Point Roberts, WA and Delta, BC - August 19, 2020 (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 cryptocurrency stocks and the crypto market.
Listen to today's Crypto Corner Podcast:Crypto Corner Episode 440: BTC Sinks Back Below $12K but Maintains Bullish Projections, Riot Blockchain (NasdaqCM: $RIOT) Purchasing 8,000 Next Gen Bitmain MinersStocks discussed: (NasdaqCM:RIOT) (TSXV:DMGI)
Bitcoin (BTC) spent all of Monday and most of Tuesday trading above $12,000 - peaking at just about $12,350 - but has since cooled to a trading price of about $11,870 at press time, according to data from CoinMarketCap. Some observers, however, see Bitcoin's recent bullish trend as a sign of more rallying to come. Andrew Tu of quant trading firm Efficient Frontier, told CoinDesk:
"Bitcoin finally broke its $12,000 resistance Monday. Now it's on to $13,000 and $14,000 as resistance, assuming that we can hold above $12,000."
Tu went on to say:
"It's all part of this current bull cycle we're in. It's a positive feedback cycle in which double-digit rises cause more retail and professional investors to jump in, which begets further rises."
Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence, echoed and expanded on this sentiment, tweeting:
"...Something unexpected needs to happen for #Bitcoin's price to stop doing what it's been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the #crypto asset's unique attribute of fixed supply."
Riot Blockchain, Inc. (NasdaqCM:RIOT) has announced a purchase agreement for 8,000 next generation Bitmain S19 Pro Antminers for $17.7 million from BitmainTech to be received and deployed in January 2021. Remo Mancini, Independent Chairman of Riot Blockchain, explained:
"This substantial order of 8,000 next-generation miners is a milestone for the Company, demonstrating that the second phase of Riot's strategic transformation is well underway. We have previously announced our goal to become one of the largest bitcoin miners in North America and this purchase represents a significant step in achieving that goal. With our current miner deployment schedule, we anticipate that based upon current factors, Riot would achieve positive cash flow in late 2020."
DMG Blockchain Solutions Inc. (TSXV:DMGI) is ready for the commercial release of its proprietary Mine Manager Enterprise Software. The Mine Manager, according to the press release, "provides clients with automated management of crypto mining data centres," and "is currently managing thousands of ASIC miners at the Company's flagship facility in British Columbia." DMG CTO Adrian Glover said:
"Over the last 18 months DMG has developed Mine Manager to run our own operations and now we are excited to license the product to third party industrial mining operations. Mine Manager enables large scale mining operations to automate much of the maintenance of their mining hardware, creating efficiencies of scale and a reduction in staffing requirements. Mine Manager, together with DMG's new Blockseer Bitcoin mining pool and Walletscore (DMG's real-time Bitcoin AML compliance tool), create an integrated software solution unparalleled in the crypto mining industry. We are excited to share more information on this suite of mining software products in the coming weeks and securing additional customers."
Sam Mowers, Investorideas
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