Institutional Investors Betting on Future of Bitcoin; Crypto Snapshot (OTCQB: $INTV) (NASDAQ: $MARA) (NASDAQ: $RIOT) (OTCQX: $GBTC)
Point Roberts WA, Delta BC - December 17, 2020 (Investorideas.com Newswire) Investorideas.com, a global investor news source covering blockchain and cryptocurrency issues a special news report looking at recent news and developments in the bitcoin/cryptocurrency sector.
As bitcoin recovered and is trading well above $19,000 again, more and more institutional investors are betting on the future of bitcoin and some say it may be a better investment than gold.
The Crypto Corner at Investor Ideas reported Monday, "Strategists from JPMorgan (NYSE:JPM) commented on insurance firm MassMutual's purchase of $100 million in Bitcoin last week, according to Bloomberg:
"MassMutual's Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors. [...] One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual's example."
Public companies are seeing retail investors flock to the sector and stocks are gaining in parallel to bitcoin prices.
Integrated Ventures Inc. (OTCQB: INTV), a company focused on acquiring, launching and operating assets in the cryptocurrency sector, and one of the few fully reporting OTCQB stocks in the space trading under $0.10, announced in November that it purchased WhatsMiner Mining Equipment, Valued at $190,000. The company in its news release confirmed is purchase and provided additional details, in regards to all recent purchases of cryptocurrency mining equipment.
The purchasing summary (Q4/2020 thru Q1/2021) of all mining equipment is as follows: total Units Purchased: 289.
In total, 395 units (including previously purchased Antminer T17 and GPU powered units) will be connected by December 15, 2020.
Steve Rubakh, CEO of Integrated Ventures, Inc, commented :"The Company is deploying recently raised capital for purchases of the mining equipment, driven by :a decrease in power and general operating costs improved profitability and efficiency of the mining equipment ,recovery and recent performance of the cryptocurrency markets."
Estimated unaudited annual mining revenues, based on BTC price of $17,000 are tracking at $950,000+ vs. actual revenues of $454,170 for year 2020.
"Thus, subject to the equipment availability, the Company intends to execute purchases of the mining equipment, on bi-weekly basis, mainly relying on current and future cash flow. We expect to deliver revenue and profitability growth and see a great potential for the M&A driven business expansion opportunities, going forward". Read the full news
Marathon Patent Group, Inc. (NASDAQ:MARA), one of the largest enterprise Bitcoin self-mining companies in North America, announced on December 9th it entered into a contract with Bitmain to purchase 10,000 Antminer S-19j Pro ASIC Miners.
Under the terms of the agreement, Marathon will receive an initial batch of 6,000 S-19j Pro Miners in August 2021. The remaining 4,000 miners will be delivered in September 2021.
Once all of Marathon's purchased miners are delivered and fully deployed, the Company's mining portfolio will consist of 33,560 state of the art ASIC miners, generating 3.56 EH/s. As a result, the Company will be consuming approximately 100 MWs of power, the maximum amount available at the Company's data center in Hardin, MT.
To continue expanding its operations, the Company is working with its energy partner, Beowulf Energy, to open a renewable energy powered data center in the northeastern United States. This facility will initially provide Marathon with an additional 100 MWs of power and has the potential to increase to 250 MWs of power.
Marathon's chairman and chief executive officer, Merrick Okamoto, stated, "We are pleased to have successfully completed the purchase of all ASIC Miners required to fully utilize our 100 MW data center in Hardin MT. We are now looking forward to our next phase of growth as we build out our second data center. The new facility will be powered primarily by clean, renewable power, which is not only cost-effective, but will also allow us to lower our carbon footprint. Currently, we believe the costs to operate our second facility will be similar to the industry-leading rates we have at our Hardin facility: $0.028 per kWh for power and $0.006 per kWh for hosting operations."
Riot Blockchain, Inc. (NASDAQ: RIOT) , one of the few Nasdaq-listed bitcoin mining companies in the United States, announced Monday an 8 megawatt (MW) pilot project to assess the potential for higher productivity and lower cost mining opportunities in Texas. Riot has teamed up with two leading-edge technology companies, Enigma Digital Assets AG ("Enigma") and Lancium, LLC ("Lancium") to launch the pilot project. The pilot project has the unique dual focus of evaluating Enigma's next-generation immersion technology to increase mining productivity, in addition to evaluating Lancium's Smart Response™ software to reduce energy costs.
"Bitcoin mining is about scale, low-cost infrastructure and ultra low-cost electricity," stated Michael McNamara, CEO of Lancium. "Enigma's innovative solutions appear to offer a very meaningful improvement on installed cost and productivity. Lancium's power-ramping and trading expertise perfectly complements this by delivering an innovative solution to provide the pilot project with low-cost, optimized electricity."
"Our new mining modules are among the world's most powerful, efficient and heat-resilient solutions for mining Bitcoin," said Jakov Dolic, Co-Founder of Enigma. "Large economies of scale allows rapid ROI, and resilience to heat enhances operating performance in hotter climates, especially where powered with low-cost electricity. We are extremely excited to launch this relationship with Riot and Lancium."
Grayscale Investments, LLC (OTCQX: GBTC), the first publicly-quoted* Bitcoin investment vehicle and the first digital currency investment vehicle to attain the status of an SEC reporting company, has had a 52 week range of $5.01 - $24.12, giving investors some big wins in 2020.
Grayscale Bitcoin Trust is solely and passively invested in Bitcoin, enabling investors to gain exposure to BTC in the form of a security while avoiding the challenges of buying, storing, and safekeeping BTC directly.
For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory
Investors can trade these stocks and other ideas on our site using our list of top stock trading apps including Robinhood, Acorn, Stash and others.
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