Palm Beach, FL – March 15, 2022 – FinancialNewsMedia.com News Commentary – The cryptocurrency market is expected to witness promising growth in the coming years, owing to improved data transparency and independency across payments in banks, financial services, insurance, and various other business sectors. The use of crypto currency across banking industries provides various benefits such as sending and receiving payment transparently and storing customers detail information securely for next purpose. Cryptocurrency is known as virtual currency. It is a form of currency that exists digitally only and has no central issuing or regulating authority above. It uses blockchain technology to authenticate the transactions. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Furthermore, it does not rely on banks to verify the transactions but is used as peer-to-peer system that enable users to send and receive payments from anywhere in the world. A report from Binance.com stated: “2021 was a year for the record books in the crypto markets and for blockchain. At its peak in November 2021, total cryptocurrency market capitalization reached close to $3 trillion USD. It is hard to imagine that just two months later, the market cap has plummeted 40%, wiping out more than $1.2 trillion USD in the process. Depending on market stabilization – opportunities may be abound for cryptos that have taken a hit.” Binance.com added for Bitcoin alone: “Bitcoin price has dropped 41% from an all-time high of $68k down to sub-$40k in the last few months. However, such drastic drops are nothing new for seasoned BTC holders, who saw a 2017 run-up to $20k, only to watch it fall below $4k in the years following. With headlines like Microstrategy continuing to buy the dip, and El Salvador continuing to add to their stash, Bitcoin seems well-positioned to bounce even higher than its previous 2021 high. Several experts have weighed in and suggested that it could go beyond $100k – especially as financial institutions, large corporations, and governments continue to add this asset to their balance sheets.” Active Companies in the markets today include Asia Broadband Inc. (OTCPK: AABB), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Riot Blockchain, Inc. (NASDAQ: RIOT), Ebang International Holdings Inc. (NASDAQ: EBON), Canaan Inc. (NASDAQ: CAN).
The article continued: “The “cryptocurrency crash” which started in early 2022 is something that those that have been around crypto for a while have seen before. With some similarities to the 2018 crash, it remains to be seen whether or not the cryptoverse is currently at the beginning of another crypto winter, or if cryptocurrencies will quickly bounce back later this year. However, as blockchain technologies and cryptocurrencies continue to develop and offer new features, functionality, and capabilities – mainstream adoption looks increasingly likely in the coming years. In such a world, overall demand for cryptocurrencies looks to rise, as people add this new asset class to their portfolios and acquire them to power transactions on-chain. With this, total market capitalization for the industry is poised to break its 2021 highs of $3 trillion, BTC is well positioned to break $100k and fulfill its vision of being digital gold, and all other cryptos which will be needed to power critical infrastructure and daily life will be pulled up along with this growth.”
Asia Broadband Inc. (OTCPK: AABB) BREAKING NEWS – Asia Broadband Prepares For Imminent Launch of Mobile App Versions of Proprietary Cryptocurrency Exchange – Asia Broadband Inc. (“AABB” or the “Company”) is pleased to announce that the Company is anticipating the launch of its AABB Exchange mobile applications on the Apple and Android stores before March 22, 2022. The Company’s digital assets developer is currently finalizing the mobile versions of the proprietary cryptocurrency Exchange to submit for approval. The Exchange will soon be available to users on their mobile phones to place buy and sell orders to execute cryptocurrency trades for an expanding number of trading pairs available on the Exchange platform.
Currently, users can access the Desktop version of the AABB Exchange by going to: https://aabbexchange.com/trade/ then on the right side of the monitor, click on “Log In or Register Now to trade”. Once you have clicked on it, you will see the Log In page for the web version of AABB Wallet. Access AABB Wallet on your mobile device, go to the “More” tab, click on “Web QR Access” and scan the QR Code on your monitor. Then, create a temporary password for your access. Once this all has been completed, you will then be connected to the AABB Exchange with your account. Once you have accessed your wallet, click on Trade in the Menu. There, you will see the Chart with the ability to place a Buy or Sell order.
In collaboration with the Company’s digital assets developer, the phased roll out continues of additional Exchange components and cryptocurrency Exchange trading pairs on the BCGateway platform. The Exchange project has evolved and grown immensely in recent months to vastly improve the finished product. Many new features and capabilities have been added and are evolving to expand functionality, usability, module additions, a Spanish language version and further market penetration. CONTINUED… Read this full release for Asia Broadband at: https://www.financialnewsmedia.com/news-aabb/
Other recent developments in the mining markets include:
Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, recently reported financial results for the fourth quarter and fiscal year ended December 31, 2021.
