Point Roberts, WA and Delta, BC – September 2, 2020 (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 Episode 446: HIVE (TSXV: HIVE) Installs 1,000 Miners, Hut 8 (TSX: HUT) Announces Completion of Site Transfer
Stocks discussed: (TSXV:HIVE) (TSX:HUT) (CSE:BIGG)
Bitcoin (BTC) once again broke the $12,000 resistance level yesterday, only to, once again, drop after failing to hold it for long. Data from CoinMarketCap indicates that, at press time, Bitcoin is trading for $11,370. Various publications cite a recovery in the USD index as a possible explanation for Bitcoin’s failure to achieve support at $12,000.
HIVE Blockchain Technologies Ltd. (TSXV:HIVE) has installed 1,000 MicroBT WhatsMiner M30S miners with an aggregate operating hashpower of 93 Petahash per second (PH/s) at its green energy-powered bitcoin mining operation in Quebec. Upon installation, these miners will bring the company’s next-gen aggregate operating hash rate at the facility to “217 PH/s, utilizing approximately 9.1 megawatts (MW) power, equating to approximately 23.8 PH/MW of power, which HIVE believes is one of the most energy efficient bitcoin mining operations in Canada.”
Hut 8 Mining Corp. (TSX:HUT) has announced that the site management of the Drumheller facility operations has been transferred from the Bitfury Group to Hut 8 effective August 28, 2020, which, according to the press release, will save Hut 8 over $1 million per year. Jimmy Vaiopoulos, Interim CEO of Hut 8, commented:
“This was the final step in transferring the site management of the sites fully to Hut 8, allowing us to work more directly with the site staff to streamline operations and further lower our cost to mine each bitcoin. Between both Medicine Hat and Drumheller, this will save us upwards of $1.5 million per year and provide Hut 8 more control to find further operational efficiencies in the future.”
BIGG Digital Assets Inc. (CSE:BIGG) has announced that its online cryptocurrency brokerage subsidiary, Netcoins, set a new monthly trading high of more than $13 million CAD in August. Before this, the highest volume month for Netcoins had reached $8.5 million. The President of Netcoins, Mitchell Demeter, said:
“A number of product features and marketing initiatives have continued to accelerate the usage of Netcoins by Canadian crypto traders. On the product side, limit orders have been implemented allowing a user to set a buy or sell price which will be executed automatically when hit, and on the marketing side, we have seen significant growth in user signups due to the implementation of paid customer referrals. We have also seen significant growth due to word of mouth as the ease of use of Netcoins draws more traders to our platform. We look forward to providing further updates as Netcoins and the crypto markets evolve in 2020 and 2021.”
Sam Mowers, Investorideas
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