#CryptoCorner: Hut 8 (TSX: $HUT.TO) Reports 2019 Financials
and Riot Blockchain (NasdaqCM: $RIOT) Releases March Production Update
Point Roberts, WA, Delta BC April 3, 2020 -
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Hut 8 Reports 2019 Financials and Riot Blockchain
Releases March Production Update
Stocks discussed: (NasdaqGS:CME) (NYSE:ICE) (TSX:HUT)
(NasdaqCM:RIOT)
Since late
Wednesday Bitcoin (BTC) has been rallying. It reached a peak of
nearly $7,100 on Thursday, according to data from CoinMarketCap,
though some price trackers have it closer to $7,300. At press time it is
trading for $6,900. A tweet from data monitor Skew indicated that
Bitcoin futures volumes on CME (NasdaqGS:CME) and Intercontinental Exchange (NYSE:ICE) subsidiary Bakkt had hit their
highest levels since March 16 on April 2, coinciding with this rally.
Speaking of
CoinMarketCap, the crypto data site was acquired by the largest cryptocurrency
exchange by market volume, Binance. In an interview with CoinDesk, Binance CEO Changpeng “CZ” Zhao
revealed that the deal, which was closed on March 31, was “by far the largest”
the company had ever done. He said:
“CoinMarketCap has more users than any other product in
the crypto space. Even though their money generation mechanism is not as strong
as Binance, they do have the users – it’s a very valuable platform.”
Hut 8 Mining Corp.
(TSX:HUT) has reported its financial results for the year
ended December 31, 2019. Highlights include an annual revenue of $82.0 million
CAD from mining 8,618 bitcoin, mining profit margin of 45 percent, and a
graduation to the TSX from the TSX Sandbox. Jimmy Vaiopoulos, Chief Financial
Officer of Hut 8, commented:
"2019 was a milestone year for Hut 8 as we
achieved bottom line profitability which allowed for growth in operating
capacity and paying down debt. We are proud to have had a successful first full
year as a public company while also graduating to the TSX via the TSX
Sandbox."
For more on Hut 8,
feel free to check out the Investorideas.com interview with the company’s CEO Andrew Kiguel
featured on the October 15, 2019 episode of Crypto
Corner.
Riot Blockchain,
Inc. (NasdaqCM:RIOT) has released its March 2020 production update,
revealing that it produced 102 newly mined bitcoins in the month. This
represents a 126 percent increase over the company’s December results, which
can likely be attributed to its Oklahoma City mining facility upgrade which saw
the integration of Bitmain S17 Antminers.
Sam Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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