NEW YORK, June 24, 2021 /PRNewswire/ — This year has taken the cryptocurrency market on a rollercoaster ride. As a result of the recent crypto boom earlier this year, many companies and organizations have become noticeably more open to blockchain technology and cryptocurrencies. Yet, the record high prices didn’t hold for long, as environmental concerns over the energy required to mine cryptocurrencies sent the prices down. However, 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 Bitcoin 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), Hut 8 Mining Corp (NASDAQ: HUT), Riot Blockchain, Inc. (NASDAQ: RIOT), BIGG Digital Assets Inc. (OTC: BBKCF), Bitfarms Ltd. (NASDAQ: BITF)
Besides the political and regulatory developments related to Bitcoin and cryptocurrencies, some companies have uplisted to the NASDAQ Stock Market from the OTC market, getting a more credible image as a result and attracting more investors. For example, earlier this month, Hut 8 Mining Corp. had been approved for listing on the NASDAQ under the ticker symbol “HUT” and Bitfarms Ltd. started trading on the NASDAQ earlier this week, on Monday, June 21st, under the symbol “BITF”. “Listing on Nasdaq is an important achievement for Bitfarms and is a significant milestone following multiple years of development and achievement by the Company. We started this company four years ago with a clear belief in the institutional adoption of Bitcoin and Bitcoin mining,” commented Emiliano Grodzki, Bitfarms’ Founder and Chief Executive Officer.
ISW Holdings Inc. (OTC: ISWH) along with Bit5ive, LLC provided earlier this week, “an in-depth update on the Company’s progress as it continues to expand and optimize its cryptocurrency mining operations.
‘ISW Holdings operates as a diversified holdings company with a current market cap of approximately $25 million, driven largely by the Company’s growing expertise in acquiring, launching, hosting and operating assets in the cryptocurrency and telehealth sectors,’ noted ISW Holdings President and Chairman Alonzo Pierce. ‘Our partnership with Bit5ive has provided us with a state-of-the-art POD5 infrastructure and the ability to develop efficient and expandable mining operations. We look forward to further expansion and optimization in this domain over the coming months.’
The Company currently operates its mining equipment adjacent to powerful and efficient energy resources in Kennerdell, Pennsylvania.
Pierce added, ‘We continue to make huge progress, recently increasing our hashrate to 72,000 Th/s, driving an expected $484,000 in monthly revenue – or over $5.8 million annually – through the Bitmain Antminer s17 fleet we already have online and working. As we continue to maximize our hashrate, we should see a reduction in proportional direct costs associated with mining operations. Naturally, we continue to lean on Robert and Bit5ive for expertise and support in translating our investment in this process into growing value.’
Bit5ive is North America’s largest provider of collective management services and mining equipment, along with ISWH, offering a turnkey solution for delivering cost-efficient and reliable hosting, distribution of mining equipment, complete facility management and mining pool operations in projects to be announced…”