Investor Ideas, Trading Ideas and Stocks to Watch : #CryptoCorner #Podcast 696: #Stocks discussed: (NYSE: $SQ) (NYSE: $BTCM) (TSXV: $FORT.V)

Monday, October 18, 2021

#CryptoCorner #Podcast 696: #Stocks discussed: (NYSE: $SQ) (NYSE: $BTCM) (TSXV: $FORT.V)

#CryptoCorner #Podcast 696: #Stocks discussed: (NYSE: $SQ) (NYSE: $BTCM) (TSXV: $FORT.V)

Square to Develop Decentralized BTC Mining System, BIT Mining Limited to Increase Investment in Ohio Crypto Mining Data Center, and Fortress Technologies Buys 180 New Miners

Point Roberts, WA, Delta BC October 18, 2021 - 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 cryptocurrency stocks and the crypto market.

Listen to today’s Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2021/101821-CryptoMarket.mp3

Read this in full at https://www.investorideas.com/news/2021/crypto-corner/10181SQ-BTCM-FORT.asp

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Stocks discussed: (NYSE:SQ) (NYSE:BTCM) (TSXV:FORT)

Jack Dorsey, CEO of Square (NYSE:SQ), recently tweeted that the aforementioned payments and financial service giant is floating the idea of developing a Bitcoin (BTC) mining system through collaboration. His first tweet reads:

“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”

In his subsequent thread of tweets, Dorsey variously emphasizes the importance of decentralization, accessibility, and the use of clean energy in crypto mining. A further tweet reads:

“Mining needs to be more efficient. Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability. Energy is a system-level problem that requires innovation in silicon, software, and integration.”

BIT Mining Limited (NYSE:BTCM) is strengthening its collaboration with Viking Data Centers, LLC, and consequently will increase its investment in the Ohio cryptocurrency mining data center being jointly developed by the latter. This will see the addition of up to 65 megawatts (MW) of power capacity to the Ohio Mining Site, bringing its total planned power capacity up to 150 MW. Xianfeng Yang, CEO of BIT Mining, said:

"The progress made to date with our global expansion strategy has been very encouraging. Our multi-site approach and geographic diversification has provided us with greater flexibility to shift resources and capitalize on regions with more favorable market dynamics, and over time, generate greater returns for stakeholders. We will continue to execute on our plan, investing in technology, innovation and high-quality mining resources around the world, while building a strong foundation across the cryptocurrency ecosystem."

Fortress Technologies Inc. (TSXV:FORT) has purchased 180 new Whatsminer M30S Bitcoin mining machines, intended to operate alongside the company’s existing machines at its Washington site and be installed within the next 30 days. According to the press release, this is expected to increase Fortress’s total hash rate at the Washington site to 33 PH/s, and increase the company’s total contracted hash rate to 191 PH/s.

Sam Mowers, Investorideas

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