#CryptoCorner #Podcast 875: #Stocks discussed: (NasdaqGM: $CAN) (NYSEAmerican: $NILE) (TSXV: $CBIT.V)
Canaan Has Announced its Q2 Financial Results, BitNile Subsidiary Enters Hosting Agreement, and Cathedra Bitcoin Posts Operational Updates
Vancouver, Kelowna, Delta, BC August 18, 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: (NasdaqGM:CAN) (NYSEAmerican:NILE) (TSXV:CBIT)
Canaan Inc. (NasdaqGM:CAN) has shared its unaudited financial results for the three months ended June 30, 2022. Highlights from the second quarter include 5.5 million Thash/s of total computing power sold, $246.7 million USD in revenues, and a net income of $90.9 million. Nangeng Zhang, the company’s Chairman and CEO, said:
"We went through a challenging second quarter as the Bitcoin (BTC) price continued to tumble down to under US$20 thousand. The COVID-19 containment lockdown in key cities in China also brought severe disruptions to our daily operations and demand for our AI chips. Facing these obstacles, we strived to deliver for our clients and achieved total computing power sold of 5.5 million Thash/s, up 27.5% sequentially. In order to support our global expansion, we further integrated operations overseas in our Singapore international headquarters, which now features a Research and Development team and other operational functions.”
BitNile, Inc. (BNI), a wholly-owned subsidiary of BitNile Holdings, Inc. (NYSEAmerican:NILE), has entered into a hosting agreement with Compute North, LLC, securing 20 megawatts of power. According to the press release, this agreement aims to enable BNI to “power roughly 6,500 S19j Pro miners during August and September.” Milton "Todd" Ault, III, the company’s Executive Chairman, said:
"We are excited about the new hosting relationship with one of the largest and most established companies in this space. Its expertise is expected to help us accelerate the pace at which we conduct our operations and will maximize overall efficiencies and ultimately profitability."
Cathedra Bitcoin Inc. (TSXV:CBIT) has posted some recent operational and corporate updates. This includes the installation of 522 machines from its June batch of Bitmain Antminer S19J Pro machines at a third-party data center in Kentucky, thereby increasing its Bitcoin mining hash rate by 52 PH/s. Drew Armstrong, the company’s President and COO, said:
"Over the past several months, we have been hard at work in New Hampshire developing a scalable manufacturing operation. We have used this summer as an opportunity to optimize our manufacturing and fabrication processes; this will allow us to ‘print’ Rovers –the company’s “proprietary bitcoin mining data centers” – in the most time- and capital-efficient manner possible. As globalized supply chains break down, we are working to create a manufacturing powerhouse here in North Country."
Sam Mowers, Investorideas
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