PALM BEACH, Fla., Oct. 7, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The cryptocurrency market can be a volatile market but it is one that provides investors and traders with the opportunity to earn a lucrative sum from their investment. The cryptocurrency sector is booming thanks to the rising need for operational efficiency and transparency in financial payment systems, as well as increased demand for remittances in underdeveloped countries and data security. A surge in demand for cryptocurrencies among banks and financial institutions is predicted to create the excellent potential for market expansion during the forecast period. A recent report from Valuates Reports projects that the global cryptocurrency market size was valued at $1.49 billion in 2020 and is projected to reach $4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030. The report said: "The growing demand for transparency in the payment system is projected to propel the cryptocurrency business forward. The cryptocurrency market is expected to grow fast in the coming years due to improved data transparency and independence across payments in banks, financial services, insurance, and other business sectors. The capacity to transmit and receive payments in a transparent manner, as well as the secure preservation of client information for future use, are all advantages of using cryptocurrency in the banking industry. Active companies with recent developments in the industry include: Coinbase Global, Inc. (NASDAQ: COIN), Hello Pal International Inc. (OTCQB: HLLPF) (CSE: HP), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Riot Blockchain, Inc. (NASDAQ: RIOT), Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT).
Valuates Reports continued: "In addition, new blockchain distributed technology protocols are expected to eliminate the need for certain organizational solutions and allow multiple stakeholders to share payment in a transparent manner across the business. These strategies improve supply chain transparency, which helps to prevent environmental and other crimes. This raises the chances of cryptocurrency adoption in the future. The cryptocurrency market's growth is likely to be aided by the untapped potential of emerging economies. By making finance and financial services more accessible, developing nations give significant opportunities for bitcoin to extend its operations. Bitcoin, the most well-known of these cryptocurrencies, has already helped many individuals and businesses develop and succeed financially. The economy is adjusting to these demands, and cryptocurrencies have a lot of potential to meet them. Changing demographics, increased consumption, and a willingness to adopt new technologies such as the Internet of Things, Blockchain, and others make cryptocurrencies attractive in emerging markets. Cryptocurrencies are being adopted by a growing number of companies across a wide range of industries, from big tech to airlines, allowing customers to use them as an official means of payment for their goods and services. This is expected to boost the bitcoin market even further."
Hello Pal International Inc. (CSE: HP) (OTCQB: HLLPF) BREAKING NEWS: Hello Pal Announces Upgrade of Litecoin / Dogecoin Mining Rigs to Latest Antminer L7 Model - 4500 existing miners sold at 100% profit to purchase new miners - Hello Pal International Inc., a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce that it has upgraded approximately one third of its Litecoin/Dogecoin mining rigs to the latest miners released by Bitmain.
The Company, via its subsidiary CPal Technology Limited (formerly "Crypto Pal Technology Limited"), sold 4,500 of its existing Antminer L3+ mining rigs for a consideration of USDT 2.1 million (approximately CAD 2.67 million). Compared with the effective purchase price of those mining rigs when 12,500 mining rigs were purchased for CAD 3.5 million earlier in June this year, this represents a profit of over 100% for this sale.
Using those proceeds, the Company has purchased 100 units of Antminer L7 mining rigs, which are the latest Litecoin/Dogecoin mining rigs to be released by Bitmain. L7 mining rigs have a hashrate of 9500 MH/s, which is 19 times more than that of the existing L3+.
The Company expects to receive these new mining rigs in November this year, and has arrangements to purchase more, as these mining rigs bring numerous advantages. Apart from the increased mining power, it will also require less maintenance, and will be easier to house in mining facilities due to the reduced space it will require compared to the electricity fees received by the mining facilities. These advantages in turn mean that the Company will have a lot more flexibility in terms of where its mining rigs can be housed. As mentioned in Hello Pal's press release on October 5th, the company continues to expand its business on an international level to diversify risk for its shareholders.
