Palm Beach, FL – May 24, 2022 – FinancialNewsMedia.com News Commentary – The global crypto mining industry has been steadily rising over the past few years and is projected by most experts to continue its rapid growth over the next several years. A report from ResearchAndMarkets reported that The global cryptocurrency market reached a value of US$ 1,782 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 32,420 Billion by 2027, exhibiting a CAGR of 58.4% during 2022-2027. The report said: “Cryptocurrency refers to digital or virtual money secured by cryptography to monitor transactions and prevent counterfeit. It does not have a physical representation and is distributed over a vast network of computers connected to a virtual environment. It operates through decentralized networks that are based on the blockchain technology. The transfers are secured through public or private keys and are connected directly to the user’s digital wallet. In contrast to the traditionally used currency, it is not issued by a centralized authority and has minimal interference or manipulation from the government. It also offers various advantages, such as enhanced portability, divisibility, inflation resistance and transparency. Increasing digitization across industries represents one of the key factors driving the growth of the market. In line with this, easy accessibility to and rising penetration of high-speed internet connectivity in daily activities is also creating a positive outlook for the market. Furthermore, legalization and approval of purchase, sale or trade of virtual currencies in various developed countries are also driving the market growth.” Active companies in the markets this week include Bit Origin Limited (NASDAQ: BTOG), Bit Digital, Inc. (NASDAQ: BTBT), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Stronghold Digital Mining, Inc. (NASDAQ: SDIG), Canaan Inc. (NASDAQ: CAN).
ResearchAndMarkets continued: “With the immense transparency of distributed ledger technology or blockchain, there is minimal risk of fraudulent or unwanted transactions due to human or machine error or data manipulation. This enables all the parties to monitor any changes that are being made during the transaction in real-time, thereby offering enhanced data security and immutability of the transactions. Additionally, convenient access to online trading platforms that can be used through smartphones is contributing to the market growth. Other factors, including growing market capitalization or market cap of the industry, along with the advent of bitcoin cash and bitcoin lite, are anticipated to drive the market further.”
Bit Origin Limited (NASDAQ: BTOG) BREAKING NEWS: Bit Origin Limited Completes Name Change from China Xiangtai Food Co., Ltd. in Rebranding Initiative – The Company has launched its new logo & website and introduced its new investor presentation – Bit Origin Limited (“Bit Origin” or the “Company”), an emerging growth company engaged in crypto mining business with diversified expansion strategy, today announced that it has completed its holding company name change from China Xiangtai Food Co., Ltd. as a part of the rebranding that comes as the Company embraces a series of business transformations into the crypto mining industry. The name change became effective on May 18, 2022.
Bit Origin has also introduced a new corporate logo. The letters “b” and “o” in the new Bit Origin logo feature an infinite chain sign, which symbolize continuous growth trend of the Company and the crypto mining industry while connecting technologies, talents, innovations and resources.
Additionally, the Company has launched its new corporate website at https://bitorigin.io on May 11, 2022. The Company’s investor presentation is now available under the Investors section on the Company’s new website. The new investor presentation will reflect the Company’s new business focus with its near-term, mid-term and long-term strategies.
Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company, commented, “The name, Bit Origin Limited, clearly represents the Company’s strategic mission and vision. Our mission is shaping the future of blockchain ecosystem in a sustainable way, and our vision is to become the leading Bitcoin mining company through innovations. The new name provides a more independent front as we continue to grow and build upon the business in the crypto mining industry.” CONTINUED… Read this full press release and more news for BTOG at: https://www.financialnewsmedia.com/btog-news/
Other recent developments in the crypto industry of note include:
Bit Digital, Inc. (NASDAQ: BTBT), a bitcoin mining company headquartered in New York, recently announced its unaudited bitcoin production and mining operations update for the first quarter ended March 31, 2022. Preliminary First Quarter 2022 Highlights Were: The Company earned 194.48 bitcoins and 189.26 ETH during the quarter. Factors impacting production included the Company’s ongoing miner redeployment program, growth in the overall bitcoin network hash rate, and the number of days in the quarter; Treasury holdings of BTC and ETH were 832.14 and 266.71, with a fair market value of approximately $37.9 million and $0.9 million on March 31, 2022, respectively; As of March 31, 2022, 36.9% of our owned fleet, or 9,748 bitcoin miners and 713 Ethereum miners representing 0.544 Exahash (“EH/s”) and 0.188 Terahash (“TH/s”) respectively, was deployed in North America. 27.8% of our fleet, or 7,710 bitcoin miners representing 0.457 EH/s, was deployed in North America as of December 31, 2021; The Company owned 27,644 bitcoin miners and 731 Ethereum miners as of March 31, 2022, with an estimated maximum total hash rate of 1.6 EH/s and 0.3 TH/s, respectively. As of April 27, 2022, the Company owned 30,865 bitcoin miners with an estimated maximum total hash rate of 1.9 EH/s.
