Chronicle Journal: Finance

Crypto Corner Episode 444: Bitcoin Spikes Following Fed Chair Comments, Riot Purchases Another 5,100 Miners from Bitmain

Point Roberts, WA and Delta, BC - August 28, 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.

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https://www.investorideas.com/Audio/Podcasts/2020/082820-CryptoMarket.mp3

Crypto Corner Episode 444: Bitcoin Spikes Following Fed Chair Comments, Riot (NasdaqGS: $RIOT) Purchases Another 5,100 Miners from Bitmain

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Stocks discussed: (NasdaqGS:RIOT) (TSXV:BITF) (TSXV:DMGI)

Bitcoin (BTC) was briefly trading for $11,600 yesterday following a spike responding to the United States Federal Reserve's inflation policy. Cointelegraph reports that Fed Chair Jerome Powell, in a speech on Thursday, indicated "that inflation would be permitted to head higher than the Fed's 2% target."

"Following periods when inflation has been running below 2 percent, appropriate monetary policy will likely aim to achieve inflation moderately above 2 percent for some time."

Riot Blockchain, Inc. (NasdaqGS:RIOT) has announced the purchase of 5,100 next generation Bitmain S19 Pro Antminers $11.2 million from BitmainTech PTE. LTD., scheduled for receipt and deployment in February 2021. This follows recent news that the company had purchased 8,000 next generation Bitmain S19 Pro Antminers for receipt and deployment in January, 2021. Remo Mancini, Independent Chairman of Riot Blockchain, explained:

"Riot has made a commitment to being a global player in the bitcoin mining sector. We are believers in bitcoin's opportunity to be a disruptive force in the traditional finance and currency systems. Riot is making strides in positioning itself to be a part of that future, and this purchase is a hallmark of those efforts."

Bitfarms Ltd. (TSXV:BITF) has reported its financial results for the second quarter and first half of 2020. Some Q2 highlights include a consolidated revenue of $7.4 million, a net loss of $3.7 million, and the mining of 815 Bitcoins. The company's Interim CEO, Emiliano Grodzki, commented:

"Bitfarms continues to demonstrate its resiliency and strength of operations despite challenging market conditions. Based on publicly disclosed financial information, we believe that the 815 Bitcoin mined by Bitfarms in the second quarter was the most amongst all publicly traded Bitcoin mining companies. We're pleased with the strength of our business model and we are well positioned to continue to carry out our strategy of disciplined, timely and cost-efficient growth."

DMG Blockchain Solutions Inc. (TSXV:DMGI) has announced the filing of its 3rd quarter financials. The company reported Q3 revenue of $1,363,233 with a comprehensive loss of $532,071, an improvement over the loss of $2,552,705 in Q3 2019, as well as a 66 percent reduction in operations and administrative costs. DMG's CEO Dan Reitzik said:

"DMG is currently exploring multiple acquisition opportunities specifically related to additional low-cost mining operations, mining software products and new mining technologies. We are pleased with the Company's current operations and are excited about the future of our increased self-mining capacity and significant technology advance."

Sam Mowers, Investorideas

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