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Crypto Corner Podcast 589: Stocks discussed: (NasdaqGS: $TSLA) (OTC: $ARBKF) (NasdaqGS: $MSTR) (TSX: $HUT.V)

Crypto Market Goes Red Following Tesla Bitcoin Suspension, Argo Purchases Two Data Centres in Quebec, and Hut 8 Reports Q1 Results

 

Point Roberts, WA and Delta, BC - May 13, 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/2021/051321-CryptoMarket.mp3

Crypto Corner Podcast 589: Stocks discussed: (NasdaqGS: $TSLA) (OTC: $ARBKF) (NasdaqGS: $MSTR) (TSX: $HUT.V)

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Stocks discussed: (NasdaqGS:TSLA) (OTC:ARBKF) (NasdaqGS:MSTR) (TSX:HUT)

The crypto market is very much in the red today, with Bitcoin (BTC) and Ether (ETH) both down over 10 percent in the last 24 hours, according to data from CoinMarketCap. This puts Bitcoin at a trading price of roughly $50,750 USD, and Ether at $3,880 USD, at press time. This plunge was undoubtedly influenced by an announcement from Elon Musk yesterday, stating that Tesla (NasdaqGS:TSLA) would no longer be accepting Bitcoin payments. An excerpt from his tweet reads:

Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.

Argo Blockchain (OTC:ARBKF) is certainly not following Tesla's example, as it announced today that it has bought two data centres in Quebec, Canada. According to the press release, "the data centres are powered almost entirely by electricity generated from hydro power, which is a key part of the company's green mining vision." Argo CEO Peter Wall said:

"Argo's purchase of data centres in Canada represents another milestone for the Company as we seek to take greater control over our mining production and mining cost base, while also laying solid foundations for long-term growth."

CoinDesk reports that MicroStrategy (NasdaqGS:MSTR) purchased another $15 million in BTC, or 271 coins at an average price of $55,387 per bitcoin.

Hut 8 Mining Corp. (TSX:HUT) has reported its financial results for the first quarter ending March 31, 2021. Highlights include a record level quarterly revenue of $32.5 million CAD, up from $12.7 million in Q1 2020. Hut 8 CEO Jaime Leverton said:

"The Q1 2021 results are in and I could not be happier as we continue to strengthen and refine the Hut 8 story while creating and maintaining long-term value."

Sam Mowers, Investorideas

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