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Shayne Heffernan

Large Corporations Turn Their Attention to Cryptocurrencies

By Shayne Heffernan7 min read
Part of theBlockchain Center

The blockchain and cryptocurrency market is diverse and complicated. A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database. The first decentralized cryptocurrency, Bitcoin, was created in 2009. Now, the burgeoning popularity of various cryptocurrencies has resulted in major financial institutions, like banks, paying attention to developments in the crypto market. In fact, the banking and financial services application area is expected to hold the largest market size in the blockchain market. And, according to data provided by Markets and Markets, the global blockchain market size is expected to grow from USD 3.0 Billion in 2020 to USD 39.7 Billion by 2025 and at an impressive CAGR of 67.3% during the forecast period of 2020–2025. ISW Holdings Inc. (OTC: ISWH), Argo Blockchain Plc (OTC: ARBKF), Marathon Digital Holdings, Inc. (NASDAQ: MARA), CleanSpark, Inc. (NASDAQ: CLSK), SOS Limited (NYSE: SOS)

When a Bitcoin transaction is made, a sophisticated digital trail is created on a shared ledger. This ledger means that the transaction itself is open and public, but the person's identity who facilitated the transaction is encrypted and remains private. Overall, this year has been a rollercoaster for the cryptocurrency market. As a result of the recent crypto boom earlier this year, many companies and organizations have become noticeably more open to blockchain technology and cryptocurrencies. For example, Square, Inc. reported earlier this year that it has purchased approximately 4,709 bitcoins at an aggregate purchase price of USD 50 Million.

ISW Holdings Inc. (OTC: ISWH) announced last week that it, "will begin hashing this week with its POD5IVE mining pods at the Bit5ive LLC ("Bit5ive") cryptocurrency mining project based in Pennsylvania.

"We started down this road about a year ago, and it has been quite a remarkable journey to make it to this very exciting moment," commented Alonzo Pierce, President and Chairman of ISW Holdings. "Our analysis shows we can turn a clear profit with Bitcoin pricing above the low $20k's. So, even with the recent correction, we will start monetizing our investment with a comfortable cushion of profitability on operations."

This was covered, along with a number of interesting topics, in a recent episode of the Waypoint Podcast, which featured Robert Callazo of Bit5ive and Mr. Pierce from ISW Holdings.

The podcast can be found HERE.

Management notes that Pods owned and operated by ISW Holdings will be hashing at competitive rates. The Company will also be participating in Bit5ive's coordinated pooling strategy, which will include entering into the Bitmain mining pool.

Pierce added, "In short, we are launching active mining operations this week. We have strong tech, good partners, a high hash rate, an industry leading PUE, a zero carbon footprint target, and a pooled mining strategy that leverages top industry relationships established by our partner, Bit5ive. We look forward to updating all of this again very soon."

About ISW Holdings

ISW Holdings, Inc. (ISWH), based in Nevada, is a diversified portfolio company comprised of essential business lines that serve consumer product demands. Our expertise lies in strategic brand development, early growth facilitation, as well as brand identity through our proprietary procurement process. Together, with our partners, we seek to provide a structure that meets large scalability demands, as well as anticipated marketplace needs. We are able to meet these needs through a variety of strategic innovative processes. ISWH is creating and managing brands across a spectrum of disruptive industries. It maneuvers its proprietary companies through critical stages of market development, which includes conceptualization, go-to-market strategies, engineering, product integration, and distribution efficiency. The company has also partnered with a well-known software development and consulting company, Bengala Technologies LLC, which is developing significant enhancements in the supply chain management space; and the partnership has a vitally needed patent now pending.

The Company's cryptocurrency mining segment, established in partnership with industry leader, Bit5ive LLC, is driven by a mission to mine cryptocurrency with a zero carbon footprint."

Argo Blockchain Plc (OTCQX: ARBKF) a UK-based global cryptocurrency mining company, and DMG Blockchain Solutions Inc. (OTCQB US: DMGGF), a vertically integrated blockchain and cryptocurrency technology company, announced recently that their partnership with the Crypto Climate Accord (CCA) to promote the decarbonization of the cryptocurrency industry. Alongside the CCA, Argo and DMG are developing a new working group to more clearly outline the accord's objectives while deploying new technologies that increase the transparency of the renewable energy sourcing of crypto mining. Argo and DMG, both industry leaders in the development of clean mining, have worked with the CCA to ensure the accord's objectives promote meaningful impact in reducing overall emissions for the crypto industry. The companies worked to align their goals and objectives with the CCA while enhancing current protocols, demonstrating a commitment to environmental stewardship.

Marathon Digital Holdings, Inc. (NASDAQ: MARA) reported last week that it has has entered into a binding letter of intent with Compute North to host approximately 73,000 of Marathon's previously purchased Bitcoin miners as part of a new 300-megawatt data center located in Texas.

Under the terms of the agreement and based on specified requirements being met, Marathon will provide Compute North with an 18-month bridge loan of up to $67 million, in tranches, to construct the facility. The initial term of the contract is three years with increases capped at three percent per year thereafter. Implementation is planned to take place in stages between October 2021 and March 2022. Once all of Marathon's miners are installed, the Company's hashrate will be approximately 10.37 EH/s, the Company's average mining cost for hosting services, electricity, data center management, and hosting related capital expenditure across all its facilities will be $0.453 per kWh, and Marathon's operations will be approximately 70% carbon neutral.

CleanSpark, Inc. (NASDAQ: CLSK) announced back in April that it has secured multiple contracts for mining equipment. New Bitcoin Miners Give CleanSpark 3.2 EH/s Mining Capacity Following Deployment. The Company has now secured contracts for all of the equipment necessary for CleanSpark's mining operation to increase its Bitcoin mining capacity to meet its stated objective of a total hash rate capacity of more than 1.1 EH/s by summer of 2021. Additionally, CleanSpark has now secured a total of 22,680 S19j Pro and S19 Pro Antminers for future delivery under annual contracts. The Company contracted directly with Bitmain Technologies Ltd. for 7,200 Sj19 Pro Antminers and has executed two additional contracts with a premier cryptocurrency mining equipment dealer for a total of 15,480 S19j Pro and S19 Pro Antminers.

SOS Limited (NYSE: SOS) reported back in May that 6,039 mining rigs received over the past month have all been put into operation, including a batch of 575 Ethereum (ETH) mining rigs received on May 7th, 2021, and another batch of 5,464 rigs from the third and final installation of our rig purchase received in April. The 575 ETH rigs are expected to generate approximately 400 GH/s and the 5,464 rigs are expected to generate an aggregate of approximately 177 PH/s for mining Bitcoin (BTC) and 356 GH/s for mining ETH. Currently, across all mining fleet operations, SOS' total capacity is expected to generate approximately 527 PH/s for mining BTC and 1,456 GH/s for mining ETH. SOS currently gets over 90% of its energy for mining operations from renewable sources.

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