Crypto Corner Podcast 836: Stocks discussed: (NasdaqGS: ARBK) (TSXV: DM) (OTC: INXDF) (NasdaqCM: DGHI)
Argo and Digihost Announce Q1 Financial Results, and DMG Invests $1M into The INX Digital Company for Institutional Crypto Adoption
Vancouver, Kelowna, Delta, BC - May 18, 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.
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Crypto Corner Podcast 836: Stocks discussed (NasdaqGS: ARBK) (TSXV: DM) (OTC: INXDF) (NasdaqCM: DGHI)
Stocks discussed: (NasdaqGS:ARBK) (TSXV:DM) (OTC:INXDF) (NasdaqCM:DGHI)
Argo Blockchain (NasdaqGS:ARBK) has announced its unaudited financial results for the quarter ended March 31 2022. Highlights include a revenue of $19.5 million, a net income of $2.1 million, the mining of 470 Bitcoin (BTC) and Bitcoin Equivalents, and the HODLing of 2,700 Bitcoin and Bitcoin Equivalents as of the quarter's end. The company's CEO, Peter Wall, commented:
"During the first quarter, our team has focused on working towards the completion of Helios Phase 1, while continuing to deliver strong performance from our existing fleet. To be a successful miner you need three components - power, miners, and capital. We already have a strong foundation for growth at Helios with our access to 800 MW of power capacity. This quarter, we improved our access to capital by establishing a financing relationship with NYDIG and strengthened our access to miners through our supply agreement with Intel for their new Blockscale ASIC chips. This will allow us to build custom-designed mining machines specifically to Argo's specifications and built for use in immersion-cooling technology."
DMG Blockchain Solutions Inc. (TSXV:DM) has announced a strategic investment of $1 million in The INX Digital Company (OTC:INXDF), a developer of regulated trading platforms for digital securities and cryptocurrencies. According to the press release, this investment by DMG is an initiative "to promote institutional adoption of cryptocurrencies and blockchain technologies as well as accelerate the development of its Blockseer Core+ strategy." DMG's CEO, Sheldon Bennett, said:
"DMG views this investment in INX as a furthering of its Core+ strategy to drive transaction revenue streams. Our INX partnership offers DMG the opportunity for Blockseer to add to its development roadmap the ability to offer customers new Blockseer-based products."
Digihost Technology Inc. (NasdaqCM:DGHI) has posted its unaudited financial results for the first quarter ended March 31, 2022. Highlights include revenue from digital currency mining of $7.3 million, and the mining of a total of 186.53 BTC. Michel Amar, the company's Chairman and CEO, explained:
"The Company is pleased to present its first quarter financial results, highlighted by a 77% increase in Bitcoins mined on a year over year basis. The Company's previous investments in infrastructure along with securing access to clean and renewable energy sources led to revenue generation from mining of $7.3M, an increase of 53% over the preceding year. Despite challenging market conditions, Digihost is committed to its goal of being a leading blockchain technology company. With approximately $31 million of cash and cash equivalents currently on hand, valued at today's BTC price, and a mining operation with breakeven costs of approximately $12,000 per BTC, based on current hashing difficulty and cost of power, the Company is more than capable of sustaining its existing operations, Digihost is clearly here to stay. Based upon the number of BTC mined so far this quarter, the Company anticipates that it will mine more BTC in Q2 than it mined during Q1 of this year."
Sam Mowers, Investorideas
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