#CryptoCorner: HIVE Blockchain's (TSXV: $HIVE.V) 750 New Bitmain S17s Operational, Riot Blockchain (NasdaqGS: $RIOT) and Hut 8 Mining (TSX: $HUT.TO) Announce Q1 Financials
Point Roberts, WA and Delta, BC - May 11, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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#CryptoCorner: HIVE Blockchain's (TSXV:$HIVE.V) 750 New Bitmain S17s Operational, Hut 8 Mining (TSX: $HUT.TO) and Riot Blockchain (NasdaqGS: $RIOT) Announce Q1 Financials
Stocks discussed: (TSXV:HIVE) (TSX:HUT) (NasdaqGS:RIOT) (TSXV:GLXY)
Bitcoin (BTC), despite rallying into the weekend and peaking at just over $10,000, has since taken a tumble to a current trading price of $8,925, according to data from Coinmarketcap. However, it appears that it is actually in the midst of a recovery of sorts, as it is up significantly from its bottom of $8,100 as indicated in a report from Cointelegraph. That same report identifies three reasons why Bitcoin fell as:
...strong multi-year resistance area above $10,000, whales moving to short the market on BitMEX, and extreme volatility heading into the halving.
The much-anticipated "halving" will indeed take place today, reducing the block reward from 12.5 BTC to 6.75 BTC. As yet it remains to be seen whether the event will result in a strong rally for the cryptocurrency, as is widely expected, or something else.
HIVE Blockchain Technologies Ltd. (TSXV:HIVE) has announced that its 750 new Bitmain S17+ Antminer machines are now operational at its recently acquired 30 megawatt (MW) green energy-powered Bitcoin mining operation in Quebec. The company's Interim Executive Chairman, Frank Holmes, explained:
"The halving of Bitcoin rewards effectively cuts in half the diminishing finite supply of newly minted Bitcoin, and is an important milestone for the network. Bitcoin rewards for miners have halved twice previously, in 2012 and 2016, when the price of Bitcoin was approximately $12 and $650 respectively, and prices rose significantly in the ensuing 18 months. Naturally past performance is no guarantee that previous cycles will repeat themselves, therefore we have been preparing for the halving through the acquisition of our own low cost Bitcoin mining operation in April and subsequent investment in high efficiency computing equipment to both increase the operational efficiency of our Quebec facility and maximize use of its existing 30 megawatt power capacity."
Hut 8 Mining Corp. (TSX:HUT) has announced its financial results for the first quarter ending March 31, 2020. Highlights include quarterly revenue of $12.7 million CAD from mining 1,116 bitcoin, and a mining profit margin of 1 percent, which the company said was hindered by a 48 percent price collapse in BTC in the space of two days in March.
Riot Blockchain, Inc. (NasdaqGS:RIOT) also reported its financial results for the first quarter ended March 31, 2020. Highlights there include the production of 281 newly minted bitcoins, an increased bitcoin inventory by 60 percent to 821 BTC in the quarter, and total mining revenue of $2.4 million as compared to $1.4 million in the first quarter of 2019.
"Our move to the TSX, the most senior public market of the TMX Group, is another significant step in our evolution as a public company focused on providing improved liquidity and enhanced public disclosure to investors."
Sam Mowers, Investorideas
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