#CryptoCorner: BCH "Halving", Galaxy Digital (TSXV: GLXY) Releases 2019 Financials and DMG Blockchain Solutions (TSXV: DMGI) Increases Mining Capacity with New Equipment
Point Roberts, WA and Delta, BC - April 8, 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.
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#CryptoCorner: Episode 387 - BCH "Halving", Galaxy Digital (TSXV: GLXY) Releases 2019 Financials and DMG Blockchain Solutions (TSXV: DMGI) Increases Mining Capacity with New Equipment
Stocks discussed: (TSXV:GLXY) (TSXV:DMGI)
The crypto market is a bit of a mixed bag today with some of the top 100 coins listed by market cap in the red, and others in the green, according to data from CoinMarketCap. Bitcoin (BTC) is slightly in the red at press time, but has maintained a trading price above $7,000 since late Sunday. It is currently trading for about $7,275.
Earlier today Bitcoin Cash (BCH) went through its first "halving", an event which sees each new transaction block produce half of its mining reward. Specifically, Bitcoin Cash miners will see a reward of 6.25 BCH per block, which is down from 12.5 BCH per block. This is commonly supposed to lead to a rally in the cryptocurrency, as it creates a deficit in supply. This remains to be seen, however, as it also reduces incentives for miners who will now see their rewards cut in half. The halving of Bitcoin is expected sometime in May.
"Galaxy Digital entered 2020 with significant operational momentum in our three operating businesses of Trading, Asset Management and Advisory Services, and I am proud of how our dedicated team is now navigating the unprecedented global economic dislocation driven by Covid-19. The digital asset and cryptocurrency market has seen significant volatility and de-risking in the past several weeks, similar to other growth and safe-haven asset classes, as investors prioritized liquidity above all. In this market environment, we continue to focus on the safety of our people, trading nimbly, and sharing differentiated insights with our institutional clients and counterparties."
"DMG has been testing the latest models of ASIC miners from various manufacturers and, based on capital cost, energy consumption, and mining efficiency, the Company has chosen to begin deployment of additional M30 miners manufactured by MicroBT. The M30s generate 88 TH/s of compute power with an energy consumption of 3,344 watts. We expect the M30 to be profitable for at least 36 months based on the current bitcoin price and forecasted network hash rate changes during this period, including the May 2020 Bitcoin reward halving, as well as DMG's access to low cost power via our 85MW substation. One of our existing alt-coin clients has also added 23 Petahash of Bitcoin miners for hosting at DMG's facility. We expect receipt of shipments of all new miners as well as their energization by the end of this month."
Sam Mowers, Investorideas
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