Bitcoin, Ether, Dogecoin and other Cryptocurrencies surge as week starts in green. In yet another instance, Bitcoin (BTC) is dictating the direction of the cryptocurrency market. As it emerged from the weekend to finally topple a $63,500 price resistance. That had been acting as a barrier to the coin’s rise since reaching an all-time high. A number of other cryptocurrencies, including Ethereum (ETH), Dogecoin (DOGE), and Polkadot (POLD). They are showing signs of catching up with Bitcoin on global exchanges such as Coinbase Global, Inc. (NASDAQ: COIN) (DOT). However, while the coins themselves have seen gains of 8-10 percent to begin the week. The true news has been the performance of cryptocurrency miners such as Riot Blockchain, Inc., Canaan Inc.. Also, the HIVE Blockchain Technologies Ltd., and Hello Pal International Inc.
However, while the majority of cryptocurrency mining is concentrated on Bitcoin. There has been increased interest in Dogecoin.
For example, a recent unexplained change in Elon Musk’s Twitter handle to “Lorde Edge”. This was seen as a connection to Dogecoin’s decentralized currency. Glauber Contessoto, a.k.a. the Dogecoin millionaire, has stated that he has allocated 99 percent of his portfolio. To the “eldger dog” cryptocurrency. In which has already gained about 30 percent in value since the beginning of October.
At a time when Bitcoin (BTC) is being criticized for its high energy consumption. During the mining process, and Ethereum (ETH) is moving closer to an era. In which there will be no mining, the mystery of DOGE (thanks to Elon Musk’s teases) continues to be solved. By a mining venture that’s proving to be profitable.
Hello Pal International Inc. became the first listed firm
Hello Pal has seen tremendous success as a result of the transition. As seen by the company’s recent announcement of record quarterly sales. For the period ending August 31, 2021.
Founder and Chairman of Hello Pal, KL Wong, stated, “Our current fiscal year has been transformative. And it has resulted in us recording record revenue of $13,206,275 from livestreaming services. Also generating a profit of $1,449,335 from cryptocurrency mining during the six months ended August 31, 2021.” “Even with low expenditures on advertising and user acquisition. During the six-month period ending in 2020, revenue climbed by a whopping 208 percent. By during that period. Due to our recent acquisition of mining rigs, they estimate that revenue and profit. It will continue to grow in line with expectations for the remainder of the fiscal year.”
More than 58 percent of the company’s gross earnings of $2,488,454 in the first quarter of 2021. Bitcoin Ether was derived from crypto currency mining.
Shanghai Yitang, Hello Pal’s cryptocurrency mining partner, continues to assist in the management. Of these mining activities, Bitcoin Ether ensuring that the mining rigs are distributed over a number. Green renewable energy mining sites to maintain decentralization.
Added Wong, “We are quite delighted with the progress we have achieved as a Company. And we believe the results are clear in the financial metrics.” Our growing internationalization of our business is particularly exciting to us. As seen by our development of livestreaming services outside of China. And the integration of cryptocurrencies into our platform. Through our newly launched cryptocurrency mining operations.
Riot Blockchain, Inc. just claimed it created 464 Bitcoins in October 2021
Riot Blockchain, Inc. (NASDAQ:RIOT) has stated that it created 464 Bitcoins in October 2021. Up from 87 BTC in October 2020.
Riot has created 2,921 BTC so far this year, a 257 percent increase over the 818 BTC produced. In the same period in 2020. Riot recently placed a $54 million order with Bitmain for 9,000 S19j Pro (100 TH/s) miners. With delivery and deployment scheduled for May to October 2022. 11,500 S19J Pro Antminers are slated to arrive at Riot’s Whinstone site in November 2021.
Canaan Inc. (NASDAQ:CAN) just received 6,500 Bitcoin mining rigs. From HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSX.V:HIVE).
The order for 6,500 Avalon Miners follows two previous purchases of 4,000. And 6,400 units in August and January of 2021.
“We are happy to be expanding our strategic collaborations with Canaan. A premier ASIC manufacturer, to fulfill our aims and maximize shareholder value.” It stated Frank Holmes, HIVE’s Executive Chairman. “With this new purchase, HIVE’s Bitcoin ASIC pipeline will reach 2 EH/s by December 2021 and 3 EH/s by March 2022.”
“The consecutive deals not only highlight our strong client relationship-building efforts,” stated Nangeng Zhang. Who is also the Chairman and CEO of Canaan. “We will continue to be a key partner for HIVE as they expand their business. We are confident in our next-generation. Avalon Miners and our superior on-site and off-site service to help our clients succeed in the crypto-mining field.”
Coinbase Global, Inc. (NASDAQ:COIN) has benefited from the cryptoverse’s ongoing supply generation. With its shares rising 40.4 percent in October. In anticipation of the exchange’s third-quarter earning. COIN stock soared alongside the coins it trades.