#CryptoCorner Episode 434: BTC Resumes Rally? Square Reports (NYSE: $SQ) 600% Quarterly BTC Revenue Increase, Hut 8 (TSX: $HUT.TO) Announce Site Management Changes and Dash Partners with Taurus for Latin American #Crypto Debit Card
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Stocks discussed: (NYSE:SQ) (TSX:HUT)
Bitcoin (BTC), after having fairly steadily remained around a trading price of $11,150-11,250 since Sunday, appears to have resumed its rally, according to data from CoinMarketCap. The flagship cryptocurrency is up just over 4 percent in the last 24 hours and is trading for about $11,615 at press time. Bitcoin last reached this price on this past Saturday, and on that occasion continued rallying to just under $12,000 before the “flash crash” that dragged it back down nearly $1,500.
Financial services firm Square, Inc. (NYSE:SQ) reported, in a letter to shareholders, that it generated $875 million of bitcoin revenue and $17 million of bitcoin gross profit during Q2 2020 on its Cash App. This represents a revenue increase of 600 percent year over year, something the letter ascribes to “an increase in bitcoin activities and growth in customer demand.” As of June, the company boasted “more than 30 million monthly transacting active customers,” on its Cash App.
Hut 8 Mining Corp. (TSX:HUT) has announced that the management of the Medicine Hat facility operations have been transferred from the Bitfury Group to Hut 8 effective August 1, 2020. The company had formerly outsourced the facility’s operations and maintenance, but has now “brought this in-house to reduce costs and streamline operations.” Jimmy Vaiopoulos, Interim CEO of Hut 8, said:
"This transfer of the management of site operations will allow Hut 8 to work more directly with site staff to streamline operations and lower costs to continue our focus on being a low cost bitcoin miner. This will save us upwards of $500,000 per year and I strongly believe this will benefit Hut 8, Bitfury, and our site staff."
Cointelegraph reports that Dash (DASH), in a partnership with Mexican cryptocurrency exchange, Tauros.io, will be releasing the first crypto Visa debit card in Latin America. Through the conversion of cryptocurrencies to pesos using the Tauros mobile app, the card “will work at millions of stores in Mexico.” Ernesto Contreras, Head of Business Development at Dash Core Group, told Cointelegraph:
"The Tauros card is a first in Mexico and the region, and it will also allow for a very easy way in and out of the Tauros ecosystem, which is very important as it adds massive usability to Dash users in the country. The fact that we are giving the opportunity for people to earn DashBack rewards with their card will also give a boost to the crypto ecosystem in Mexico as now anyone can use their pesos, and Hodl Dash."
Sam Mowers, Investorideas
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