PALM BEACH, Fla., Dec. 15, 2021
PALM BEACH, Fla., Dec. 15, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Cryptocurrency mining is described as the transactions that are confirmed and calculated from the different forms of cryptocurrencies to the blockchain. The digital ledger is used to document transactions over many computers, together in the blockchain, which displays a complex encryption system. Thus, crypto mining is an essential element in cryptocurrency. The normalization from the coins, with the increasing hash rates is done efficiently and needs a computer with specialized hardware. Furthermore, miners hold the blockchain secured, trustworthy and handle the coins with strong hashing, which is being backed by millions of computers globally. Cryptocurrency mining has improved prominently from bedroom exercise to mass-scale production. A report from Verified Market Research projected that the Cryptocurrency Mining Hardware Market size, which was valued at USD 1.49 Billion in 2020 is projected to reach USD 2.58 Billion by 2028, growing at a CAGR of 7.05% from 2021 to 2028. The report said: "The increasing demand for cryptocurrency-specific hardware is the primary factor anticipated to fuel the growth of the global Cryptocurrency Mining Hardware Market. Furthermore, with an expanding number of product launches, vendors are making notable investments in research and development for developing innovative technologies and modern products. Moreover, they are incorporating various technologies for enhancing the hash rate and decreasing power consumption for making mining more profitable. These are the factors that are anticipated to propel market growth. Active stocks in news today include: China Xiangtai Food Co. Ltd. (NASDAQ: PLIN), SOS Limited (NYSE: SOS), Riot Blockchain, Inc. (NASDAQ: RIOT), Bit Digital, Inc. (NASDAQ: BTBT), Marathon Digital Holdings, Inc. (NASDAQ: MARA).
Verified Market Research added: "To validate transactions, miners contribute to the network, and the blockchain remains to become extra centralized. Moreover, they are incorporating diverse technologies for magnifying the hash rate and decreasing power consumption for making mining more efficient. These are the factors that have positively been expected in propelling the growth of the global Cryptocurrency Mining Hardware Market. Asia-Pacific holds the largest market share. China is the biggest market among all APAC nations. The low cost of electricity, and presence of big mining companies, and ongoing projects will boost the market in the APAC region."
China Xiangtai Food Co. Ltd. (NASDAQ: PLIN) BREAKING NEWS - China Xiangtai Food Co., Ltd. Announces completion of its first purchase of spot bitcoin miners worth US$7,000,000 with total hash rate of 69,000 Th/s - China Xiangtai Food (the "Company" or the "PLIN"), an emerging growth company engaged in agricultural business with a diversified expansion strategy, today announced that the Company has entered into an asset purchase agreement through its Canadian subsidiary with a local company for the purchase of 742 spot first-tier new Bitcoin miners worth approximately US$7 million. The miners have all arrived at a mining facility in Canada and expect to begin generating revenue in Bitcoin within three days of the closing of the transaction, which will quickly help ramp up capacity from zero to 69,000 Th/s. Assuming the unit price of Bitcoin stabilizes at US$50,000 for the first year, this new business line is expected to generate for the Company approximately US$6.2 million in revenue and contribute US$4.4 million in gross profit before depreciation of miners.
Dr. Erick Rengifo, CSO of the Company said: "Amid challenging environment for our agricultural business, encouraged by our new investors, newly joined executives and in-depth research in emerging market opportunities, we made a strategic move to purchase spot Bitcoin miners. We believe the probability and long-term value of Bitcoin mining is a perfect complement to our agricultural business that can add significant risk adjusted returns for the owners. We have been actively discussing long term and in-depth partnership with a handful of top tier industry players and expect to create healthy and mutually beneficial businesses models. We will continue to research blockchain technology and its applications to offer fresh ideas/tools to accelerate the Company's growth and diversification." CONTINUED… Read this entire press release and more news for PLIN at: https://www.financialnewsmedia.com/news-plin
In other industry news this week of note includes:
SOS Limited (NYSE: SOS) recently reported the status of Phase I construction of its supercomputing and hosting center in North America. The center is located in Marinette county Wisconsin, a state with rich natural resources and renewable energy.
SOS has been actively expanding its global footprint during the past year or so. The total power at the Wisconsin center is expected to be 50MW, fueled by renewable power and grid power. The Wisconsin facility is projected to have a total BTC hash power of 1,000 PH once in full capacity of operation. Phase I of the center is projected to use up to 20MW 17 units of mobile smart data center are equipped for this purpose. At present, 6 units of mobile smart data center have arrived in Wisconsin. Another 11 units mobile smart data center are in transits and are expected to arrive around December 2021.
Riot Blockchain, Inc. (NASDAQ: RIOT) recently announced that it has acquired Ferrie Franzmann Industries, LLC (d/b/a ESS Metron) ("ESS Metron"). The total consideration payable in the transaction is valued at approximately $50 million, consisting of up to 715,413 shares of Riot common stock and $25 million in cash, funded with cash on the balance sheet.
ESS Metron is a leader with over sixty years of experience in designing and producing highly engineered electrical equipment solutions, many of which are mission-critical to successfully deploying Bitcoin mining operations at scale. Acquisition assists in ensuring Riot's timely miner installations by de-risking procurement of mission-critical infrastructure. Acquisition enhances Riot's competitive position across the electrical supply chain, as ESS Metron is also a leading supplier to numerous third-party clients. Transaction valued at approximately $50 million, $25 million payable in cash, and remainder in issuance of up to 715,413 shares of Riot's common stock.
Bit Digital, Inc. (NASDAQ: BTBT), a bitcoin mining company headquartered in New York, recently announced that it has signed agreements with Bitmain Technologies Limited ("Bitmain") to purchase 10,000 Bitcoin mining hardware. The announced purchases are expected to increase Bit Digital's miner fleet hash rate by over 1.0 Exahash ("EH/s").
Bryan Bullett, Bit Digital's CEO, stated: "By contracting for these Bitmain units, we have opened a new channel in our procurement strategy, diversifying our access to miners. While we believe we continue to enjoy differentiated access to the miner spot market, and expect to continue our ongoing spot purchases, our deal with Bitmain is an efficient means to procure a large quantum of new miners on attractive terms. This is key, as we believe that scale is paramount in importance in the bitcoin mining business. We look forward to a productive ongoing customer relationship with Bitmain."
Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, recently announced that it has expanded its agreement with Compute North to host more than 100,000 of Marathon's previously purchased bitcoin miners at multiple locations, the majority of which are wind and solar farms operated by one of the largest renewable energy power providers in North America.
In may 2021, Marathon announced a binding letter of intent with Compute North to host approximately 73,000 of Marathon's bitcoin miners in Texas. Today, the Company announced that the agreement has been expanded to now include over 100,000 of Marathon's previously purchased bitcoin miners. As a result, Marathon has now procured hosting arrangements for all of its previously purchased bitcoin miners.
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