As of the date of this press release, the Company had received 2,515 machines pursuant to its previously announced 10,000-unit purchase agreement with Bitmain Technologies Limited. The final installment is expected to ship in June 2022. Pro forma for these announced purchases, our maximum total hash rate is expected to be approximately 2.67 EH/s; The Company purchased 706 bitcoin miners on the spot market during the first quarter. The Company took delivery of these machines during April 2022. The Company also sold 100 MicroBT Whatsminer M21S bitcoin miners during the quarter; and Approximately 67% of our fleet’s electricity consumption was generated from carbon-free energy sources as of March 31, 2022, based on data provided by our hosts, publicly available sources, and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry.
Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, recently reported its financial and operational results for the quarter ended March 31, 2022.
First Quarter 2022 Financial Results Were: Revenue increased to $51.7 million, an increase of $42.6 million, or 465%, from the prior-year quarter and a decrease of $8.6 million, or 14%, from the fourth quarter of 2021. Bitcoin production increased to 1,259 bitcoin during the period, a 556% increase from the prior-year quarter and a 15% increase from the fourth quarter of 2021. The revenue decline from the fourth quarter of 2021 was the result of an approximate 25% decrease in average revenue per bitcoin mined, partially offset by the increase in bitcoin production during the first quarter of 2022.
Despite higher earnings contributions resulting from the expansion of the Company’s bitcoin mining operations, GAAP net loss for the quarter totaled $13.0 million, or ($0.13) per share, compared to net income of $83.4 million, or $0.87 per diluted share, in the prior-year quarter. The current-year quarter includes $19.6 million in impairment charges related to self-mined bitcoin held by the Company and a $5.5 million decrease in the fair market value of the Company’s investment fund. The prior-year period included $0.7 million in impairment charges related to self-mined bitcoin held by the Company and a $131.8 million increase in the fair market value of the Company’s investment fund.
“Since we reported FY 2021 earnings on March 29, 2022, we believe that we have made significant progress on enhancing our operations, and we are executing on our goal of exceeding 4 EH/s by the end of the year,” said Greg Beard, co-chairman and chief executive officer of Stronghold. “Earlier in the year, Stronghold chose to de-emphasize growth to focus on capital discipline and financial flexibility, and recent operational and financial initiatives, including our recent issuance of the Notes, have helped de-risk our funding needs, despite recent volatility in cryptocurrency markets.”
“Furthermore, we believe that our vertically integrated business model provides us with differentiated downside protection that is misunderstood by the market. We built Stronghold with the expectation that volatility in the cryptocurrency markets could, at times, stress full-cycle returns throughout the industry. Owning our power assets, which sell power into the PJM grid, allows us to pivot to sell power opportunistically during periods when power prices are more favorable than Bitcoin mining economics. This powerful option has never been more valuable, and we are in the process of ensuring that our plants and datacenters have the ability to optimize for profitability during periods of weak Bitcoin prices and strong power prices.”
Canaan Inc. (NASDAQ: CAN), a leading high-performance computing solutions provider, recently announced its unaudited financial results for the three months ended March 31, 2022.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “We kicked off the year 2022 in an increasingly unpredictable environment due to macroeconomic uncertainties and logistic disruptions caused by the COVID-19 pandemic. While confronting these challenges, we remained steadfast in our commitment to strengthening our partnerships with clients and expanding our global coverage. As a result, our computing power sold in the first quarter reached 4.3 million Thash/s, representing an increase of 119.1% from 2.0 million Thash/s in the same period of 2021. As we continued to develop globally, we established an international headquarters in Singapore which has already earned recognition and support from the local authorities. In order to provide best-in-class service and amplify our global reach, we are investing in building up our network of after-sales service centers overseas. We also recently launched an online store to enable global retail clients to seamlessly purchase our products. We have also been ramping up our mining business despite power shortages, and we now hold a total of 166.96 bitcoins on our balance sheet as of March 31, 2022. Looking ahead, while we are cognizant of the near-term headwinds, we are confident that our extensive experience, increasingly globalized operations, and execution capabilities put us in a solid position to navigate the current period of uncertainty.”
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