PayPal launches a service to allow users to buy, sell, and hold cryptocurrencies. This is likely the most bullish news of 2020 after the entry of several publicly-listed firms to the Bitcoin market. The PayPal cryptocurrency service appears to be an attempt to monetize their mobile app Venmo which has over 40 million users. That’s a lot of retail capital that will have the opportunity to buy and hold cryptocurrency through their mobile.
UK publicly-listed firm Mode Global Holdings PLC announced in a press release that it will invest up to 10% of its cash reserves into Bitcoin.
We recently noted how MicroStrategy investing in Bitcoin may pave the way for other publicly traded companies to enter the market. The fever seems to have spread overseas with UK firm Mode intending to convert up to 10% of its cash reserves into Bitcoin as part of a long-term treasury management strategy. The strategy aims to protect shareholders from currency debasement and allocate capital away from low-interest money market instruments. Unaudited financial reports included in their September 2020 IPO prospectus reported that the firm had the equivalent of $11.65 million in cash.
Marathon Patent Group purchases an additional 10,000 Antminer S19 rigs.
The rigs will be delivered between January and March of 2021 and will add roughly 1.1 EH/s to Marathon’s hashrate output. Marathon previously secured a contract for the purchase of 10,500 rigs which will be delivered between January and June of 2021. Marathon CEO anticipates that the firm’s total hashrate will be 2.56 EH/s once all of the mining rigs have been delivered.
Bitfarms is negotiating a 200 MW contract with a South American private power producer which would secure an electricity rate of $0.02 per kWh. At this electricity rate and at current difficulty levels, Bitfarms CEO estimates that their electricity cost per Bitcoin mined will be $2,538.
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