With Bitcoin Heading to $100,000, These Are Some of the Top Beneficiaries

With cryptocurrencies pushing to higher highs, mining companies, such as Hello Pal International (CSE:HP)(OTC:LHLLPF), Bit Digital (NASDAQ:BTBT) Marathon Digital Holdings (NASDAQ:MARA), Canaan Inc. (NASDAQ:CAN), and Riot Blockchain Inc. (NASDAQ:RIOT) are thriving. Better, Fundstrat Global Advisors’ Tom Lee says Bitcoin could run to $100,000 this year. Helping even more, companies like MicroStrategy just bought another 3,907 Bitcoins for about $177 million. The firm now holds 108,992 Bitcoins. As institutions and retail investors continue to push into cryptocurrencies, the miners could be some of the biggest beneficiaries.

Look at Hello Pal International (CSE:HP)(OTC:LHLLPF) For Example

Hello Pal International, a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce that it achieved a new record of $3,047,000 CAD in revenue for the month of August 2021 relating to its livestreaming services and cryptocurrency mining operations.

The gross margin for the period for crypto-mining and livestreaming were 65% and 9% respectively. The revenue figure sets a new record for the Company as it continues to expand its livestreaming operations to non-China markets in the Middle East and South East Asia. The Company’s crypto-mining operations have improved compared to July as more mining rigs have been put into operation following a relocation process last month.

“This new record revenue is another important milestone for us, and shows that our efforts in the earlier part of this year in relation to our livestream market expansion and crypto-mining initiatives are bearing fruit,” said KL Wong, Founder and Chairman of the Company.

Other related developments from around the markets include:

Bit Digital announced its unaudited financial results for the second quarter ended June 30, 2021. Revenue from bitcoin mining was $28.3 million. The number of bitcoins earned was 562.9. 70.8% of our miner fleet was deployed, in transit to, or awaiting installation in North America at June 30, 2021. We owned 32,500 miners, with 3,515 miners acquired in the second quarter of 2021. Net loss was $1.3 million and loss per share was $0.03, compared with a net loss of $0.3 million and a loss per share of $0.01 for the same period last year.

Marathon Patent Group, one of the largest enterprise Bitcoin self-mining companies in North America, published unaudited bitcoin production and miner installation updates for August 2021. Produced 469.6 new minted bitcoins during August 2021, increasing total bitcoin holdings to approximately 6,695 with a fair market value of approximately $316.4 million. Cash on hand was approximately $70.9 million and total liquidity, defined as cash and bitcoin holdings, was approximately $387.3 million. Received approximately 21,584 top-tier ASIC miners from Bitmain year to date with an additional 5,916 ASIC miners currently in transit. Existing mining fleet consists of 22,412 active miners producing approximately 2.3 EH/s.

Canaan Inc., a leading high-performance computing solutions provider, announced that it has secured a purchase order from Genesis Digital Assets Limited, a leading Bitcoin mining firm with extensive experience in building and operating industrial-scale Bitcoin mining data centers, for 20,000 of its Bitcoin mining machines. In conjunction with the Order, Canaan has granted Genesis Digital Assets an option to purchase up to 180,000 additional mining machines. Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "Since we entered the long-term partnership with Genesis Digital Assets earlier this year, both parties have reached several great deals. This order with an option of future large purchases further solidifies our collaborations and reflects both parties' confidence in the prospects of the cryptocurrency mining industry. All these mutually beneficial deals demonstrate the quality of our products and our endeavors to deliver for clients, despite the overall challenging supply chain conditions. We remain diligent in helping miner clients expand their computing power while generating value for our shareholders."

Riot Blockchain Inc., one of the leading Nasdaq-listed public Bitcoin mining companies in the United States, reported financial results as of and for the three-months ended June 30, 2021. Increased mining revenue by 1,540% to a record $31.5 million for the three-month period ended June 30, 2021, as compared to $1.9 million for the same three-month period in 2020. Increased mining revenue margin to 70% for the three-month period ended June 30, 2021, as compared to 25% for the same three-month period in 2020. Produced record net income of $19.3 million, or $0.22 per share for the three-month period ended June 30, 2021, as compared to a $(10.6) million net loss, or $(0.31) per share, for the same three-month period in 2020. Total cash and Bitcoin of $195.4 million as of June 30, 2021.

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. AI/ML Innovations Inc. has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of Hello Pal International. Please click here for full disclaimer.

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