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Crypto Corner Podcast 645: Stocks discussed: (NasdaqGS: CAN) (NasdaqCM: HVBT) (NasdaqGS: MARA) (OTC: ARBKF)

Canaan Receives Order for 4,000 Miners from HIVE, HIVE Reaches $200M Annual Run Rate, Marathon Publishes BTC Production and Updates for July, and Argo Posts July Operations Update

 

Point Roberts, WA and Delta, BC - August 3, 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 Podcast 645: Stocks discussed: (NasdaqGS: CAN) (NasdaqCM: HVBT) (NasdaqGS: MARA) (OTC: ARBKF)

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Crypto Corner Episode 645: Canaan Receives Order for 4,000 Miners from HIVE, HIVE Reaches $200M Annual Run Rate, Marathon Publishes BTC Production and Updates for July, and Argo Posts July Operations Update

Stocks discussed: (NasdaqGS:CAN) (NasdaqCM:HVBT) (NasdaqGS:MARA) (OTC:ARBKF)

Canaan Inc. (NasdaqGS:CAN) has received a purchase order for 4,000 bitcoin mining machines with an aggregate operating hash power of 272 Petahash per second from HIVE Blockchain Technologies Ltd. (NasdaqCM:HVBT). According to the press release, the order will be delivered in two tranches over the next 60 days (2,000 in August, 2,000 in September). Canaan's Chairman and CEO, Nangeng Zhang, said:

"The order from HIVE is a testament to the performance of our mining machines as well as our ability to form long-term and mutually beneficial miner relationships. With compelling computing power and impressive cost-efficiency, we look forward to continued cooperations with our mining company clients to jointly capitalize the enormous opportunities from the fast-growing cryptocurrency industry."

As for HIVE, it recently announced that its global operations "are producing a BTC equivalent operational hash rate of 1.675 EH/s from its Bitcoin and Ethereum (ETH) operations," and "generating daily income of $550,000, which translates to an annual run rate of $200 million." HIVE's Executive Chairman, Frank Holmes, commented on the aforementioned Canaan purchase:

"This strategic purchase of equipment was realized as a result of the very strong relationships that our team have with the leading manufacturers in the ASIC miner space. This transaction is part of our continuous momentum that we have for steady and controlled growth to be the leading clean and green miner in our industry."

Marathon Digital Holdings, Inc. (NasdaqGS:MARA) has published its unaudited bitcoin production and miner installation updates for the month of July 2021. Highlights include the production of 442.2 newly-minted bitcoins, bringing the company's total bitcoin holdings to roughly 6,225.6 "with a fair market value of approximately $260.7 million." Marathon also boasts an existing mining fleet of 19,395 active miners producing 2.09 EH/s. Fred Thiel, Marathon's CEO, explained:

"Due predominantly to favorable changes in the global hash rate, July proved to be an immensely productive month for our mining operations. Despite our miners being offline for five days at the end of the month to facilitate scheduled maintenance and upgrades, as well as to accommodate a required annual inspection of our facilities, we still increased our bitcoin production by 66% from the prior month and produced 442.2 bitcoins in July."

Argo Blockchain (OTC:ARBKF) has shared an operational update for July. The company mined 225 Bitcoin or Bitcoin Equivalent in the month, up from 167 BTC in June, and posted a mining revenue of $7.79 million, up from June's $6.05 million. CEO Peter Wall said:

"I'm delighted that we have been able to capitalize on the reduction in global hash rate and mining difficulty this month to deliver these results at an impressive margin. We are also pleased to have broken ground at the Texas facility, and are excited about the opportunities that this development offers in allowing us to exercise greater control over our mining operations, to continue to utilize renewable power and to work with the local community in Texas to enact positive change."

Sam Mowers, Investorideas

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