Mining Cryptocurrency Becoming Wildly Popular and Accessible for the General Public
LOS ANGELES / USA News Group / The act of mining cryptocurrencies, such as Bitcoin is truly going global, including a recent announcement that Bitcoin mining has come to the Arctic circle. The surge in interest in cryptocurrencies has driven all types of challenges and solutions in generation of the digital money, including a global chip shortage that’s even hit China. Early adapters to Bitcoin are doing quite well, with those who would’ve invested $100 into the cryptocurrency in 2009 would see their initial investment worth over $48 million today. Along the way, the impact of the rapid rise in mainstream acceptance of Bitcoin and other crypto has driven even more interest towards opportunities to mine the digital currencies, such as those from Hello Pal International Inc. (CSE:HP) (OTC:HLLPF), Marathon Patent Group, Inc. (NASDAQ:MARA), Riot Blockchain, Inc. (NASDAQ:RIOT), Canaan Inc. (NASDAQ:CAN), and HIVE Blockchain Technologies Ltd. (TSXV:HIVE) (OTC:HVBTF).
One strategy being implemented by Hello Pal International Inc. (CSE:HP) (OTC:HLLPF) is to leverage and utilize its rapidly growing userbase of more than over 5.4 million users from over 200 countries and regions to take part in the mining of the popular cryptocurrencies Bitcoin and Ethereum.
By partnering with cryptomining company Yitang, Hello Pal’s rapidly growing social media platform’s users buy or option to purchase entire or fractional mining machines. Each machine will be personally identifiable to the purchasers, which differs greatly from the current ‘cloud mining’ services that are typically available on the market.
Through this process, these users can now simply participate in the Bitcoin and Ethereum mining with simplicity and convenience.
“It’s been our initiative for cryptocurrency to play a central part on our platform, especially given the borderless nature of cryptocurrency and our international nature,” said KL Wong, Founder and Chairman of Hello Pal. “The recent activity and interest in cryptocurrency presents us with a unique opportunity to introduce cryptocurrency to our users, as well as to bring cryptocurrency users to our platform.”
Users who partake in the mining opportunity will see their mined cryptocurrency be credited to their digital wallet each day. Hello Pal has kicked off the initiative itself by purchasing several Bitcoin and Ethereum mining machines to be held by the company, with plans to purchase even more.
Yitang is signed on to help Hello Pal reintroduce and revamp its digital wallet and proprieatary digital currency, “Palto”— a utility token to be used across the entire Hello Pal suite of apps in order to allow for the borderless transfer of value between Hello Pal users across the world.
Part of the Hello Pal advantage of its platform is its design that allows users to make new friends in countries all over the world. Among those countries is a massive market that most major social media platforms are blocked from operating within, namely Hello Pal has permission to operate both inside and outside of China.
Based out of Vancouver, Canada, Hello Pal also shares dev offices in China with livestream giant KK Livestream, which has its + 200 million userbase. By its actions so far, Hello Pal is quickly becoming a rising social media platform star, as evidenced by its recent setting of a new revenue record in January 2021 of nearly CAD$2.8 million, and a successful fully subscribed private placement of CAD$1.6 million.
“We are pleased our company is truly global, and will continue to rollout new products, features, to reach new markets,” said Hello Pal advisor, Hans Xu. “The Hello Pal platform is a truly diversified social platform”
One of the first cryptocurrency mining companies to be listed on the Nasdaq was Marathon Patent Group, Inc. (NASDAQ:MARA). Some investors have chosen the company as a proxy or substitute for actually owning BTC, because the share price of MARA tends to follow the price of Bitcoin itself, at least for the most part.
Late last year, Marathon upped its presence in the crypto mining space, by adding an additional 10,000 S-19J Pro Asic Miners from Bitmain, and announced plans for a second data center.
“The new facility will be powered primarily by clean, renewable power, which is not only cost-effective, but will also allow us to lower our carbon footprint,” said Marathon’s CEO and Chairman, Merrick Okamoto. “Currently, we believe the costs to operate our second facility will be similar to the industry-leading rates we have at our Hardin facility: $0.028 per kWh for power and $0.006 per kWh for hosting operations.”
Upon its own increasing of mining capacity, Riot Blockchain, Inc. (NASDAQ:RIOT) saw shares of its stock jump as much as 25% as the company hit a new milestone. Amid the surging prices of BTC, Riot Blockchain was able to boast it had achieved a 1.06 Exahash per second (EH/s) mining rate with 2,002 new S19 Pro Antminers from Bitmain.
“Exceeding 1 EH/s in hash rate capacity marks a major milestone for the Company,” said Jason Les, CEO of Riot Blockchain. “While we are proud of this accomplishment, we view it as the successful completion of just one of many steps of our ongoing growth plan.”
The company now has a total of 11,542 Antminers in operation after its latest additions, leading to a nearly 26% increase in production over its prior operational hash rate.
Despite the recent resignation of its CFO for personal reasons, Canaan Inc. (NASDAQ:CAN) saw its shares rise amongst its cryptocurrency peers due to upbeat financial guidance. The company manufactures Bitcoin mining hardware, and has been running at capacity for quite some time now.
Canaan currently has preorders for over 100,000 Bitcoin-mining machines, which management says is its full capacity with its current manufacturing facilities.
One of their clients is HIVE Blockchain Technologies Ltd. (TSXV:HIVE) (OTC:HVBTF), which recently bought another 6,400 miners from the manufacturer—increasing its own capacity to 1,229 PH/s.
HIVE has stated that the equipment will be delivered over eight tranches throughout 2021, with 500 miners to be delivered in May and June, while another 900 miners will be delivered each month until year-end.
HIVE’s vision was to achieve an aggregate operating hash power of 1,000 PH/s by the end of calendar 2021. By securing these purchases, HIVE achieved this monumental goal faster than planned. Now the company is focused on new opportunities to increase its Bitcoin mining capacity, with a new goal of 2,000 PH/s by the end of 2021.
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Hello Pal International Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Hello Pal International Inc. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Hello Pal International Inc. which were purchased in the open market (a market cross) directly from the engagement of our agreement with the company. MIQ will not buy or sell shares of Hello Pal International Inc. for a minimum of 72 hours of this post date (November 17, 2020), but reserve the right to buy and sell, and will buy and sell shares of Hello Pal International Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.