Digital Currencies

U.S. Crypto Miners Look to Fill the Void Left By China’s Restrictive Policies

The price of Bitcoin has tumbled after reports surfaced that China has strengthened its crackdown on cryptocurrency mining. Numerous Bitcoin mines in Southwest China’s Sichuan Provincewere shut down as of Sunday, after orders by local authorities to halt mining in the region came late last week. The Sichuan Provincial Development and Reform Commission and the Sichuan Energy Bureau issued a joint notice on Friday, ordering local electricity companies to “screen, clean up and terminate” mining operations by Sunday. According to a report from Global Times (China’s national English language newspaper) the ban means that more than 90% of China’s Bitcoin mining capacity is estimated to be shut down, at least for the short term, as regulators across the country have taken similar harsh steps. ISW Holdings Inc. (OTC: ISWH), Argo Blockchain plc (OTC: ARBKF), Diginex Limited (NASDAQ: EQOS), Bit Digital, Inc. (NASDAQ: BTBT), Marathon Digital Holdings, Inc. (NASDAQ: MARA). 

As a result of China’s shifting regulatory approach towards Bitcoin and cryptocurrencies in general, Bitcoin miners in China are looking to relocate their operations to U.S. states like Texas, South Dakota and Tennessee, The Washington Post reported. The detailed explanation to the crackdown, however, is complex. The Post indicates that the Chinese government has appeared uneasy not only about the industry’s carbon footprint but also the intrinsically uncontrollable, decentralized nature of cryptocurrency. “You are going to see a dramatic shift over the next few months,” Brandon Arvanaghi, previously a security engineer at crypto exchange Gemini, said. According to CNBC. “We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.” 

ISW Holdings Inc. (OTC: ISWH) and Bit5ive, LLC, are pleased to provide an in-depth update on the Company’s progress as it continues to expand and optimize its cryptocurrency mining operations. 

“ISW Holdings operates as a diversified holdings company with a current market cap of approximately $25 milliondriven largely by the Company’s growing expertise in acquiring, launching, hosting, and operating assets in the cryptocurrency and telehealth sectors,” noted ISW Holdings President and Chairman, Alonzo Pierce. “Our partnership with Bit5ive has provided us with a state-of-the-art POD5 infrastructure and the ability to develop efficient and expandable mining operations. And we look forward to further expansion and optimization in this domain over coming months.”

The Company currently operates its mining equipment adjacent to powerful and efficient energy resources in Kennerdell, PA.

Pierce added, “We continue to make huge progress, recently increasing our hashrate to 72,000 Th/s, driving an expected $484,000 in monthly revenue – or over $5.8 million annually – through the Bitmain Antminer s17 fleet we already have online and working. As we continue to maximize our hashrate, we should see a reduction in proportional direct costs associated with mining operations. Naturally, we continue to lean on Robert and Bit5ive for expertise and support in translating our investment in this process into growing value.” 

Bit5ive is North America’s largest provider of collective management services and mining equipment along with ISWH with a turnkey solution on delivering cost-efficient and reliable hosting, distribution of mining equipment, complete facility management, and mining pool operations in projects to be announced. 

Robert Colazzo of Bit5ive commented, “Due to our strong partnership, ISW Holdings will continue to benefit from 24/7 technician support in handling monitoring, troubleshooting, upgrades, firmware management and more. Bit5ive is excited to have the opportunity to provide our wealth of experience in managing Bitcoin mining farms across the US and internationally, and we look forward to achieving great success together.” 

Argo Blockchain plc (OTCQX: ARBKF) reported earlier this month an operational update according to which during the month of May, Argo mined 166 Bitcoin or Bitcoin Equivalent (together, BTC) compared to 163 BTC in April. This brings the total amount of BTC mined year-to-date to 716 BTC. Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in May amounted to USD 7.8 Million (April 2021: USD 9.3 Million). Argo generated this income at an average monthly mining margin of approximately 82% for the month of May despite fluctuations in mining difficulty. (April 2021: 85%). “May has been a busy month. We have continued to deliver strong revenue and as a result, Argo’s Bitcoin holding has now surpassed 1,000 BTC” Peter Wall, Chief Executive of Argo said. “We are also delighted to have signed the Crypto Climate Accord and to have been involved in the creation of the Bitcoin Mining Council. These initiatives have the potential to enact systemic change within our sector and speed up the rate at which miners switch to renewable energy to power their operations. We are also pleased to announce Argo’s strategic investment into WonderFi. Access to this emerging sector needs to be democratised and we believe WonderFi is in an excellent position to achieve this.” 

