#CryptoCorner #Podcast 867: #Stocks discussed: (NasdaqGS: $TSLA) (NasdaqGS: $APLD) (NasdaqCM: $MARA) (NasdaqGS: $HIVE)
Tesla Sells 75% of its Bitcoin, Applied Blockchain Enters Hosting Contract with Marathon, and HIVE Reports Fiscal Year Results
Vancouver, Kelowna, Delta, BC July 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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Stocks discussed: (NasdaqGS:TSLA) (NasdaqGS:APLD) (NasdaqCM:MARA) (NasdaqGS:HIVE)
Cointelegraph reports that Tesla, Inc. (NasdaqGS:TSLA) has sold 75 percent of its Bitcoin (BTC) holdings – worth approximately $936M USD. The company’s CEO Elon Musk indicated in a conference call, however, that the sale “should not be taken as a verdict on Bitcoin.” Musk explained:
“The reason we sold a bunch of our Bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximize our cash position.”
He went on to say:
“We are certainly open to increasing our Bitcoin holdings in the future.”
Applied Blockchain, Inc. (NasdaqGS:APLD) has entered into a five-year hosting contract with Marathon Digital Holdings, Inc. (NasdaqCM:MARA) for 200-Megawatts of Bitcoin mining capacity. This will see the former “provide comprehensive hosting services for Marathon’s Bitcoin miners at Applied Blockchain’s owned and operated co-hosting datacenters.” Wes Cummins, Applied Blockchain’s Chairman and CEO, said:
“Partnering with Marathon, one of the largest Bitcoin miners in the industry, represents a significant step forward in Applied Blockchain’s growth trajectory. The multi-year agreement validates our capabilities as a best-in-class co-hosting datacenter operator. We are continuing to grow our contracted hosting capacity, which provides predictable revenue over a multi-year time frame. Additionally, demand for our hosting services remains robust despite the volatility in the cryptocurrency markets, giving us continued confidence in the growth potential of our business for fiscal 2023 and beyond.”
HIVE Blockchain Technologies, Inc. (NasdaqGS:HIVE) has reported its results for the full year ended March 31, 2022. Highlights include a fiscal year revenue of $211.2 million USD, as well as a 545 percent growth in BTC mining hashrate and 225 percent growth in ETH mining hashrate year over year – mining 2,368 Bitcoin and 32,397 Ethereum equivalent. Frank Holmes, Executive Chairman of HIVE, said:
“Fiscal 2022 was an incredible year for HIVE. Despite the effects of COVID-19 such as global logistics and inflation we have achieved record results on a per share basis and continued to increase our Ethereum and Bitcoin mining capacity, without taking risks to stake our BTC or ETH to earn a yield on our assets. We are also proud that during the year we were able to pay down our debt by over $5.5 million.”
Sam Mowers, Investorideas
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