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Crypto Corner Podcast 835: Stocks discussed: (NasdaqGM: BITF) (NasdaqGM: SDIG)

Commentary on BTC from BitBull Capital CEO Joe DiPasquale, Bitfarms and Stronghold Digital Report Q1 Results

 

Vancouver, Kelowna, Delta, BC - May 17, 2022 (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/2022/051722-CryptoMarket.mp3

Crypto Corner Podcast 835: Stocks discussed: (NasdaqGM: BITF) (NasdaqGM: SDIG)

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Stocks discussed: (NasdaqGM:BITF) (NasdaqGM:SDIG)

Data from CoinMarketCap indicates that Bitcoin (BTC) is trading for roughly $30,000 USD at press time. Joe DiPasquale, CEO of BitBull Capital, has provided commentary to Investorideas.com addressing Bitcoin's price prospects:

In line with our commentary last week. Bitcoin did indeed face downward pressure that saw it losing the $30K support but it did not fall below the $25K level we identified. Expectations of a near-term bounce are still intact but a proper reversal needs more buying activity. Bitcoin's recent low of around $26,600 was a decent buying opportunity for long-term exposure but the coming month may bring additional volatility as more concrete steps by the FED to fight inflation come to the fore.

Bitfarms Ltd. (NasdaqGM:BITF) has reported its financial results for the first quarter ended March 31, 2022. Highlights include Q1 revenues of $40 million, a net income of $5 million, as well as the receipt and installation of over 11,000 miners in the quarter. Geoff Morphy, Bitfarms' President and COO, said:

"We delivered another profitable quarter in Q1 2022, even with the decline in the price of BTC, and revenues were up 42% compared to Q1 2021. We have grown faster than the BTC network, as our hashrate at quarter end was 2.7 Exahash per second (EH/s), up 22% from December 31, 2021. As of today, our hashrate is 3.4 EH/s, representing about 1.5% market share."

Stronghold Digital Mining, Inc. (NasdaqGM:SDIG) has shared its first quarter financial results as well as an operational update. Highlights include the mining of 438 Bitcoin, achieving an average hash rate of 0.9 exahash per second (EH/s), and the receipt of approximately 25,900 miners with total hash rate capacity of approximately 2.4 EH/s. Greg Beard, co-chairman and CEO of the company, said:

"Since we reported FY 2021 earnings on March 29, 2022, we believe that we have made significant progress on enhancing our operations, and we are executing on our goal of exceeding 4 EH/s by the end of the year. Earlier in the year, Stronghold chose to de-emphasize growth to focus on capital discipline and financial flexibility, and recent operational and financial initiatives, including our recent issuance of the Notes, have helped de-risk our funding needs, despite recent volatility in cryptocurrency markets."

Sam Mowers, Investorideas

For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory

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