Investor Ideas, Trading Ideas and Stocks to Watch : #CryptoCorner #Podcast 857: #Stocks discussed: (NasdaqGM: $BITF) (TSXV: $CSTR.V)

Tuesday, June 21, 2022

#CryptoCorner #Podcast 857: #Stocks discussed: (NasdaqGM: $BITF) (TSXV: $CSTR.V)

#CryptoCorner #Podcast 857: #Stocks discussed: (NasdaqGM: $BITF) (TSXV: $CSTR.V)

Deloitte and NYDIG Partner to Help Companies Implement Digital Assets, Bitfarms Adjusts HODL Strategy, and CryptoStar Posts Operations Update

Vancouver, Kelowna, Delta, BC June 21, 2022 - 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.

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https://www.investorideas.com/Audio/Podcasts/2022/062122-CryptoMarket.mp3

Read this in full at https://www.investorideas.com/news/2022/crypto-corner/06211BITF-CSTR.asp

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Stocks discussed: (NasdaqGM:BITF) (TSXV:CSTR)

Professional services giant Deloitte and Bitcoin (BTC)-focused financial services firm NYDIG (New York Digital Investment Group) have announced a strategic alliance to “help companies of all sizes implement digital asset capabilities in their businesses.” According to the press release, this will see NYDIG “work with Deloitte's blockchain and digital assets practice across multiple areas involving bitcoin products, such as banking, consumer loyalty and rewards programs, employee benefits and more.” Yan Zhao, President of NYDIG, explained:

"We envision a world where traditional financial infrastructure works alongside digital asset infrastructure to deliver clients a best-in-class experience with the highest standards of regulatory compliance. We've already started the journey of bringing bitcoin to all by embedding bitcoin wallets into existing user experiences, powering bitcoin rewards programs, and enabling bitcoin-secured lending. Deloitte is the perfect collaborator to help companies take the next step to efficiently execute on these types of projects and meet customer demand with a high level of rigor."

Bitfarms Ltd. (NasdaqGM:BITF) has adjusted its HODL strategy so as to improve liquidity and strengthen its balance sheet. Over the past week, the firm sold a total of 3,000 Bitcoin for about $62 million USD, leaving its total BTC holdings at 3,349, and an average production of roughly 14 BTC per day. Jeff Lucas, CFO of Bitfarms, said:

“In consideration of extreme volatility in the markets, we have continued to take action to enhance liquidity and to de-leverage and strengthen our balance sheet. Specifically, we sold 1,500 more Bitcoin and are no longer HODLing all our daily BTC production. While we remain bullish on long-term BTC price appreciation, this strategic change enables us to focus on our top priorities of maintaining our world-class mining operations and continuing to grow our business in anticipation of improved mining economics.”

CryptoStar Corp. (TSXV:CSTR) has shared an operations update. As of June 20, 2022, the crypto mining and data centre operator boasts an aggregate self-mining Hashrate of 93.0 PH/s from ASIC miners and 136,850 MH/s from GPU miners running at its data centres, which contributes $312,902 per month in self-mining revenue. Additionally, as of June 20, the company held 649.12 ETH, 105.56 BTC and $1.9 million USD in cash.

Sam Mowers, Investorideas

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