Chronicle Journal: Finance

CryptoCorner: Libra ay Consider Fiat-Based Stablecoins, Bitmain Announces World's Largest Bitcoin Mine in Texas with DMG Blockchain

Point Roberts, WA and Delta, BC - October 21, 2019 (Investorideas.com Newswire) 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 the cryptocurrency market.

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CryptoCorner: Libra (Nasdaq: $FB) May Consider Fiat-Based Stablecoins, Bitmain Announces World's Largest Bitcoin Mine in Texas with DMG Blockchain (TSXV: $DMGI.V)

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Stocks discussed: (NasdaqGS:FB) (TSXV:DMGI) (NYSE:AA)

A report from Reuters indicates that Facebook (NasdaqGS:FB) may change its Libra strategy following considerable scrutiny from regulators and policymakers. Head of Libra David Marcus told a panel at a recent banking seminar that the firm was open to different approaches than the originally-intended basket of fiat currencies.

"We could do it differently. Instead of having a synthetic unit ... we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc...

We could definitely approach this with having a multitude of stablecoins that represent national currencies in a tokenized digital form. That is one of the options that should be considered."

Taiwanese electronics giant HTC (TWSE:2498) has launched the Exodus 1S, a blockchain phone that includes a crypto hardware wallet and a bitcoin node. The fully-running Bitcoin (BTC) node allows users to be a part of and grow the Bitcoin network. HTC's Chief Decentralized Officer Phil Chen spoke to CNBC, explaining that running the node made it possible to "calculate the user's balance and ensure that future transactions are verified, further ensuring that the balance is actually owned by the spender". He went on to say:

"Initially considered a gimmick by some, crypto technology is the next frontier of smartphone innovation. For the smartphone category to grow again, we need more adoption of cryptophones."

DMG Blockchain Solutions Inc. (TSXV:DMGI) has entered into a preliminary agreement with crypto hardware manufacturer Bitmain to manage the latter's newly-announced mining facility in Rockdale, Texas. DMG's CEO, Dan Reitzik, commented:

"Being chosen by the world's leading bitcoin mining company is a great testament to the capabilities of DMG's mining team. Over the past several months, Bitmain visited many large facilities throughout North America including DMG's flagship facility in British Columbia, Canada. We look forward to working together to build and manage North America's largest and most efficient mining facility, running the world's most advanced crypto mining technologies."

Bitmain's mine currently boasts a 25MW capacity, with another 50MW under construction. The mine can potentially expand to a capacity of 300MW, which would make it the largest Bitcoin mine in the world. The mine's land comprises 33,000 acres which is owned by the Aluminum Company of America, Alcoa (NYSE:AA). Clinton Brown, Rockdale Lead Project Manager for Bitmain, commented:

"We are excited to launch this facility, which is significant to Bitmain's global expansion plans. The stable and efficient energy resources in Texas are fundamental to the inevitable scale of growth for the cryptocurrency mining industry."

Sam Mowers, Investorideas

For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory

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