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Crypto Corner Podcast 533: Stocks discussed: (TSX: $HUT.TO) (LSE: ARB) (CSE: $BTC.C)

Bitcoin Hits ATH on Sunday Then Dips Below $49K, Hut 8 Partners with Validus Power Corp., Argo Blockchain Signs ASIC Mining Agreement with ePIC Blockchain Technologies, and Bluesky Announces Receipt of $500K in Mining Hardware

 

Point Roberts, WA and Delta, BC - February 22, 2021 (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:

https://www.investorideas.com/Audio/Podcasts/2021/022221-CryptoMarket.mp3

Crypto Corner Podcast 533: Stocks discussed: (TSX: $HUT.TO) (LSE: ARB) (CSE: $BTC.C)

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Stocks discussed: (TSX:HUT) (LSE:ARB) (CSE:BTC)

When we left off on the last episode of Crypto Corner (Feb 19), Bitcoin (BTC) was trading just south of $53K, and in fact, at press time it is trading for just a bit more than that at about $53,100, according to data from CoinMarketCap. However, between last Friday and today, Bitcoin's price has changed significantly, with its having reached its latest all-time high trading price yesterday at $58,330, and finishing with a sudden dip to below $49K earlier this morning. A piece from Cointelegraph suggests that this abrupt dip, in part, could be due to a sell-off from whales, citing large BTC deposits transferred to crypto exchange Gemini. Transfers to exchanges often indicate intention to sell. Crypto trader and analyst Scott Melker tweeted:

"I have no idea what happens here, but recent history shows that dips have not lasted long.

Would love to see another slow float back up after this bit of selling.

Of course we could drop, but each move like this of late has been a buying opportunity."

Hut 8 Mining Corp. (TSX:HUT) has "entered into exclusive partnership discussions with Validus Power Corp. to secure new revenue streams and energy solutions for its bitcoin mining operations." According to the press release, both firms "are exploring the co-development of an industrial scale energy generation platform that would take full advantage of the proprietary technologies and expertise of both companies." Hut 8 CEO Jaime Leverton said:

"Hut 8 is more than a [Bitcoin] miner. We are accelerators and innovators in the blockchain and big data ecosystem and have a responsibility to build and explore alternative mining practices. The future of our industry and our commitment to our investors is to continuously push new, creative ways of thinking which drive our competitive advantage. Just like we invest in hardware and get ahead of the supply constraints, the same thoughtful approach needs to be applied to our Energy & ESG objectives."

Argo Blockchain (LSE:ARB) has signed an agreement with ASIC mining machine firm ePIC Blockchain Technologies, giving it priority access to state-of-the-art ASIC mining rigs. Argo CEO Peter Wall said:

"We are really excited about this agreement and working with ePIC, one of the industry's preeminent ASIC design firms. This partnership will not only give Argo priority in accessing the most advanced mining infrastructure available, but it also highlights our reputation within the sector as an innovative and forward-thinking cryptocurrency miner. By working with a world-class supplier of ASICs at the development and R&D phase to collaboratively create machines to our own specification, it will only further our technical capabilities and efficiency in our mining operations."

Bluesky Digital Assets Corp. (CSE:BTC) has announced the Feb. 16 receipt of its $500,000 CAD order of new mining hardware, and that it has now moved it into full mining production. The new hardware adds an additional 30,000 mh/s of overall generic hashing power to the company's operations. Bluesky's COO, Anthony R. Pearlman, commented:

"I am very pleased when we as an organization can demonstrate to our stakeholders our true ability to do what we represent and say we can; we indicated we would act quickly and utilize our capital on mining hardware in a time where mining hardware is the smart play, get it in the door quickly, get it into production quickly and our actions and results speak volumes!"

Sam Mowers, Investorideas

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