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Jan. 13, 2022, 8:30 a.m. EST

Resilience of Cryptocurrencies Expected in 2022 as Asia-Pacific Market Is Believed to Remain Dominant

FinancialNewsMedia.com News Commentary PALM BEACH, Fla., Jan. 13, 2022 /PRNewswire/ -- 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 Allied Market Research said: "Increase in need for operational efficiency and transparency in financial payment systems, rise in demand for remittances in developing countries, increase in data security, and improved market cap are the major factors that drive the growth of the global cryptocurrency market. Moreover, high implementation cost and lack of awareness of cryptocurrency among the people in developing nations hamper the cryptocurrency market growth. Furthermore, increase in demand for cryptocurrency among banks, and financial institutions and untapped potential on emerging economies are expected to provide lucrative opportunity for the market expansion during the forecast period.  The hardware segment acquired major cryptocurrency market share owing to rise in need for upgrading the performance of the software and to enhance the efficiency of financial payment tools. However, the software segment is expected to grow at the highest rate during the cryptocurrency market forecast period, as it facilitates to manage the massive volume of data being generated for meaningful insights and better-informed decisions."  Active Companies in the markets today include The OLB Group, Inc. , /zigman2/quotes/203534753/composite OLB +4.52%  Riot Blockchain, Inc. , /zigman2/quotes/209538617/composite RIOT +5.32%  Marathon Digital Holdings, Inc.  , /zigman2/quotes/205886758/composite MARA +1.83%  CleanSpark Inc. , /zigman2/quotes/200030751/composite CLSK +6.01%  HIVE Blockchain Technologies Ltd . . /zigman2/quotes/202324457/delayed CA:HIVE +9.08% Allied Market Research concluded: "By region, the cryptocurrency market was dominated by Asia-Pacific in 2020, and is expected to retain its position during the forecast period. Owing to increase in number of Bitcoin exchange across Asia, which bring a certain healthy competition and maturity to the cryptocurrency industry. Chinese banks are hiring blockchain experts as the government pushes the use of the technology behind bitcoin to increase transparency and combat fraud in its financial sector. These factors drive growth of the cryptocurrency market in the region.  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."

The OLB Group, Inc. /zigman2/quotes/203534753/composite OLB +4.52% BREAKING NEWSOLB GROUP Anticipates Start of Delivery of Additional 400 ANTMINER S19J PRO Cryptocurrency Machines This Month   - The OLB Group, Inc., a diversified eCommerce merchant services provider and Bitcoin mining enterprise, announced today that DMint, Inc., a wholly-owned subsidiary of OLB ("DMint"), expects to take delivery of the first of four hundred (400) additional Antminer S19j PRO Bitcoin mining machines this month.  The order was paid in advance in November, 2021.

DMint expects to be generating approximately $1 million in increased monthly revenue (assuming an average Bitcoin price of $42,000) once all 1,000 mining machines are deployed and operating. 

"Upon delivery, these 400 Antminers will bring our total cryptocurrency machine count to 1,000.  We expect to be periodically ordering additional machines on an ongoing basis as we finance the required capital investment through debt financing," said Ronny Yakov, Chairman and CEO of the OLB Group.

OLB provides merchants with omnicommerce services including leading-edge crypto commerce capabilities, eCommerce, back office operations, and payment acceptance online, in store, and on mobile devices. Merchants utilizing OLB's OmniSoft Business Management platform can transact with customers through digital wallets, cryptocurrency wallets, and traditional card-based payment. OLB expects to leverage DMint mining operations to power expanded crypto commerce services including financing, lending, and fundraising for small and medium sized businesses. 

Merchants interested in implementing crypto commerce or omnicommerce services can set up an OmniSoft account at https://cardaccept.com/ #contact.     CONTINUED…   For more information about The OLB Group, please visit   https://olb.com/  or  http://olb.com/investors-data/ .

Other recent developments in markets include:

Riot Blockchain, Inc. /zigman2/quotes/209538617/composite RIOT +5.32%  recently announced that it has acquired Ferrie Franzmann Industries, LLC (d/b/a ESS Metron) ("ESS Metron"). The total consideration payable in the transaction is valued at approximately $50 million, consisting of up to 715,413 shares of Riot common stock and $25 million in cash, funded with cash on the balance sheet.

