One of the world’s largest cryptocurrency exchanges is now officially publicly trading, having hit a valuation of more than US$85 billion. But while holding the digital currencies themselves might still be too new a concept for some investors to consider, the market is currently providing alternative entry points into crypto through options such a live streaming platform that provides users to participate in digital mining by Hello Pal International Inc. (CSE:HP) (OTCQB:HLLPF), mega corporations like Tesla, Inc. (NASDAQ:TSLA) that will be accepting Bitcoin, or direct mining operations such as Marathon Digital Holdings, Inc. (NASDAQ:MARA), Bit Digital, Inc. (NASDAQ:BTBT), or Canaan Inc. (NASDAQ:CAN).
Earlier in April 2020, the global cryptocurrency market topped $2 trillion for the first time. Among the hottest cryptocurrencies during the month was Dogecoin (DOGE), which defied all odds and surged 400% to a combined value worth $40 billion.
For users of the popular social media streaming platform Hello Pal International Inc. (CSE:HP) (OTC:HLLPF), now they can take part in the mining of DOGE as well as Litecoin (LTC)—thanks to a newly signed agreement to access 12,500 mining rigs dedicated to mining both DOGE and LTC.
“We’re ecstatic that our choice of cryptocurrencies to mine seems to have been validated especially by the recent incredible surge in market interest and activity of Dogecoin,” said KL Wong, Founder and Chairman of Hello Pal. “As far as we are aware, upon completion of this transaction, we shall be the only publicly listed company with primary exposure to Dogecoin.”
The operation is at the forefront of these cryptocurrencies in particular, as it’s only been since February 2021 that a new chip was developed and announced to be capable of mining both Litecoin and Dogecoin simultaneously.
Hello Pal subsequently has the option to secure 100% interest in the operation. The newly-acquired Mining Assets deliver a combined hash rate of 6.25 TH/s, which amounts to 2.1% of the entire current LTC network hash rate.
“We are excited to expand our crypto strategy to also include Dogecoin and Litecoin, which we believe will play an increasingly important role in the cryptocurrency world going forward,” said Hello Pal’s Founder and Chairman, KL Wong. “The Hello Pal community, especially what we envision for it to become, is a natural fit with the Dogecoin/Litecoin community, and this deal allows us to become a key player in it.”
The public reaction Hello Pal’s involvement in the Dogecoin movement, resulted in an unprecedented surge in traffic of over 1000% to the official company website causing a website server overload and a temporary outage.
“The sharp increase in activity on our website and the Hello Pal app validates the clear position we have taken on Dogecoin as well as on cryptocurrency in general,” added Wong.
There’s probably no more prominent figure in the cryptocurrency movement than Elon Musk, Founder and CEO of Tesla, Inc. (NASDAQ:TSLA). In particular, Musk has championed both Bitcoin (BTC) and DOGE.
Now the market is reacting to Tesla’s first set of results since adding $1.5 billion worth of BTC to its balance sheet—with a promise to increase its holdings.
According to Wedbush Securities analyst Daniel Ives back in February, “[Tesla is] on a trajectory to make more from its bitcoin investments than profits from selling its EV (electric vehicle) cars in all of 2020.”
And because the company also manufactures solar panels and batteries, the head of Ark Research is claiming Tesla has a significant “product opportunity” in attaching Bitcoin Mining equipment to their solar outfits.
Prior to the financials release, Musk teased the market by tweeting “What does the future hodl?”. And no, that wasn’t a typo—”hodl” is an intentionally misspelled meme used among the crypto crowd in place of the word “hold”.
Musk’s company may not be the only ones hinting at holding cryptocurrency. Crypto mining giant Marathon Digital Holdings, Inc. (NASDAQ:MARA) doesn’t convert its mined cyrptos into dollars—instead opting to hold them on their balance sheet.
According to H.C. Wainwright Analyst Kevin Dede, Marathon has “its paws on the top performing mining machines available in mass production, with claims on all to be manufactured through the March quarter 2022— a full year away.”
Dede also highlighted the company’s strong cash position (outside of the cryptocurrency), stating: “The 5-star analyst also notes the company’s strong cash position: “In combination with $212M of cash, Marathon sits well on top of the estimated $160-170M owed on the collection of Bitmain Antminer purchase contracts leading to the company’s 103,000 miner fleet that should be up and running by the end of the March quarter next year, the largest in the publicly traded realm of bitcoin miners with which we are familiar.”
North American miners Bit Digital, Inc. (NASDAQ:BTBT) recently announced the expansion of their bitcoin mining operations in North America. The expansion involves adding 40MW of hosting, and the deployment of an additional 13,000 ASIC miners at Compute North facilities in the United States.
“Compute North serves an important role in providing low-cost computing for customers like Bit Digital, while filling an important need for our energy partners,” commented PJ Lee, co-founder and Chairman at Compute North. “The company’s pioneering TIER 0™ data center design creates cost efficiencies and the flexibility to throttle power demand at each facility as required, making it a critical partner to the overall stability of local power grids as they bring more renewables online.”
The legal onslaught hasn’t deterred Canaan from carrying on with its operations, having announced a partnership with Cathay to launch a AI facial recognition module and AI chip in Japan, and a significant customer order of 11,760 BTC mining machines with Australian-based Mawson.
“Our contract with Mawson is a strong validation of our product quality, technology superiority, and supply reliability,” said Nangeng Zhang, Chairman and Chief Executive Officer of Canaan. “We look forward to forging a long-term relationship with Mawson and supporting the growth of its bitcoin mining operations around the world.”
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.
USA News Group is Source of all content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with USA News Group or any company mentioned herein. The commentary, views and opinions expressed in this release by USA News Group are solely those of USA News Group and are not shared by and do not reflect in any manner the views or opinions of FNM. FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Media Contact Information:
FN Media Group, LLC
Media Contact e-mail:
U.S. Phone: +1(954)345-0611
SOURCE USA News Group