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Crypto Corner Podcast 572: Stocks discussed: (NasdaqGS: $COIN) (TSXV: $HIVE.V) (TSX: $HUT.TO ) (TSXV: $BITF.V) (NasdaqGS: $EQOS)

Bitcoin Tumbles Over Weekend, HIVE Acquires 50MW Data Centre, Hut 8 and Bitfarms Announce Power Purchase Agreements, and Diginex Reports Record Volumes on EQUOS Exchange

 

Point Roberts, WA and Delta, BC - April 19, 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.

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Crypto Corner Episode 572: Bitcoin Tumbles Over Weekend, HIVE Acquires 50MW Data Centre, Hut 8 and Bitfarms Announce Power Purchase Agreements, and Diginex Reports Record Volumes on EQUOS Exchange

Stocks discussed: (NasdaqGS:COIN) (TSXV:HIVE) (TSX:HUT) (TSXV:BITF) (NasdaqGS:EQOS)

After reaching an all-time high trading price of around $64,860 just five days ago, Bitcoin (BTC) crashed hard on Saturday, and again on Sunday, according to data from CoinMarketCap. Riding high off of the bullish mood brought on by the Nasdaq listing of Coinbase (NasdaqGS:COIN) last week, Bitcoin dropped to as low as about $52,800 yesterday, but has since recovered somewhat to a trading price of roughly $55,750 at press time. This is being seen, in part, as a correction from Bitcoin's, perhaps overzealous, rally last week, as it met strong resistance at its peak. However, as Cointelegraph reports, some contend that a major power outage in the Chinese region of Xinjiang - which according to some sources "represents nearly one-quarter of the global hash rate" - may have been a contributing factor.

HIVE Blockchain Technologies Ltd. (TSXV:HIVE) has completed its previously announced acquisition of a 50 megawatt data centre campus in New Brunswick, Canada from GPU.One Holding Inc., thereby expanding its Canadian footprint. According to the press release, this acquisition will "more than double HIVE's total available power capacity globally to approximately 100 MW, placing it among the largest of any publicly-listed cryptocurrency miners, and provide significant diversification to the Company's business both geographically and by blockchain network."

Hut 8 Mining Corp. (TSX:HUT) has entered into a power purchase agreement with Validus Power Corp. to support the company's operations in the Canadian province of Alberta. This agreement, part of a strategic partnership between Hut 8 and Validus Power Corp., will enable the former to initially secure up to 100MW of new power from the project. Todd Shortt, President and CEO of Validus Power, commented:

"We are seeing the convergence of bitcoin adoption and energy grow at a rapid pace which is creating demand for power that is generated efficiently, delivered faster, and with the environment as a priority. Our commitment to innovation and efficiency, enables us to provide highly scalable and competitively priced power. We couldn't be more pleased to make this announcement with such a bold industry leader and we look forward to growing our relationship with Hut 8."

Bitfarms Ltd. (TSXV:BITF) has reported the signing of "a significantly enhanced power purchase agreement with a utility-grade private power producer in Argentina pursuant to which Bitfarms is entitled to draw up to 210 MW of electricity at its discretion." This comes as part of Bitfarms' previously-announced plan to pursue the development of a Bitcoin mining facility in Argentina, at which the company anticipates starting Bitcoin mining in early 2022. According to the press release, the "210 MW is sufficient to support approximately 55,000 new-generation miners, which could generate approximately US$650 million of revenues or 11,774 Bitcoin, based on current difficulty levels and a Bitcoin price of US$55,000."

Diginex Limited (NasdaqGS:EQOS) has reported that its crypto exchange, EQUOS, has registered "record total volumes of over US$1 billion in April month to date, with average daily volumes during the period increasing over three times compared to average daily volumes in the prior month." Diginex CEO Richard Byworth said:

"The explosive growth on the exchange validates the roadmap that we have been building over the past couple of years. We are building a company for the long term that is focused on providing a viable solution for institutions to access this burgeoning new asset class. This is just the start."

Sam Mowers, Investorideas

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