#CryptoCorner: #Crypto Market Surge amid Iran Tensions, Riot Blockchain (Nasdaq: $RIOT) Receives Bitmain Order and Libra (Nasdaq: $FB) Association Vice Chair Criticizes BTC as Payment
Point Roberts, WA, Delta BC January 8, 2020 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
Listen to today’s Crypto Corner Podcast:
Crypto Market Surge Amid Iran Tensions, SBI and GMO to Process Crypto Transactions for New Texas Mining Facility, Riot Blockchain Receives Bitmain Order and Libra Association Vice Chair Criticizes BTC as Payment
Stocks discussed: (TYO:9449) (TYO:8473) (NasdaqCM:RIOT) (NasdaqGS:FB)
The crypto market has witnessed something of a surge in the last few days with total market capitalization having reached about $218 billion at press time, according to data from CoinMarketCap. The market cap had been as low as $184 billion as recently as last Thursday. In the last 24 hours Bitcoin (BTC) has led this surge with a 5.9 percent increase to a current trading price of about $8,330. Data from Google Trends shows particular interest in the search term “bitcoin iran”, indicating that geopolitical tension between the U.S. and the Islamic Republic may be contributing to crypto’s recent surge.
BNN Bloomberg reports that financial services firm SBI Holdings, Inc. (TYO:8473) and GMO Internet, Inc. (TYO:9449) have “in principle agreed” to process cryptocurrency transactions at a crypto mining facility in Rockdale, Texas, operated by Northern Bitcoin AG subsidiary Whinstone Inc. According to “people familiar with the matter”: “Renting out capacity to SBI Crypto, a unit of SBI Holdings, and GMO may help Northern Bitcoin to get further large, crypto-savvy investors on board.”
Riot Blockchain, Inc. (NasdaqCM:RIOT) received 3,000 S17 Pro Antminers from BitmainTech PTE. LTD. at the former’s Oklahoma City mining facility in late December 2019, according to a press release today. The firm expects to receive the second order of 1,000 S17 Pro Antminers from Bitmain during this month, which will complete the full upgrade of its Oklahoma City mining facility to the new S17 Pro generation of miners. An excerpt from the press release reads:
Riot estimates the aggregate operating hashrate at the Oklahoma City mining facility, assuming full utilization of the facility's current total 12 megawatt ("MW") available electric supply and full deployment of the total 4,000 next generation miners, to be approximately 248 petahash per second. This would represent an estimated 240% increase over Riot's present average mining hashrate. Riot anticipates that total deployment of the 4,000 S17 Pro new miners will represent approximately 90% of the Oklahoma City's mining facility's total current capacity.
CoinDesk reports that Dante Disparte, vice chairman of Facebook’s (NasdaqGS:FB) Libra Association, criticized Bitcoin’s validity as an alternative payment system at the Consumer Electronics Show (CES) in Las Vegas. Specifically, he said:
"Bitcoin as an asset class has proven that mathematical scarcity can support an incredibly exciting asset. It's not a means of payment. It just isn't."
Sam Mowers, Investorideas
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