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Crypto Corner Podcast 901: Stocks discussed: (NasdaqGM: CAN) (NasdaqGM: BITF)

Fallout from FTX Collapse, Canaan and Bitfarms Post Q3 Results

 

Vancouver, Kelowna, Delta, BC - November 14, 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.

The Investor ideas Crypto Corner was named one of 14 Best Crypto & Blockchain Podcasts for Jun 2022: https://www.yoreoyster.com/blog/best-crypto-podcasts/

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2022/111422-CryptoMarket.mp3

Crypto Corner Podcast 901: Stocks discussed: (NasdaqGM: CAN) (NasdaqGM: BITF)

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Stocks discussed: (NasdaqGM:CAN) (NasdaqGM:BITF)

The crypto market has had a tumultuous week with Bitcoin's (BTC) market cap dropping roughly 20 percent in the last seven days, according to data from CoinMarketCap. Bitcoin is also now trading for about $16,565 USD, after remaining stable and staying close to around $20,000 for the past few months.

This is largely attributed to fallout from the implosion of Bahamas based cryptocurrency exchange FTX. CNN reports that FTX - "one of the biggest and most powerful players in the industry" - filed for bankruptcy on Friday, and is now being investigated by local authorities for potential criminal misconduct. Described by some as the crypto world's "Lehman moment," the fall of FTX was also preceded, according to the report, "by the decision to lend billions of dollars' worth of customer assets to fund risky bets by Alameda, [CEO Sam] Bankman-Fried's crypto hedge fund."

Cointelegraph reports that crypto investors have increasingly turned to self-custody solutions following the FTX collapse, citing data from analytics provider Glassnode. On-chain exchange flow data is showing a surge in withdrawals to self-custody wallets, possibly indicating a decline in confidence in centralized crypto exchanges. Speaking to Cointelegraph, Microstrategy's Executive Chairman Michael Saylor supported this view, saying:

"In systems where there is no self-custody, the custodians accumulate too much power and then they can abuse that power."

He went on to say:

"If you can't self-custody your coin, there's no way to establish a decentralized network."

Canaan Inc. (NasdaqGM:CAN) has announced its unaudited financial results for the three months ended September 30, 2022. Highlights for the quarter include revenue of $137.5 million USD, net income of $8.6 million, and 3.5 million Thash/s of total computing power sold. The company's CEO Nangeng Zhang said:

"The bitcoin mining market deteriorated during the third quarter, as the bitcoin price fluctuated and further dipped to around sixteen thousand dollars recently. The negative market dynamics have significantly hindered bitcoin miners' revenues and cash flows. As miners are forced to cut their demand for computing power, we had to adjust down our selling price in response."

Bitfarms Ltd. (NasdaqGM:BITF) has reported its financial results for Q3. Highlights include a total revenue of $33 million, and the mining of 1,515 BTC. Geoff Morphy, the company's President and COO, said:

"In Q3 2022, we continued to execute our growth plan and deliver industry leading production metrics, which make us confident we will manage current challenges and thrive. We averaged 16.5 BTC per day in Q3 2022. As a result, we mined 3,733 BTC in the first nine months of 2022, surpassing the 3,453 BTC mined in all of 2021. For the second year in a row, Bitfarms is on pace to be one of the largest known producers of Bitcoin."

Sam Mowers, Investorideas

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