Diginex Limited (NASDAQ: EQOS) announced earlier this month that EQUOS, its cryptocurrency exchange has been awarded an “A+” ranking on Nomics[1], one of the leading independent crypto exchange data providers. As a regulatory-focused exchange, EQUOS is committed to bringing transparency, fairness and trust to the crypto industry. EQUOS’ ranking on Nomics places the exchange in the Top 20 crypto exchanges globally, and Top 5 in Asia, for both transparency and volumes, despite the exchange only launching publicly in July 2020. EQUOS continues to deliver record daily volumes and exceeded USD 3 Billion in volumes for the month of May 2021. This represents a daily average volume of over USD 100 Million in May 2021, an increase of 70% compared to April 2021, and over seven times the average daily volumes in the first quarter of calendar 2021. 

Bit Digital, Inc. (NASDAQ: BTBT) reported this month that the Company has entered into a strategic co-mining agreement with Digihost Technologies in North America. Pursuant to the terms of the Agreement, Digithost will provide certain premises to Bit Digital for the purpose of the operation and storage of a 20 MW Bitcoin mining system (the “Miners”) to be delivered by Bit Digital, and Digithost will also provide services to maintain the Premises for a term of two years. The collaboration between Digihost and Bit Digital is expected to generate an increase in hashrate of approximately 400 PH between the companies. Bryan Bullett, Bit Digital’s CEO, stated: “We are extremely pleased by this strategic collaboration with Digihost which marks our ongoing expansion in North America, as we continue to transition our mining fleet here. Our business strategy continues to encompass growth through the expansion of strategic partnerships with institutional-quality hosting providers with aligned economic interests, to secure efficient access to power and hosting. We look forward to a successful partnership with Digihost.” 

Marathon Digital Holdings, Inc. (NASDAQ: MARA) published earlier this month unaudited bitcoin (“BTC”) production and miner installation updates for May 2021. As of June 1st, 2021, Marathon’s mining fleet has produced approximately 580.5 newly minted bitcoins during 2021. As a result, Marathon currently holds approximately 5,518 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of USD 31,168 per BTC. On May 31, 2021, the fair market value of one bitcoin was approximately USD 36,857, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately USD 203.4 Million. 

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Tokens.com Shares Positive Outlook on Ethereum Merge

Tokens.com Corp. (NEO Exchange Canada: COIN)(Frankfurt Stock Exchange: 76M) (OTCQB US: SMURF) (“Tokens.com” or the “Company”), a publicly-traded company that invests in Web3 assets and builds businesses linked to crypto staking, the metaverse and play-to-earn gaming, shares its positive outlook on the upcoming Ethereum Merge and the impact to its staking business segment.

Ethereum, the most widely used blockchain for NFTs and Web3 metaverses, will be making a significant processing upgrade on or about September 15th. The upgrade, called the ‘Merge’, marks the transition from a proof-of-work mechanism, performed by crypto miners, to a proof-of-stake mechanism, performed by crypto stakers.

The upgrade will require 99.9% less energy consumption to validate transactions than the previous mining process. As a result, the Ethereum blockchain will no longer require miners, who will be fully replaced by stakers, like Tokens.com. The upgrade will also allow Ethereum to achieve greater scale, with faster transaction speeds and lower transaction fees. Ethereum’s native token, ETH, is the second largest cryptocurrency after Bitcoin with a market capitalization of approximately $200 billion.

Tokens.com has been staking ETH at scale since early 2021 and owns over 3,100 ETH. Tokens.com anticipates no impact to its operations through the completion of the Merge other than increased revenues. Subsequent to the Merge, it is expected that the compensation for staking ETH will increase from current levels.

