NEW YORK, June 17, 2021 /PRNewswire/ -- The drama surrounding Bitcoin and the Tesla CEO, Elon Musk, continues. The price of Bitcoin increased after Musk announced that his company would start accepting the cryptocurrency again once at least half of it can be mined using clean energy. However, besides the environmental questions and its implications on mining of digital-assets, the prices of cryptocurrencies are also impacted by major economic catalysts like the U.S. Federal Reserve's monetary policy. For example, "If the Fed remains dovish [retains pro-stimulus bias], cryptocurrencies would have the most upside potential until September at least, given the overselling we've seen relative to other macro markets since May's CPI print," QCP Capital noted in its Telegram channel, according to Coindesk. ISW Holdings Inc. (OTC: ISWH), Bitfarms Ltd. (OTC: BFARF), Sphere 3D Corp. (NASDAQ: ANY), Hut 8 Mining Corp (NASDAQ: HUT), MGT Capital Investments, Inc. (OTC: MGTI)
Overall, the approach of financial institutions, businesses and even governments has significantly changed in recent years, as commercial payments are slowly warming up to the prospects of Bitcoin. One of the major reasons for this is that a Bitcoin payment is faster, cheaper, safer and less volatile than the local currencies in many countries. Therefore, it can be used in these countries for storing value, besides being used to pay for many products and services around the world and on the Internet. For example, El Salvador just recently become the first country in the world to adopt Bitcoin as legal tender, which could start a trend across other Latin American countries.
ISW Holdings Inc. (OTC: ISWH) announced earlier this week, "an update on the status of its convertible debt resolution process, mining operations and upcoming audit results.
Convertible Debt: In early April 2021, the Company announced that it had signed an agreement with GPL Ventures ('GPL') to eliminate over $2.4 million in convertible promissory notes. That agreement covered all convertible debt held by GPL and represented more than 92% of the Company's outstanding convertible debt obligations. Now, the Company further announces that the settlement agreement, and all of its stipulations, has been satisfied, with its payment wired to GPL. All related notes have been stamped 'paid.'
Mining: The Company has begun mining. Management expects to catch up to the larger objectives laid out for mining progress and results in 2021, with its projects in Pennsylvania and Georgia getting up and running at reputable hash rates, which should drive strong topline growth for ISW Holdings this year. The Company continues to target a carbon-neutral mining paradigm.
Audit, SEC, and Uplist: The Company plans to complete an audit of its 2020 performance over the near term. Once that is complete, management will file Form 10 with the U. S. Securities and Exchange Commission (the "SEC"). Management believes the filing of Form 10, and filing future events with the SEC, will help strengthen the case for further uplisting of shares following its establishment on the OTCQB tier.
'We continue to work hard every day to drive shareholder value through a combination of growth and transparency," commented Alonzo Pierce, President and Chairman of ISW Holdings. "We are eliminating structural financial risk and ramping tangible growth, all while taking active steps to open up access to our shares to a widening audience. Looking ahead, we have a number of exciting steps in front of us that stand to directly expand our operational potential. It's going to be an exciting second half of the year.'"
Bitfarms Ltd. (OTC: BFARF) announced on May 12th, a strategic new milestone in our relationship with MicroBT, one of the leading manufacturers of Bitcoin mining equipment in the world. Emiliano Grodzki, CEO of Bitfarms said "MicroBT is one of the best Bitcoin miner manufacturers in the world. Bitfarms is excited to take our relationship with MicroBT to the next level with the signing of this new repair center agreement and look forward to even greater cooperation in the future. Vincent Zhang of MicroBT said "Bitfarms has been a great customer for MicroBT over the last few years and has collectively purchased and agreed to purchase nearly 65,000 MicroBT miners to date. We look forward to continuing to grow our relationship with Bitfarms, who have proven themselves to be one of the leading operators in North America and a great company to do business with."
Sphere 3D Corp. (NASDAQ: ANY) and Gryphon Digital Mining which recently entered into an Agreement and Plan of Merger, announced last week that they have entered into an agreement to purchase 250,000 Certified Emission Reductions ("CERs" or "Credits"), with each company purchasing 125,000 credits, subject to closing conditions (as further defined below). These credits will not only support ESG commitments in achieving net-zero emissions for the parties, but will allow Gryphon to become the first carbon negative crypto miner, This is the next stage in both Gryphon and Sphere 3D's mission to develop operations with sustainability and ESG ideals in mind.
Hut 8 Mining Corp (NASDAQ: HUT) reported earlier this week that it has closed its previously announced bought deal public offering (the "Offering"), pursuant to which the Company issued an aggregate of 23,000,000 units of the Company (the "Units") at a price of C$5.00 per Unit for gross proceeds to the Company of C$115,000,000.00 (the "Offering"), which includes 3,000,000 Units issued with the full exercise of the over-allotment option granted to the. The Company is also pleased to announce that trading of the Company's common shares on The Nasdaq Global Select Market is expected to begin later today under the symbol "HUT". Hut 8 is one of North America's oldest, largest and innovation-focused digital asset miners.
MGT Capital Investments, Inc. (OTCQB: MGTI) reported last year that as of January 31, 2020, the Company is operating 1,500 new generation Bitcoin miners collectively rated at approximately 80 Ph/s at its facility in LaFayette, Georgia. All miners were purchased from Bitmain and possess enough computational power to mine 38 Bitcoin per month at the current Difficulty Rate. The total electrical load at this production level is estimated at slightly under 4.0 MW. MGT's miners are housed in five modified shipping containers, including two manufactured by Bit5ive LLC of Miami. As an early investor and design consultant, the Company receives a modest royalty participation in all sales of Pod5ive containers. To date, we have been very satisfied with the ease of deployment and operating effectiveness of these units.
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