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New York, NY – September 15, 2022 – Crypto prices have recently become more bullish for many reasons. One reason for the rebound is due to governments all over the world planning additional rounds of extreme quantitative easing. It’s possible that the crypto markets have already bottomed and that the whole industry won’t be affected by the pessimistic macro outlook. Particularly concerning Bitcoin, it may turn out to be a risk-off asset, suggesting that even with a general market slump, the price of Bitcoin would continue to rise over the ensuing months and years. One can anticipate that Bitcoin would eventually outperform gold in value or even take some of the bond market’s share. If so, there is a lot of space for parabolic price growth for cryptocurrencies over the coming years. This is good news for crypto companies like WonderFi Technologies (TSX:WNDR) (OTCQB:WONDF), BIGG Digital Assets Inc. (CSE:BIGG) (OTCQX:BBKCF), DMG Blockchain Solutions Inc. (TSX-V:DMGI) (OTCQB:DMGGF), Marathon Digital Holdings, Inc. (NASDAQ:MARA), and Riot Blockchain (NASDAQ:RIOT).
On September 1, WonderFi announced that it has signed an agreement to buy Blockchain Foundry (BCF), which is one of the top North American blockchain development companies.
“This acquisition further solidifies WonderFi as the Canadian leader in the digital asset space,” said WonderFi CEO Ben Samaroo. “BCF is on a great trajectory with a diverse set of intellectual property, brand partnerships, and a revenue-generating track-record. The current economic conditions in the crypto market have made it attractive for WonderFi to be able to acquire companies like BCF which carry the potential to compliment our core operating crypto asset trading platforms Bitbuy and Coinberry, while also adding cash, liquid digital assets, and a portfolio of private emerging crypto investments to WonderFi’s balance sheet.”
For the fifteen months ended on March 31, 2022, BCF recorded revenue of about $1.67 million. It also reported having cash and liquid digital assets worth about $7.24 million and a portfolio of private emergent crypto investments worth $500,000 as of June 30, 2022.
BCF launched LastKnown in January 2022 as a non-fungible token (NFT) minting platform and marketplace for one-of-a-kind NFT drops from artists and collectors. To present, BCF has made three collections available from various award-winning artists on the platform.
In May 2022, a beta version of Metacademy, which is a learn-to-earn educational tool that teaches users how to create cryptocurrency wallets, mint, buy, and sell NFTs, distinguish between Web2 and Web3, and better grasp the metaverse, among other things, was released by BCF.
Earlier this summer, WonderFi Technologies also acquired Coinberry, Canada’s first pure-play licensed crypto broker and one of Canada’s leading crypto asset trading platforms that is registered with the Canadian Securities Administrators (CSA). The acquisition of Coinberry further solidifies WonderFi as a leader in the Canadian crypto industry, and along with our acquisition of BCF and Bitbuy earlier this year, establishes a solid foundation for the company’s expansion into global markets.
Crypto Miners Report Bitcoin Production
BIGG Digital Assets Inc. (CSE:BIGG) (OTCQX:BBKCF) announced on September 6 the U.S. operations of Netcoins’ initial launch schedule. Users can purchase Bitcoin, Ethereum, and other cryptocurrencies on Netcoins’ platform with no funding costs or fees for cash withdrawals. Based in Wyoming, Netcoins USA Inc. will open its trading platform in California, Pennsylvania, Michigan, and Virginia to start its activities in the fourth quarter of this year. In Q1 2023, Netcoins hopes to open new states, subject to clearance, as part of its ambitious growth strategy. On September 1, BIGG provided a report on Q2 business expansion achievements. With an annual contract renewal worth US$270,000, Blockchain Intelligence Group continues to offer real-time payments to more than 100K shops worldwide. It will continue to use the crypto insights ecosystem’s QLUETM for investigations and BitRank Verified® for automated risk monitoring tools from Blockchain Intelligence Group.
DMG Blockchain Solutions Inc. (TSX-V:DMGI) (OTCQB:DMGGF) boosted hashrate by 18% in the June quarter compared to the prior quarter and is still laying the groundwork for the Core+ strategy as it works toward its objectives of developing 1 EH/s of self-mining capability. Despite the unstable market, DMG‘s balance sheet is strong. Revenue decreased by 12% from the prior quarter to $10.5 million from $11.9 million, primarily due to a corresponding fall in self-mining revenue, which fell to $9.0 million from $10.3 million. Compared to the previous quarter, the average cost of a mined bitcoin decreased 19% to C$42,288. DMG mined 212 bitcoin, up 8% from the prior quarter’s 195 bitcoin, with a 9% decrease in the network BTCs per hash somewhat offsetting its 18% increase in realized hashrate to an average of 0.55 EH/s. DMG installed 87 PH/s of mining capacity and mined 69 bitcoin in August 2022. As of August 31, 2022, the company had 362 bitcoin in its account.
Marathon Digital Holdings, Inc. (NASDAQ:MARA) produced 184 bitcoin in August. Year to date through August 31, 2022, the company produced 2,222 bitcoin, representing a 26% increase over the same period in the previous year. As of August 31, 2022, there were 10,311 BTC in total holdings, with a fair market value of $206.7 million. August saw the successful energization and startup of about 25,000 of Marathon’s previously installed miners, or about 2.5 EH/s. As a result, as of August 31, 2022, the company’s hash rate rose to about 3.2 EH/s. In comparison to Q2 2021, Marathon‘s revenues dropped to $24.9 million in Q2 2022. This $4.4 million fall in revenue was driven by reduced revenue per bitcoin mined primarily compensated by an 8% rise in bitcoin production activity.
Riot Blockchain (NASDAQ:RIOT) produced 374 BTC in August 2022 as opposed to 441 BTC in August 2021, a decrease of almost 15%, while significantly lowering overall power expenditures by employing its patented power strategy. Riot possessed about 6,720 BTC as of August 31, 2022, all of which came from the company’s mining activities. Due to its emphasis on Bitcoin mining, Riot continues to reach important milestones while positioning itself for potential prospects. For the second quarter, total revenue increased by 112% to $72.9 million, compared to $34.3 million for the prior-year quarter. An increase in the quantity of BTC mined, which was adversely influenced by lower BTC values in Q2 2022 compared to Q2 2021, resulting in a 47% rise in mining revenue to $46.2 million for the quarter, as compared to $31.5 million for the same three-month period in 2021. Riot produced 107% more BTC over the three months that ended on June 30, 2022, at 1,395 BTC, compared to 675 BTC produced during the same period in 2021.
WonderFi’s core team of engineers and technologists at WonderFi is committed to enabling people worldwide to access finances in a straightforward, wise, and secure manner. They share the belief that everyone should have equitable access to finance.
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