"We are very thankful to our partner Yitang in helping us sell a part of our existing mining rigs at double our cost, and in being able to get hold of the new miners which are in very short supply," said KL Wong, Founder and Chairman of the Company. "We remain committed to our crypto mining strategy and the implementation of cryptocurrency within our social platform, so this upgrade will help us achieve this goal." CONTINUED… Read this entire press release and more news for Hello Pal at: https://www.financialnewsmedia.com/news-hp
Other industry developments from around the markets include:
Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, recently published unaudited bitcoin ("BTC") production and miner installation updates for September 2021 and announced a new $100 million revolving line of credit ("RLOC") with Silvergate Bank, a leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry.
"In the third quarter, we increased our bitcoin production by 91% quarter-over-quarter to 1,252 BTC, which increased our total bitcoin holdings to approximately 7,035 BTC," said Fred Thiel, Marathon's CEO. "Our September production figures were impacted by a material increase in the total network's hash rate, the 'luck' factor inherent in bitcoin mining, and two days of scheduled downtime at the Hardin power plant. While some amount of downtime and 'luck' will always be present in bitcoin mining, affecting results in the near-term, we believe our production will become more stable over time as we continue to bring new miners online and achieve greater scale.
Coinbase Global, Inc. (NASDAQ: COIN) recently announced the pricing of $1.0 billion aggregate principal amount of its 3.375% Senior Notes due 2028 (the "2028 notes") and $1.0 billion aggregate principal amount of its 3.625% Senior Notes due 2031 (the "2031 notes" and, together with the 2028 notes, the "notes") in its previously announced private offering (the "offering"). The aggregate principal amount of the offering was increased from the previously announced offering size of $1.5 billion due to market interest. The offering is expected to close on September 17, 2021, subject to satisfaction of customary closing conditions.
Interest on the notes will be payable in cash semi-annually in arrears, beginning on April 1, 2022, at a rate of 3.375% per year, with respect to the 2028 notes, and at a rate of 3.625% per year, with respect to the 2031 notes. The 2028 notes will mature on October 1, 2028, and the 2031 notes will mature on October 1, 2031, in each case unless earlier repurchased or redeemed. The notes will be fully and unconditionally guaranteed by Coinbase, Inc., a wholly owned subsidiary of Coinbase. The notes and the related guarantee will be Coinbase and the guarantor's general unsecured senior obligations.
Riot Blockchain, Inc. (NASDAQ: RIOT), a Nasdaq-listed industry leader in Bitcoin ("BTC") mining and hosting, recently announced its September production and operations updates, including its unaudited Bitcoin production for September 2021 and its miner shipping/deployment status.
Production and Operations Updates Were: In September 2021, Riot produced 406 BTC, an increase of approximately 346% over its September 2020 production of 91 BTC; Year to date through September 2021, the Company produced a total of 2,457 BTC, an increase of approximately 236% over its BTC production during the same 2020 period of 731 BTC; As of September 30, 2021, Riot held approximately 3,534 BTC, all of which were produced by its self-mining operations; and The Company currently has a deployed fleet of approximately 25,646 miners, with a hash rate capacity of 2.6 exahash per second ("EH/s").
Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), one of North America's largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, recently provided the following corporate update.
"We are thrilled with our current amount of Bitcoin held in reserve as well as being ahead of schedule on our commitment to the market to have over 5,000 self-mined Bitcoin by end of Q4.", said Jaime Leverton, CEO of Hut 8 Mining.
"Our current capacity of deployed CMP GPU miners will continue to earn $25,000CAD per day, ramping up to the full capacity earnings over this period, which is expected to be at $110,000 CAD per day, based upon current mining economics," said Jason Zaluski, Chief Technology Officer, Hut 8 Mining. "Hut 8's full CMP deployment has been hampered by the supply chain constraints and manufacturing shortages many industries are experiencing globally," said Jason Zaluski, Chief Technology Officer, Hut 8 Mining. "We continue to work with our technology partners and we anticipate this issue to be resolved early in Q4."
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