ESS Metron is a leader with over sixty years of experience in designing and producing highly engineered electrical equipment solutions, many of which are mission-critical to successfully deploying Bitcoin mining operations at scale. Acquisition assists in ensuring Riot's timely miner installations by de-risking procurement of mission-critical infrastructure. Acquisition enhances Riot's competitive position across the electrical supply chain, as ESS Metron is also a leading supplier to numerous third-party clients. Transaction valued at approximately $50 million, $25 million payable in cash, and remainder in issuance of up to 715,413 shares of Riot's common stock.

Marathon Digital Holdings, Inc.  , /zigman2/quotes/205886758/composite MARA +1.83% one of the largest enterprise Bitcoin self-mining companies in North America, recently published unaudited bitcoin ("BTC") production and miner installation updates for December 2021.

"2021 was a transformative year for Marathon as we increased our hash rate 1,790% and increased our bitcoin production 846% year-over-year to 3,197 self-mined BTC," said Fred Thiel, Marathon's CEO. "We finished the year with our most productive month to date, producing 484.5 bitcoin in December and 1,098 bitcoin in the fourth quarter. We expanded our agreement with Compute North and secured access to reliable hosting and renewable power behind the meter at industry low rates for over 100,000 of our previously purchased miners. And more recently, we placed a record order for BITMAIN'S newest machines, the S19 XP. As a result, we have 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.

CleanSpark Inc. , /zigman2/quotes/200030751/composite CLSK +6.01% a sustainable bitcoin mining and energy technology company, recently released its unaudited bitcoin production and operations update for the calendar year-to-date ending December 31, 2021.

Bitcoin Production & Operations Update (unaudited): December monthly production: 226; Calendar year-to-date production ending December 31: 1,528;Total BTC holdings as of December 31: 633; Total BTC converted for operations and growth in CY2021: 909; Currently deployed fleet of over 18,800 latest-generation bitcoin miners with a total hashrate of 1.9 EH/s.

The Company sold 414 bitcoin during December 2021 at an average of $49,791 per BTC to support growth and operations. As of the date of this release, daily BTC production has reached a high of 9.5.

HIVE Blockchain Technologies Ltd. /zigman2/quotes/202324457/delayed CA:HIVE +9.08% recently clarified its January 10, 2022 news release "HIVE Blockchain Presents December 2021 Production and Calendar Year 2021 Figures".  In HIVE's news release dated January 10, 2022, we understated certain aspects of our 2021 crypto production.

The news release stated that "in summary Total Bitcoin Equivalent mined was 3,222 based on BTC/ETH/ETC." This was incorrect due to a typo. The total Bitcoin Equivalent mined by HIVE in 2021 was 4,032. This takes into consideration the Bitcoin, ETH, and ETC mined by HIVE during calendar year 2021.

DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult =a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM has been compensated twenty six hundred dollars for news coverage of the current press releases issued by The OLB Group, Inc. by a non-affiliated third party.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:

Media Contact email:  editor@financialnewsmedia.com - +1 (561)325-8757

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SOURCE Financialnewsmedia.com

COMTEX_400471047/2454/2022-01-13T08:30:13

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$ 1.62
+0.07 +4.52%
Volume: 234,120
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P/E Ratio
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N/A
Market Cap
$22.79 million
Rev. per Employee
$775,694
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/zigman2/quotes/209538617/composite
US : U.S.: Nasdaq
$ 8.71
+0.44 +5.32%
Volume: 16.46M
Aug. 8, 2022 4:00p
P/E Ratio
44.71
Dividend Yield
N/A
Market Cap
$1.12 billion
Rev. per Employee
$805,472
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/zigman2/quotes/205886758/composite
US : U.S.: Nasdaq
$ 14.43
+0.26 +1.83%
Volume: 19.94M
Aug. 8, 2022 4:00p
P/E Ratio
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Dividend Yield
N/A
Market Cap
$1.51 billion
Rev. per Employee
$21.45M
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Volume: 2.08M
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Volume: 538,669
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Rev. per Employee
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