Crypto Miners Debating Relocation Motivated By Relaxing US Regulation

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The cryptocurrency market is constantly changing, and not just because of new technologies, but also new regulations and policies. For example, earlier this year, after the Chinese government’s crackdown on crypto mining, Bitcoin miners in China began looking to relocate their operations to U.S. states like Texas, South Dakota, and Tennessee. , reported the Washington Post.

The United States is now the new hub of the Bitcoin mining market. In fact, it’s the second-largest mining destination on the planet, accounting for nearly 17% of all Bitcoin miners globally as of April 2021. That’s a 151% increase from September 2020, according to CNBC . ISW Holdings Inc. (OTC: ISWH), Riot Blockchain, Inc. (NASDAQ: RIOT), Bit Digital, Inc. (NASDAQ: BTBT), Sphere 3D Corp. (NASDAQ: ANY), The OLB Group, Inc. (NASDAQ: OLB)

Overall, the approach of financial institutions, businesses, and even some 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. Additionally, some of the issues that the crypto market has faced recently are already being addressed.

For example, 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. 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), in transition to “BlockQuarry”, awaiting a name change, has just announced an update for “its current and potential shareholders as the company reaches several key milestones, including a change of name and trade symbol, maximizing mining performance in Pennsylvania and other cancellations of outstanding convertible debt in accordance with the company’s shareholder-friendly initiative announced in fall 2020.

Change of corporate name and symbol. As communicated in the company’s August 3 press release, ISW Holdings has officially filed for a name change to “BlockQuarry Corp”. The Company also more recently filed an application for a trade symbol change. Both filings are currently under FINRA review, and more details will be announced soon when FINRA completes its due diligence process. These steps were taken to better align the Company’s corporate brand with its emerging operational character given its growing commitment to blockchain infrastructure, cryptocurrency mining and collaborative hosting.

Mining efficiency in Pennsylvania. As recently reported, the Company has resumed mining operations in Pennsylvania. Miners are now running at 90% operational efficiency, bringing its hash rate there to 54,000 TH / s. Management is satisfied with the proper functioning of the site and looks forward to substantial revenue generation from this property over the coming months and quarters.

Elimination of convertible debt. As noted in the company’s August 23 press release, total derivative liabilities have been reduced by 96% in the first six months of the year to less than $ 750,000. The Company is working hard to continue this trend with the recent cancellations and negotiations to cancel more convertible convertible notes to eliminate another 500,000 potential dilution shares. Further updates will be available soon to communicate more details on this topic.

“As we see our mining efficiency starting to approach optimal levels for our current capacity, we are making progress in rebranding our inventory to better reflect what we are building here,” commented Alonzo Pierce, president and president. ISW Holdings. “When we started this pivot last year through our partnership with Bit5ive, we had a huge belief in the future role cryptocurrency would play in the world. At the time, Bitcoin was trading under $ 10,000. It is now 5 times that level with strong potential for future growth as the dominoes of institutional and traditional acceptance continue to tip in our favor. This context has also enabled us to keep our commitment to systematically eliminate the risk of dilution along the way. ‘ “

Riot Blockchain, Inc. (NASDAQ: RIOT) announced earlier in June its production and operational updates for May, including its unaudited production of Bitcoin (“BTC”) for May 2021 and its latest delivery status of crypto-miner. The company plans to continue providing monthly operational updates and unaudited production results through the end of 2021. These updates aim to keep shareholders informed of Riot’s mining production as it continues to deploy its expanding fleet of miners. On May 26, 2021, Riot announced that it had completed the previously announced acquisition of Whinstone US (“Whinstone”). The Whinstone Bitcoin mining facility in Rockdale, Texas is the largest Bitcoin mining facility in North America, measured by its developed capacity of 300 MW. The Company has announced its intention to immediately begin development of additional capacity at Whinstone in order to rapidly bring the property up to its current capacity of 750 MW. This expansion will be driven by Whinstone’s industry-leading development team of over 100 employees.

Bit Digital, Inc. (NASDAQ: BTBT) and Digihost Technology Inc. announced earlier that the companies have 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 initial collaboration agreement that was previously announced. June 10, 2021.

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.

OLB Group, Inc. (NASDAQ: OLB) reported earlier this week that DMint, Inc, a wholly-owned subsidiary of OLB (“DMint”), expects its first batch of data centers to be The cryptocurrency will go live in mid-September 2021. Located in Bradford, PA, the centers will be powered by clean gaseous energy generated by the mining rights of DMint. “These new data centers use the latest efficiencies to maximize miner performance while keeping an eye on environmental impact and energy cost,” said Ronny Yakov, CEO of OLB. “We expect this approach to generate excellent revenue and allow further expansion of all services and functions important to maintaining the competitiveness of our merchants. Crypto trading is increasingly popular with traders and consumers, and OLB is working to make it accessible to everyone.

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