VANCOUVER, BC, Oct. 5, 2021 /PRNewswire/ -- USA News Group - Increasing attention is being given to cryptocurrencies, especially the former meme to major cryptocurrency Dogecoin—which some project could plausibly head towards $1 trillion in value. For those undeterred by the sentiments of US politicians such as Sen. Elizabeth Warren who called cryptocurrencies the "new Wild West", new ways to acquire digital coinage like DOGE are being developed. These include the efforts of Canadian Prime Minister Justin Trudeau's sibling Kyle Kemper, as well as a farmer using 'cow poop' to run a cryptocurrency mining firm. However, there are still plenty of traditional ways to harvest Dogecoin and others through mining operations such as those from Hello Pal International Inc. (CSE:HP) (OTCQB:HLLPF), CleanSpark, Inc. (NASDAQ:CLSK) and SOS Limited (NYSE:SOS), or going solo and utilizing hardware from Apple Inc. (NASDAQ:AAPL) and Advanced Micro Devices, Inc. (NASDAQ:AMD).
"Dogecoin, often referred to as "the people's coin", is being rapidly accepted and adopted internationally," said KL Wong , Founder and Chief Executive Officer of Hello Pal International Inc. (CSE:HP) (OTC:HLLPF). "We anticipate gains to our userbase and livestreaming services from the integration of Dogecoin."
Wong's Hello Pal is not only one of the world's fastest growing live-streaming platforms, but it's now the first listed company with primary exposure to Dogecoin.
Users of the platform are specifically gaining access to mining operations that accumulate Dogecoin and Litecoin (LTC), thanks to a recently finalized acquisition of a 51% interest (with an option to acquire 100% interest) in crypto-miners Crypto Pal Technology Ltd.
The acquisition comes complete with access to 12,500 mining rigs. These mining assets provide a combined hash rate of 6.25 TH/s, amounting to 2.1% of the entire current LTC network hash rate. In an effort to better secure their assets, these mining operations are hosted across multiple locations, ensuring diversification of risk against potential factors that may adversely affect cryptocurrency mining.
"By acquiring Crypto Pal at a minimal price, we are able to focus our strong cash position to implement our vision for Hello Pal's suite of complementary apps as well as carry out strategic acquisitions," said Wong after the acquisition was finalized. "We are also ecstatic that our choice of cryptocurrencies to mine seems to have been validated especially by the recent incredible surge in market interest and activity of Dogecoin."
Combined with its live-streaming business model, Hello Pal reported its sixth successive month of revenue above C$2 million, with a C$2.583 million month in May.
Now with the Crypto Pal acquisition finalized, Hello Pal anticipates a significant increase in revenue for the balance of the year. To make things easier to assess, on a going forward basis, Hello Pal will announce revenue separately for livestreaming services and crypto currency mining operations.
However, after their direction shifted mostly to DOGE and LTC, the announced move triggered a server overload causing a temporary outage.
"The sharp increase in activity on our website and the Hello Pal app validates the clear position we have taken on Dogecoin as well as on cryptocurrency in general," said Wong. The company website was swiftly back online, but the surge signaled the potential for the DOGE interest to come.
Their timing was beneficial, given the shift of public sentiment towards the world's most prominent digital currency, Bitcoin.
One of the biggest complaints leveled at Bitcoin in particular, is its environmental impact. Huge amounts of power is used in the generation of this digital currency, sparking former advocates of it such as Elon Musk who dropped it cold earlier this year, in favour of Dogecoin.
In a way, answering those complains is environmentally conscious cryptominer CleanSpark, Inc. (NASDAQ:CLSK). In order to offset some of the demands of such a large scale crypto operation, CleanSpark announced in May that it would be working with a Swiss company called FlowGen for advanced wind turbine solutions throughout North and South America.
"The profitability from our Bitcoin division continues to enable us to advance forward additional renewable energy sources to further improve the value of renewable energy solutions," said Zach Bradford, CleanSpark's Chief Executive Officer. "Driving renewable energy technology advancement and adoption is key to our continued growth, and the results of these efforts are expected to positively impact all of our business units."
CleanSpark had ramped up its capabilities just a month prior in April, signing contracts to purchase 22,680 bitcoin mining machines to meet "immediate needs" and increase production capacity.
Chinese cryptomining competitors SOS Limited (NYSE:SOS) also ramped up their mining rig capabilities, launching over 6,000 rigs back in May, including a batch of 575 Ethereum (ETH) mining rigs, and another batch of 5,464 rigs from the third and final installation of a previous rig purchase in April.
According to the company, SOS currently gets over 90% of its energy for mining operations from renewable sources.
Across all mining fleet operations, SOS' total capacity is currently expected to generate approximately 527PH/s for mining BTC and 1,456GH/s for mining ETH.
For others looking to do their own solo operations, someone cracked the latest chip from Apple Inc. (NASDAQ:AAPL) to let its hardware participate in crypto mining operations. In February, a third party announced that Apple's M1 MacBook Air is now unlocked for crypto-currency mining.
Due to Apple's hardware's notoriously closed nature, many enthusiasts worked diligently to unlock and crack this chip. Allegedly, software developer Yifan Gu (Gu Yifan) found a way to mine Ethereum on M1 MacBook Air and open source it on GitHub.
In March, GPU manufacturers Advanced Micro Devices, Inc. (NASDAQ:AMD) was reportedly looking to release their own cryptocurrency mining-specific GPUs—which were previously used exclusively for Apple products.
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