access to 30 megawatts of low cost green power. Frank Holmes , Interim Executive Chairman of HIVE, commented:
"This is an important strategic acquisition for HIVE that diversifies our business significantly, and we are making it at an opportune time at an attractive valuation for our shareholders. The Acquisition provides us with an advanced, operating Bitcoin mining facility ready to transition to next generation mining hardware with access to some of the lowest cost electricity on the planet. The cost of US$95,000 per MW is less than half the industry standard build cost per MW."
Sam Mowers, Investorideas
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