In a big release out yesterday, ISWH announced the full live launch of that project, stating that it has now officially powered up the first 8 POD5 units at the site (each POD5 unit contains 280 mining rigs now actively mining Bitcoin).
"This is a tremendous day for ISW Holdings and our shareholders," stated Alonzo Pierce, President and Chair of ISW Holdings. "After months of hard work, and after overcoming a series of obstacles related to the unpredictable global macroeconomic context, we are very proud to announce that the Company is now officially hosting client mining services and mining Bitcoin at scale in our 200MW mining and hosting project."
According to the company's release, once fully completed, at current energy price spreads and agreements, this first 20MW Phase is expected to generate nearly $9 million in annualized revenues for the Company. Management expects to begin building out phases 2 thru 10 starting in April, targeting 200MW of power across 200 POD5 units, each driving 280 state-of-the-art mining rigs, by January 2023.
ISW Holdings President Pierce added, "We are now in the process of deploying the first 20MW Phase 1 buildout. We will continue to energize the entire Phase 1 project over the next couple of weeks and then swiftly move on to Phase 2." As if that wasn't enough to drive interest, according to a recent update from the company, following the full deployment and activation of all 200 MW of power, ISW will reportedly have the opportunity to increase its facility to 500 MW of power, conceivably positioning the company as one of the largest crypto mining operations.
Hive Blockchain Technologies Ltd. /zigman2/quotes/208543683/composite HIVE -1.72% went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy.
The company defines itself as a growth-oriented technology stock in the emergent blockchain industry. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where it claims to source only green energy to mine on the cloud and HODL both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards.
Hive Blockchain Technologies Ltd. /zigman2/quotes/208543683/composite HIVE -1.72% recently announced record earnings for the third quarter ended December 31, 2021, including news that revenue rose to $68.2 million, up 30% compared with last quarter, and 397% since the same quarter last year. Net income reached $64.2 million, up 7% from last quarter, and 273% since the prior year. Hive reported combined liquid BTC and ETH with a gross value of $168 million, up 11x from $15 million a year ago. HIVE ended the current December quarter holding 1,813 Bitcoin ("BTC") worth $83.1 million and 23,290 Ether ("ETH") worth $84.9 million.
Frank Holmes, HIVE's Executive Chairman, stated "We wish to again thank our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin to generate robust cash flow returns on invested capital and we believe our results continue to validate the significant contribution to our strategy to mine both BTC and ETH and HODL as many coins as possible."
Recent action has seen 8% tacked on to share pricing for the name in the past month, but that move comes in the context of a larger bearish trend. Market participants may want to pay attention to this stock. HIVE has a past featuring a litany of sudden rips to the upside. What's more, the listing has seen a growing influx of trading interest, with the stock's recent average trading volume running 63% above the average volume levels in play in this stock over the longer term.
Hive Blockchain Technologies Ltd. /zigman2/quotes/208543683/composite HIVE -1.72% currently carries a capital value in the market of $819 million and sports a significant war chest ($180.4M) of cash on the books, which must be weighed relative to about $12.9M in total current liabilities. HIVE is pulling in trailing 12-month revenues of $172.2M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -22.9%.
Other top stocks in the cryptocurrency space include Signature Bank /zigman2/quotes/204403715/composite SBNY -1.97% , Riot Blockchain Inc. /zigman2/quotes/209538617/composite RIOT -1.24% , Silvergate Capital Corp. /zigman2/quotes/214908078/composite SI -6.53% , Bakkt Holdings Inc. /zigman2/quotes/222591934/composite BKKT +4.55% , Bitfarms Ltd. /zigman2/quotes/213738555/composite BITF -2.63% , and MicroStrategy Inc. /zigman2/quotes/202561856/composite MSTR -0.21% .
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