Nov 04, 2021 (Financial News Media via COMTEX) -- Palm Beach, FL - November 4, 2021 – FinancialNewsMedia.com News Commentary – The mounting demand for digital assets and secure transactions for the cryptocurrency industry is expected to contribute significantly to market growth. The need for low-cost digital currency payment systems across enterprises is one of the drivers accelerating the cryptocurrency market growth. Cryptocurrencies along with the distributed ledger technology enable improved trading and tracking capabilities. Several technology enterprises across the globe are also focusing on the development of blockchain-based financial systems. Similarly, companies are emphasizing on digital assets to gain a competitive edge in the market. This is anticipated to contribute to the development of innovative cryptocurrency software and hardware components to support industry adoption. A report from Global Market Insights Inc. estimates that the market valuation for cryptocurrency will cross US$ 1.8 billion by 2027. The report said: "The Graphical Processing Unit (GPU) segment is projected to grow at a CAGR of above 10% over the forecast timeline. Cryptocurrency miners use GPUs over traditional CPUs for optimized performance in the mining process. The need for high-performance efficiency in processing repetitive computations is addressed through GPUs. In addition, the availability of advanced Arithmetic Logic Units (ALUs) assures high extended output in crypto mining applications. The demand for Ethereum across enterprises is witnessing a significant rise owing to a growing emphasis on decentralized finance and the emergence of smart contracts. Ethereum is one of the major cryptocurrencies and features enhanced cryptography & payment capabilities. The cryptocurrency is also developed based on Ethereum Corporation's financial system that allows individuals to trade Ethereum for ETH-backed tokens.Active companies with recent developments in the industry include: Hello Pal International Inc. (otcqb:HLLPF) /zigman2/quotes/206713317/delayed CA:HP +4.88% , Riot Blockchain, Inc. /zigman2/quotes/209538617/composite RIOT -4.07% , Sphere 3D Corp. /zigman2/quotes/208465717/composite ANY -7.48% , Bitfarms Ltd. /zigman2/quotes/213738555/composite BITF -3.19% /zigman2/quotes/234475680/delayed CA:BITF -3.70% , SOS Limited /zigman2/quotes/202902836/composite SOS -4.98% .
The e-commerce & retail market is anticipated to grow at an exponential rate from 2021 to 2027. Technology enterprises are focusing on the development of advanced solutions & services to enable cryptocurrency transactions in e-commerce applications. For instance, in March 2021, RocketFuel Blockchain Inc. unveiled its secure API solution that enables consumers and merchants to support their e-commerce applications. The solution also allows individuals to pay from a wide array of cryptocurrencies on goods purchased online." A recent report from Valuates Reports projects that: "Between 2021 and 2030, the Asia-Pacific area will have the greatest CAGR of 14.5 percent. In 2020, Asia-Pacific dominated the cryptocurrency industry, and this trend is expected to continue throughout the forecast period. The cryptocurrency industry is maturing and getting more competitive as the number of Bitcoin exchanges in Asia grows. As the government pushes for the deployment of the technology that underpins bitcoin to boost financial sector transparency and combat fraud, Chinese institutions are employing blockchain experts. As a result of these factors, the region’s bitcoin market is expanding."
Hello Pal International Inc. /zigman2/quotes/206713317/delayed CA:HP +4.88% (otcqb:HLLPF) BREAKING NEWS:Hello Pal Announces Record Quarterly Revenue – Hello Pal International Inc., a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce that it has filed its interim financial statements and management discussion and analysis for the period ended August 31, 2021 are filed on SEDAR at www.sedar.com .
"Our current fiscal year has been transformative and resulted in our achieving record revenue of $13,206,275 from livestreaming services and a profit of $1,449,335 from cryptocurrency mining during the six months ended August 31, 2021. Revenue increased 208% compared to the six months ended 2020 with minimal spending on advertising and user generation during that period. With our acquisition of mining rigs, we anticipate that revenue and profit will continue in an upward trend for the balance of the fiscal year."
Total revenue of $14,655,610 in 2021 H1 (comprised of $13,206275 for livestreaming and net revenue of $1,449,335 for cryptocurrency) compared to $4,290,312 in 2020 H1.
Gross profit of $2,488,454 in 2021 H1 (comprised of $1,449,335 for crypto currency mining and $1,039,099 for livestreaming) compared to $185,415 in 2020 H1.
As of August 31, 2021, cash of $4,091,553 and working capital of $5,176,955
Positive operating cash of $388,319 before changes in non-cash working capital items.
For the livestreaming operations, the Company experienced a 10,000% increase in revenues from non-China territories compared to the first half of 2020 - in particular the Middle East and Southeast Asia operations which continue to improve in performance. As the Company continually increases the percentage of livestreaming revenues from outside of China, the Company revenues in China increased 90% over the same period, and it expects that the reliance on China livestreaming revenues will continue to decrease.
For the crypto-mining operations, the acquisition of 12,500 Litecoin/Dogecoin mining rigs in May 2021 operated with a gross profit of $1,449,335 for the first half of the financial year. Shanghai Yitang, the Company's partner in cryptocurrency mining, continues to help manage the Company's mining operations to ensure the decentralized locations of the mining rigs across various green renewable energy mining sites. CONTINUED...Read this entire press release and more news for Hello Pal at: https://www.financialnewsmedia.com/news-hp
Other industry developments from around the markets include:
Bitfarms Ltd. (NASDAQ: BITF) ()), a global Bitcoin self-mining company, recently provided a Bitcoin production update.
"The increase in month-over-month production in October 2021 represents a further advancement for Bitfarms and shows the initial benefit generated as a result of production from our newly built, larger production facility in Cowansville, Quebec. This, in conjunction with recent miner deliveries and ongoing fleet optimization, contributed to our achieving a record hashrate of 1.8 exahash per second (EH/s) in late October," said Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. "With new miner deliveries en route and deliveries continuing throughout November, this month we expect to grow our hashrate to over 2 EH/s and improve our electrical efficiency to 44 watts per terahash (W/TH)."
Riot Blockchain, Inc. /zigman2/quotes/209538617/composite RIOT -4.07% , a Nasdaq-listed industry leader in Bitcoin mining and hosting, recently announced the development of 200 megawatts ("MW") of immersion-cooling technology at its Whinstone facility ("Whinstone"), which to the Company's knowledge is the Bitcoin mining industry's first industrial-scale immersion-cooled deployment of Bitcoin mining hardware ("miner(s)", "ASIC" or "ASICs").
The development of 200MW of immersion-cooling at industrial-scale is a direct result of the Company's focus on Bitcoin mining infrastructure development, led by Riot's leadership team at Whinstone. "After months of research and development, utilizing partnerships across industries, Riot is proud to be a pioneer in the use of cutting-edge immersion-cooling technology at an unprecedented scale," said Jason Les, CEO of Riot. "By leveraging technology, industry-leading low power costs, and economies of scale, Riot intends to continue driving operating and capital efficiencies for its self-mining business and its institutional clients. Due to these efficiencies, we anticipate observing an increase in the Company's hash rate and productivity through 2022, without having to rely solely on purchasing additional ASICs."