“In 2021, we increased our bitcoin production 846% year-over-year to 3,197 self-mined BTC as we expanded our mining operations and grew our hash rate 1,790% from January 2021 to December 2021,” said Fred Thiel, Marathon’s chairman and CEO. “While maintenance to the power generating station in Hardin, MT materially impacted our bitcoin production in November, we still produced 1,098 bitcoin in the fourth quarter and ended the year with our most productive month to date, producing 484.5 bitcoin in December alone. In addition to our growing bitcoin holdings, we made substantial progress in the fourth quarter and in subsequent months improving our position as one of the leading bitcoin miners in North America. We secured low cost power and hosting for 100,000 of our miners behind the meter at sustainable power facilities. We increased our projected hash rate by 75% from our prior projection of 13.3 EH/s by the middle of 2022 to 23.3 EH/s by early 2023 after purchasing a record number S19 XPs from BITMAIN. And, we have enhanced our team with proven, technical experts to expand our position as an innovator and leader in our sector.
Riot Blockchain, Inc. (NASDAQ: RIOT), an industry leader in Bitcoin (“BTC”) mining and hosting, recently announced production and operations update for February 2022, status of miner shipments and deployment, and updates on the 400 megawatt (“MW”) infrastructure expansion at the Company’s Whinstone US, Inc., (“Whinstone”) facility in Rockdale, Texas (the “Whinstone Facility”).
“Throughout the month of February Riot has continued to make progress on the first phase of its 200 MW immersion-cooled Bitcoin mining deployment, with over 10,000 S19j Pro Antminers now deployed in immersion-cooling tanks,” said Jason Les, CEO of Riot Blockchain. “We have begun the performance evaluation process, and will be monitoring our immersion performance data closely over the next 60 days. As our team continues to build out our immersion operation, we are evaluating and assessing future opportunities to further leverage our expertise in immersion-cooling development and deployment.”
Ebang International Holdings Inc. (NASDAQ: EBON), a global blockchain technology company, recently announced the official launch of Ebonex Exchange, the Company’s cryptocurrency exchange in Australia, on February 15, 2022. Eligible participants in certain geographical regions will be able to register and trade by visiting the official website on www.ebonex.com.au or by downloading our app from the Apple Store or Google Play store at Ebonex.
Ebonex Exchange is a digital asset trading platform independently created and developed by the Company’s technicians who are senior industry experts. It is designed to provide global cryptocurrency participants with secure, fast, efficient, and stable trading services in multiple currencies and modes. The Company has launched its Australian operation with the establishment of its Sydney office in 2021. This move is to support the Company’s growth initiative within Australia, as well as to demonstrate the management team’s ambition and determination of creating long term value in the field of Fintech.
Canaan Inc. (NASDAQ: CAN) recently announced its unaudited financial results for the three months and twelve months ended December 31, 2021. Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “Against the backdrop of Bitcoin price fluctuations and challenging industry dynamics, we made encouraging progress in our operations and finished the year with a strong fourth-quarter performance. Total computing power sold reached 7.7 million Thash/s in the quarter, up 15.5% sequentially, as we sustained the momentum of business development across a diversified global market and solidified our presence in key geographic areas. In addition, our Bitcoin mining business was enhanced by the delivery of additional computing power in the fourth quarter. We also continuously developed our AI business, expanding our partner base in a broader ecosystem. Looking ahead to the year 2022, we will keep carrying out our growth strategies through proactive investment in our R&D efforts, solid execution in global business development, agile operation to keep pace with industry dynamics, and prudent deployment in our mining operations. By leveraging our acumen, expertise, and our extensive experience in the market, we will continue to capitalize on developing opportunities in the industry.”
Mr. James Jin Cheng, Chief Financial Officer of Canaan, stated, “During the fourth quarter, we delivered outstanding results, even as we overcame the headwinds brought about by a volatile and unpredictable market. Our total net revenues grew 65.8% sequentially to RMB2,184.6 million. The higher-than-expected topline result was powered by our business development efforts, which drove the growth of our customer base, enabling us to achieve a larger proportion of spot sales with a higher averaging selling price per Thash/s. In conjunction with our efficient cost and expense management, we reported a substantial increase in net income to RMB1,196.5 million, up 114.6% quarter over quarter. As of the end of 2021, we had garnered contract advances of RMB1,340.7 million, ensuring stable revenue streams for the quarters to come and delivering further cash flows to expand our supply capabilities. Going forward, we will mitigate the negative effects from fluctuations in the Bitcoin price, geopolitical volatility, and regulatory uncertainties by staying vigilant and agile in our operations. We remain confident that our strategy and execution capabilities will sustain and further expand the Company’s growth trajectory.”
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