Chronicle Journal: Finance

Crypto Corner Episode 440: BTC Sinks Back Below $12K but Maintains Bullish Projections, Riot Blockchain Purchasing 8,000 Next Gen Bitmain Miners

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:

https://www.investorideas.com/Audio/Podcasts/2020/081920-CryptoMarket.mp3

Crypto Corner Episode 440: BTC Sinks Back Below $12K but Maintains Bullish Projections, Riot Blockchain (NasdaqCM: $RIOT) Purchasing 8,000 Next Gen Bitmain Miners

SHARE PODCAST:

Get the Crypto Corner Podcast on iTunes

Get the Crypto corner on Spotify

Stocks 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

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

About Investorideas.com - News that Inspires Big Investing Ideas Investorideas.com is a recognized news source publishing third party news, research and original financial content. Learn about investing in stocks and sector trends with our news alerts, articles, podcasts and videos, looking at cannabis, crypto, AI and IoT, mining, sports biotech, water, renewable energy and more. Investor Idea's original branded content includes the following podcasts and columns: Crypto Corner, Play by Play sports and stock news column, Investor Ideas Potcasts Cannabis News and Stocks on the Move podcast and column, Cleantech and Climate Change, Exploring Mining the AI Eye.

The Crypto Corner is part of the Investor Ideas Membership content

The Investorideas.com podcasts are also available on iTunes, Spotify, Tunein, Stitcher, Spreaker.com, iHeartRadio and Google Play Music.

Visit the Podcast page at Investorideas.com:

https://www.investorideas.com/Audio/

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

Cryptocurrency Disclaimer

Investorideas.com news content is not meant to be a solicitation to buy or sell cryptocurrencies and Investorideas.com does not directly sell cryptocurrencies; but acts as a news and research resource for interested investors following the blockchain sector.

Copyright and ownership: Crypto Corner is an Investorideas.com content brand

Follow us on Twitter https://twitter.com/Investorideas

Follow us on Facebook https://www.facebook.com/Investorideas

Follow us on YouTube https://www.youtube.com/c/Investorideas

Download our Mobile App for iPhone and Android

Contact Investorideas.com

800-665-0411



Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.