As the cryptocurrency market navigates through several hurdles, from crackdown in China to concerns about its impact on the climate, there is clear growth in support.
In the past few months alone, El Salvador has become the first country in the world to adopt Bitcoin as legal tender, a move that could potentially spark a trend in Latin American countries. Shortly after, Argentinian, Brazilian, Panamanian and Paraguayan leaders also approved the move on social media.
Earlier this year, several large companies announced a more open approach to Bitcoin, now accepting payment for products and services. Overall, the approach of financial institutions, businesses, and even governments has changed dramatically in recent years as commercial payments slowly brace for Bitcoin’s prospects. One of the main reasons for this is that a Bitcoin payment is faster, cheaper, more secure, and less volatile than local currencies in many countries.
Nonetheless, the environmental concern is legitimate, as Bitcoin and other proof-of-work cryptocurrencies require large amounts of energy to operate, due to the calculations required for mining. According to the latest estimates, the Bitcoin network consumes as much energy in a year as the country of Argentina.
Still, some companies in the crypto and blockchain market have taken steps to improve the situation. For example, Manhattan Solar Partners, LLC, a joint venture between BIT5IVE, LLC and GMine LLC, recently announced plans to build crypto data centers using more than a gigawatt of renewable energy in Texas.
ISW Holdings Inc. (OTC: ISWH) last month announced the latest news regarding the “signing of a cryptocurrency mining hosting agreement (the” Agreement “) with Bitmain Technologies (” Bitmain “), the world’s largest producer cryptocurrency mining hardware company and a global leader in cryptocurrency mining. solidify.
The deal will form the backbone of the company’s launch of the first phase of its cryptocurrency hosting and mining business in Georgia. Further details relating to this agreement will be discussed in the near future.
Irene Gao, NCSA Region Director of Antminer BD, Bitmain, said: “We are delighted to have signed this pioneering new project to begin cooperation with ISW Holdings, a new step for the industry to create accommodation facilities abroad. The 200 MW installation is the first phase of our long-term partnership, using renewable energy as a source. We plan to further expand this project in the future to support the development of the industry. ‘
“Bitmain is possibly the most recognizable name in the mining space, and we are delighted that they are a major part of our success in Georgia,” said Alonzo Pierce, president and chairman of ISW Holdings. “Once our 200 MW power tranche is fully utilized, we anticipate annualized revenues of over $ 200 million, but that will only close the first phase of our vision. We look forward to discussing our next phases in due course. If we are able to execute according to our full vision, we have the potential to generate exponential revenue growth ahead. “
Marathon Digital Holdings, Inc. (NASDAQ: MARA) reported earlier in June released unaudited Miner Production and Installation (“BTC”) updates for May 2021. Production of 226.6 new bitcoins in May 2021, bearing the total bitcoin holdings at around 5,518 with a fair market value of around $ 203.4 million. Cash was around $ 191.8 million and total cash, defined as cash and bitcoin holdings, was around $ 395.1 million.
“In May, we produced 226.6 bitcoins, which is a 40% increase from the 162.1 bitcoins we produced in April, and we increased our hash rate to 1.9 EH / s after that. have installed 5,571 other miners, ”said Fred Thiel, CEO of Marathon. “As a result, we were producing almost 10 bitcoins per day on average at the end of the month. Given our current delivery schedule and macro events affecting the global network hashrate, Marathon is uniquely positioned to evolve and thrive in today’s mining environment. The delivery and installation of new miners continues to progress well, and we remain on track to meet our goals of transitioning our operations to 70% carbon neutral and bringing all of our previously purchased miners online. the end of the first quarter of next year. “
Sphere 3D Corp. (NASDAQ: ANY) announced in June that it has entered into an agreement and plan to merge with Gryphon Digital Mining Inc. (“Gryphon”), a private company focused on mining bitcoin using renewable energy. Upon completion of the merger, the company will change its name to Gryphon Digital Mining Inc. The merged company will focus on expanding Gryphon’s digital mining operations and use Sphere 3D’s proprietary business solutions to optimize Gryphon’s processes. . “Gryphon’s future focus on mining using 100% renewable energy will set the bar for mining companies of the future. We have been designing converged GPU-based systems for many years and are excited to use our experience to improve the performance of Gryphon operations. We believe that the merger of the two companies offers an excellent opportunity to create significant value for our shareholders, ”said Peter Tassiopoulos, CEO of Sphere 3D.
SOS Limited (NYSE: SOS) announced earlier in June that it has entered into a joint venture agreement with Niagara Development LLC (“Niagara Development”), a New Jersey limited liability company, for a joint venture based in Niagara, Wisconsin. . The joint venture, FD LLC, is expected to conduct cryptocurrency mining operations and build an international standardized digital surveillance operations center. Under the terms of the agreement, Niagara Development will be responsible for providing up to 150 MW of electricity, including electricity produced from renewable sources, and the construction of the Digital Super Computing Custody Operation Center. SOS will be responsible for the management, operations and financing of the joint venture. SOS remains committed to its blockchain strategy and strives to become a sustainability leader in the industry.
Bit Digital, Inc. (NASDAQ: BTBT) and Digihost Technology Inc. announced last month that the Companies had entered into a second strategic co-mining agreement (the “Agreement”). Pursuant to the terms of the agreement, Digihost will provide certain premises (the “Premises”) to Bit Digital for the operation of a 100 MW Bitcoin mining operating system (the “Miners”) which will be delivered by Bit Digital for two years. . This expanded collaboration between Digihost and Bit Digital is expected to facilitate a further increase in the hash rate of approximately 2 PE between the companies, and a total increase in the hash rate between the two companies of approximately 2.4 PE, including the original collaboration agreement that was previously announced on June 10, 2021.