Crypto Corner Episode 434: BTC Resumes Rally? Square (NYSE: $SQ) Reports 600% Quarterly BTC Revenue Increase
Hut 8 (TSX:HUT) Announce Site Management Changes and Dash Partners with Taurus for Latin American Crypto Debit Card
Point Roberts, WA and Delta, BC - August 5, 2020 (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 cryptocurrency stocks and the crypto market.
Listen to today's Crypto Corner Podcast:
Crypto Corner Episode 434: BTC Resumes Rally? Square Reports (NYSE: $SQ) 600% Quarterly BTC Revenue Increase
Stocks discussed: (NYSE:SQ) (TSX:HUT)
Bitcoin (BTC), after having fairly steadily remained around a trading price of $11,150-11,250 since Sunday, appears to have resumed its rally, according to data from CoinMarketCap. The flagship cryptocurrency is up just over 4 percent in the last 24 hours and is trading for about $11,615 at press time. Bitcoin last reached this price on this past Saturday, and on that occasion continued rallying to just under $12,000 before the "flash crash" that dragged it back down nearly $1,500.
Financial services firm Square, Inc. (NYSE:SQ) reported, in a letter to shareholders, that it generated $875 million of bitcoin revenue and $17 million of bitcoin gross profit during Q2 2020 on its Cash App. This represents a revenue increase of 600 percent year over year, something the letter ascribes to "an increase in bitcoin activities and growth in customer demand." As of June, the company boasted "more than 30 million monthly transacting active customers," on its Cash App.
Hut 8 Mining Corp. (TSX:HUT) has announced that the management of the Medicine Hat facility operations have been transferred from the Bitfury Group to Hut 8 effective August 1, 2020. The company had formerly outsourced the facility's operations and maintenance, but has now "brought this in-house to reduce costs and streamline operations." Jimmy Vaiopoulos, Interim CEO of Hut 8, said:
"This transfer of the management of site operations will allow Hut 8 to work more directly with site staff to streamline operations and lower costs to continue our focus on being a low cost bitcoin miner. This will save us upwards of $500,000 per year and I strongly believe this will benefit Hut 8, Bitfury, and our site staff."
Cointelegraph reports that Dash (DASH), in a partnership with Mexican cryptocurrency exchange, Tauros.io, will be releasing the first crypto Visa debit card in Latin America. Through the conversion of cryptocurrencies to pesos using the Tauros mobile app, the card "will work at millions of stores in Mexico." Ernesto Contreras, Head of Business Development at Dash Core Group, told Cointelegraph:
"The Tauros card is a first in Mexico and the region, and it will also allow for a very easy way in and out of the Tauros ecosystem, which is very important as it adds massive usability to Dash users in the country. The fact that we are giving the opportunity for people to earn DashBack rewards with their card will also give a boost to the crypto ecosystem in Mexico as now anyone can use their pesos, and Hodl Dash."
Sam Mowers, Investorideas
For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory
About Investorideas.com - News that Inspires Big Investing Ideas Investorideas.com is a recognized news source publishing third party news, research and original financial content. Learn about investing in stocks and sector trends with our news alerts, articles, podcasts and videos, looking at cannabis, crypto, AI and IoT, mining, sports biotech, water, renewable energy and more. Investor Idea's original branded content includes the following podcasts and columns: Crypto Corner, Play by Play sports and stock news column, Investor Ideas Potcasts Cannabis News and Stocks on the Move podcast and column, Cleantech and Climate Change, Exploring Mining the AI Eye.
The Investorideas.com podcasts are also available on iTunes, Spotify, Tunein, Stitcher, Spreaker.com, iHeartRadio and Google Play Music.
Visit the Podcast page at Investorideas.com:
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
Investorideas.com news content is not meant to be a solicitation to buy or sell cryptocurrencies and Investorideas.com does not directly sell cryptocurrencies; but acts as a news and research resource for interested investors following the blockchain sector.
Copyright and ownership: Crypto Corner is an Investorideas.com content brand
Follow us on Twitter https://twitter.com/Investorideas
Follow us on Facebook https://www.facebook.com/Investorideas
Follow us on YouTube https://www.youtube.com/c/Investorideas
Download our Mobile App for iPhone and Android