With cryptocurrencies racing higher, companies such as Graph Blockchain Inc. (CSE:GBLC)(OTC:REGRF), Bit Digital (NASDAQ:BTBT) Marathon Patent Group (NASDAQ:MARA), Canaan Inc. (NASDAQ:CAN), and Riot Blockchain Inc. (NASDAQ:RIOT) are gaining momentum. The best part – when it comes to cryptocurrencies, there are plenty of bulls.
For example, 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.” In addition, according to Bobby Lee, founder and former CEO of crypto exchange, BTCC, as noted by Crypto Potato , “Bitcoin bull market cycles come every four years, and this is a big one. I think it could really go up to over $100,000 this summer.”
Graph Blockchain Inc. (CSE:GBLC)(OTC:REGRF) Allocated 20% of Staking Capital into Polkadot
Graph Blockchain Inc. just announced that through its wholly owned cryptocurrency subsidiary, Babbage Mining Corp., the Company has made its initial deployment of capital into the cryptocurrency Polkadot for the purpose of staking.
The Company allocated 20% of its total staking capital into the DOT Token on March 22nd, 2021. As the project develops, additional information will be provided on this allocation into the DOT Token and for other projects as per the Company’s staking strategy identified in a previous news release.
Paul Haber, CEO of Graph Blockchain Inc. commented, "We are extremely excited to be deploying funds into our initial token purchase and management and the board have taken great care in developing a process as we move forward to tokenize the Company's cash position and grow the crypto business. The Company is greatly confident with the team and look forward to building on this first purchase of a cryptocurrency with the Polkadot token."
When Graph Blockchain began developing blockchain solutions in November 2018 the decision to create private blockchain solutions was largely based on limitations in the functionality of the public blockchain technology. The go to public smart contract platform, Ethereum, could not handle the demand and when the network was busy it resulted in excessively high transaction fees, which made it impractical for Graph’s solutions. Although Ethereum remains the smart contract platform that the majority of cryptocurrencies depend on, scaling issues continue to influence the crypto marketplace.
In 2021, there are multiple smart contract platforms that are implementing solutions that will likely see a solution to these issues and the potential for mass adoption of decentralized blockchain solutions.
Other related developments from around the markets include:
Bit Digital, an emerging bitcoin mining company, announced its unaudited Bitcoin production data for the month ended January 31, 2021. During the month, the company earned 424.7 bitcoins, accounting for approximately $14.8 million in revenue. As of January 31, 2021, the company held 488.5 bitcoins in treasury, versus 262.6 bitcoins as of December 31, 2021.
Marathon Patent Group, one of the largest enterprise Bitcoin self-mining companies in North America, reported financial results for the fourth quarter and fiscal year ended December 31, 2020. “2020 was a momentous year for our business as it marked the beginning of our transition into one of the largest and most efficient Bitcoin miners in North America,” said Merrick Okamoto, Marathon’s chairman and CEO. “In the second half of last year alone, we established our 105 MW mining facility in Hardin, MT, where we have consistent access to electricity at rates far below market average, we presciently purchased more than 100,000 of the industry’s top performing Bitcoin miners before supply began to become constrained, and we enhanced our balance sheet.”
Canaan Inc. , a leading high-performance computing solutions provider, announced that its revenue visibility has improved substantially in 2021 as a result of attaining purchase orders totaling more than 100,000 units of bitcoin mining machines from customers in North America. Many of those purchase orders were placed with prepayment and will likely occupy the Company’s current manufacturing capacity entirely for the full year of 2021 and beyond. With those fully committed purchase orders, the Company now enjoys a much higher degree of revenue visibility and more precise forecast. As such, the Company is able to leverage such information and additional liquidity to conduct its component purchases, production scheduling, warehousing and logistics.
Riot Blockchain Inc., one of the leading Nasdaq listed public bitcoin mining companies in the United States, announces an operations update that includes unaudited bitcoin production update through February 2021 and updated miner acquisition and delivery activity. The Company produced 302 newly mined BTC during Q4 2020 and 1,005 newly minted BTC during the year ended December 31, 2020. January 2021 - the Company produced 125 newly mined BTC, an increase of 23% over December 2020 production. February 2021 - the Company produced 179 newly mined BTC, an increase of 43% over January 2021 production.
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