With cryptocurrencies racing higher, companies such as CleanSpark Inc. (NASADQ:CLSK), Riot Blockchain Inc. (NASDAQ:RIOT), MicroStrategy Inc. (NASDAQ:MSTR), Paypal Holdings Inc. (NASDAQ:PYPL), and Square Inc. (NYSE:SQ) are gaining momentum, as well. Even Tesla announced it bought $1.5 billion worth of Bitcoin recently. All as companies jump on the Bitcoin bandwagon. Better, there doesn’t seem to be a shortage of cryptocurrency bulls.
In fact, according to CNBC, “MicroStrategy CEO Michael Saylor has become a leading advocate for bitcoin, calling on other companies to buy the digital token as an investment. He told CNBC he believes bitcoin will one day have a market value of $100 trillion,” for example.
Capitalizing on the Cryptocurrency Boom
Riot Blockchain just announced it will achieve an estimated hash rate capacity of 1.06 Exahash per second with the deployment of the newly received 2,002 S19 Pro Antminers. “Exceeding 1 EH/s in hash rate capacity marks a major milestone for the Company,” said Jason Les, CEO of Riot. “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. Riot continues to receive and deploy next-generation miners from Bitmain and remains on schedule to more than triple our currently deployed capacity by the fourth quarter of 2021.”
MicroStrategy Inc. announced that it purchased an additional approximately 19,452 bitcoins for approximately $1.026 billion in cash at an average price of approximately $52,765 per bitcoin, inclusive of fees and expenses. As of February 24, 2021, the Company holds an aggregate of approximately 90,531 bitcoins, which were acquired at an aggregate purchase price of approximately $2.171 billion and an average purchase price of approximately $23,985 per bitcoin, inclusive of fees and expenses.
Paypal Holdings Inc. announced that it has agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets. Curv is a leading provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel. In October 2020, PayPal announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce. To drive sustained growth and innovation in this area, the company recently created a business unit focused on blockchain, crypto and digital currencies. Curv will join the newly formed group, with its strong team of technologists adding technical expertise to PayPal.
In addition, according to CNBC, Square Inc. just bought another $170 million worth of Bitcoin.
“The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis,” the company said in its earnings release.”
Or, Look at CleanSpark, Inc. (NASDAQ:CLSK), Which Just Secured Additional Bitcoin Miners
CleanSpark just announced an additional purchase of 1,150 new miners capable of producing 100 PH/s, scheduled for delivery in June 2021. The Company has now secured a total of 3,650 miners or 318 PH/s of additional Bitcoin mining hash rate capacity over the past two weeks for delivery and deployment in June and July 2021. Those orders, along with the Company’s current mining fleet, are expected to bring the Company’s total hash rate up to an estimated 633 PH/s. The order and delivery dates for miners are on schedule with the Company’s previously stated goals for expansion, targeted to reach 1-1.3 PH/s this summer.
Zach Bradford, CleanSpark’s Chief Executive Officer stated, “We are excited about our growing production capacity as we push towards our goal of reaching 1.3 EH/s by the end of summer 2021. We are also eager to add renewable energy resources to our existing mining facilities later this year. In addition to increasing on the hash rate at our Atlanta facilities we are analyzing opportunities to further expand to additional locations that would be supported by clean energy.”
CleanSpark’s goal is to operate the lowest-energy-cost Bitcoin mining facilities at scale in the nation. The Company will work to accomplish this not only by securing advantageous power purchase agreements, but also by leveraging its patented microgrid energy solutions.
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