“We have been early adopters of the shift to staking and are one of the first public companies to own and stake ETH at scale,” said Andrew Kiguel, CEO of Tokens.com. “Long-term mass adoption of Web3 and crypto requires a move to environmentally friendly processes. As a result, we have continued staking Ethereum, Solana, Polkadot and other layer one blockchains used in the creation of NFTs, metaverses and play-to-earn video games.”

Tokens.com is committed to only investing in tokens compatible with a staking platform due to its increased energy efficiency and environmental friendliness. In addition to its ETH token ownership, Tokens.com owns Polkadot and Solana used for its staking business, amongst other tokens.

About Tokens.com

Tokens.com Corp is a publicly traded company that invests in Web3 assets and builds Web3 businesses. The Company focuses on three operating segments: i) crypto staking, ii) the metaverse and, iii) play-to-earn crypto gaming. Tokens.com owns digital assets and operating businesses within each of these three segments.

Staking operations occur within Tokens.com. Metaverse operations occur within a subsidiary called Metaverse Group. Crypto gaming operations occur within a subsidiary called Hulk Labs. All three businesses are tied together by the utilization of blockchain technology and are linked to high-growth macro trends within Web3. Through sharing resources and infrastructure across these business segments, Tokens.com is able to efficiently incubate these businesses from inception to revenue generation.

Visit Tokens.com to learn more.

Keep up-to-date on Tokens.com developments and join our online communities on Twitter, LinkedIn, and YouTube.

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of cryptocurrencies, as described in more detail in our securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Contacts

Tokens.com Corp.
Andrew Kiguel, CEO
Telephone: +1-647-578-7490
Email: contact@tokens.com

Jennifer Karkula, Head of Communications
Email: contact@tokens.com

Media: Ali Clarke – Talk Shop Media
Email: ali@talkshopmedia.com

iMining Arranges Private Placement

iMining Technologies Inc. (TSXV: IMIN) (the “Company” or “iMining”) announces that it has arranged a non-brokered private placement of up to $1,000,000 (the “Financing”) through the issuance of up to 11,764,705 units (the “Units”) at a price of $0.085 per Unit. Each Unit will be comprised of one common share and one common share purchase warrant (“Warrant”), with each Warrant entitling the holder to purchase one common share of iMining at a price of $0.21 per share for a period of 2 years, provided that in the event the closing price of the Company’s Shares is equal to or greater than $0.40 per share for 20 consecutive trading days, the Company may, by notice to the Warrant holders (which notice may be by way of general news release), reduce the remaining exercise period of the Warrants to not less than 30 days following the date of such notice.

Interested parties may contact the Company at investor@imining.com.

The proceeds of the private placement will be budgeted as follows:

Execution of mining infrastructure powered by Natural Gas$750,000
Marketing and other related activities$100,000  
Financing costs, filing and legal fees, commissions and G&A$150,000 
Total$1,000,000 

There is no material fact or material change about the Company that has not been generally disclosed.

Finders’ fees may be payable on this financing.

All securities issued pursuant to the Private Placement are subject to a hold period of four months plus one day from the date of issuance and the resale rules of applicable securities legislation. The closing of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory, including the approval of the TSX Venture Exchange

About iMining Technologies Inc.

iMining is a publicly listed Web3.0 technology company developing technology for Crypto Mining, Decentralized Finance (“DeFi”) and Non-Fungible Tokens (“NFT”). iMining also owns BitBit Financial Inc., an ATM Network and crypto OTC Trading Platform for individual and institutions.

iMining investments are directly linked to the Bitcoin Mining, Crypto Trading, Decentralized Finance (“DeFI”) and Metaverse Non-Fungible Tokens (“NFTs”). With diverse blockchain investment and infrastructure solutions, iMining looks to be a leader in accelerating the growth of Web3.0 for the enterprise market. The Company’s operations include secure and sustainable cryptocurrency payments, staking, mining and digital asset investment designed for the scale and compliance requirements of institutional clients. iMining is committed to building strong global blockchain ecosystems and supporting inclusive access to digital tools and technologies.

ON BEHALF OF THE BOARD

Signed “Khurram Shroff“
Khurram Shroff, President & CEO

FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Saleem Moosa, Director
Email: investor@imining.com
Telephone: +1 (844) IMININC (464-6462)

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance, and reflect management’s current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.