#CryptoCorner: Riot #Blockchain (NASDAQ: $RIOT) Purchases 1,000 Next Gen Miners, tZERO (NasdaqGS: $OSTK) Aims to Combine #Crypto, Security #Token and Stock on Single App
Point Roberts, WA, Delta BC May 1, 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 .
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Stocks discussed: (NasdaqGS:RIOT) (NasdaqGS:OSTK) (LSE:ARB)
Bitcoin’s (BTC) rally, which began in the middle of this week, has cooled somewhat, having peaked at a trading price of about $9,400 but now trading for $8,860, according to data from CoinMarketCap. With the exception of this recent peak, Bitcoin is still trading at its highest since early March and could resume its rally as the much-hyped halving approaches in the coming weeks.
Riot Blockchain, Inc. (NasdaqGS:RIOT) has purchased 1,000 next generation Bitmain S19 Pro Antminers for USD $2.4 million from BitmainTech PTE. LTD. According to the press release, these new miners “are markedly more energy efficient than prior Bitmain models and other ASIC miners currently available,” which leads the company to expect “its aggregate operating hash rate will increase by 46% to approximately 358 petahash per second.” Bitmain's North American Team stated:
"Bitmain has been working with Riot Blockchain for several years, the company has been using our Antminer products for operating their data centers, and soon to be utilizing the latest technologies we have in our product line-up, the S19 series. We are confident with the continued cooperation and growth they have as they further expand their operations in the mining sector."
CoinDesk reports that tZERO, the security token trading subsidiary of Overstock (NasdaqGS:OSTK), aims to give users access to cryptocurrency, security token and traditional stock trading on a single platform. Specifically, the company intends to combine its currently separate Crypto app with its Alternative Trading System (ATS) app. tZERO CEO Saum Noursalehi told CoinDesk:
“Once we receive regulatory approval, our app will trade cryptocurrencies, security tokens, and traditional stocks. The value of the crypto app users will grow as we add the capability to trade securities on it."
Bitcoin miner Argo Blockchain (LSE:ARB) has reported a 1000 percent increase in revenue for 2019, bringing it to £8.62 million ($10.78 million USD) according to a report from Bitcoin.com. With its more than 17,000 operational miners in Quebec, Argo mined 1,330 Bitcoin owing to a 306 percent increase in its mining capacity. Peter Wall, the company’s CEO, said:
“Having completed a major expansion of our mining infrastructure Argo is on track to deliver strong growth in the first half compared with the corresponding period last year. We entered 2020 with considerable business momentum and an efficient mining platform which puts us in a favourable competitive position to navigate the evolving and dynamic cryptocurrency ecosystem.”
Sam Mowers, Investorideas
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