Support for Cryptocurrency Transactions Grows Worldwide

[August 31, 2021]

NEW YORK, Aug. 31, 2021 /PRNewswire/ — Over the last several years, the perception regarding cryptocurrencies has changed drastically. Many major corporations and financial institutions have since started to accept cryptocurrencies like Bitcoin as a viable option for payment. For example, just earlier last week, PayPal announced the launch of a new service enabling its customers in the UK to buy, hold, and sell cryptocurrency with PayPal. Customers can choose from four types of cryptocurrencies—Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. By accessing their PayPal account via the website or the mobile app, they can view real-time crypto prices, access educational content to help answer commonly asked questions, and learn more about cryptocurrencies, including the opportunities and risks. “The pandemic has accelerated digital change and innovation across all aspects of our lives— including the digitization of money and greater consumer adoption of digital financial services,” said Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal. ISW Holdings Inc. (OTC: ISWH), Ebang International Holdings Inc. (NASDAQ: EBON),, Inc. (NASDAQ: SPRT), HIVE Blockchain Technologies Ltd. (NASDAQ: HVBT), CleanSpark, Inc. (NASDAQ: CLSK)

While many industries and governments have become more open minded about digital currencies over the last several years, obstacles remail. For example, according to a report by Yahoo Finance, China continues its crackdown on crypto mining. However, since the clampdown by the Chinese government on crypto mining began, Bitcoin miners in China have begun looking to relocate their operations to U.S. states like Texas, South Dakota and Tennessee, The Washington Post reported. And now, the U.S. has become the new hub of the Bitcoin mining market. In fact, it is the second-biggest mining destination on the planet, accounting for nearly 17% of all the world’s bitcoin miners as of April 2021. That’s a 151% increase from September 2020, according to CNBC.

ISW Holdings Inc. (OTC: ISWH), transitioning to “BlockQuarry,” pending name change, announced earlier last week, “the filing of the Company’s financial performance data for the three months ended June 30, 2021.

“Our primary mining equipment was not installed and switched on until about two weeks before the end of Q2, so the bulk of the impact will show up in Q3 data in terms of topline numbers,” commented Alonzo Pierce, president and chairman of ISW Holdings. “That said, we have significant equipment now running and just received another large delivery of miners, so we are now cooking at a pace of well over $5 million in annual revenues on a monthly basis, with substantial growth ahead over coming months. We are also proud of material gains in assets while dramatically reducing our liabilities, including derivative liabilities, as we implement our new shareholder-friendly initiative announced several months ago.”

Financial Highlights for Three Months Ended June 30, 2021

  • Net Cash increased by over 2,600% on a 6-month basis to over $2.3 million
  • Total Assets increased 2,657% on a 6-month basis to over $4.9 million
  • Total liabilities decreased 58%, and total derivative liabilities decreased 96% to under $750k
  • Booked initial cryptocurrency mining revenues beginning during final weeks of quarter

Operational Highlights for Three Months Ended June 30, 2021

  • Received, installed and switched on initial equipment to begin active cryptocurrency mining operations
  • Entering Q3 with new partnerships, including partnership with Bitmain Technologies
  • Minerset now confirmed as new shareholder, with incentives built in for more mining equipment as shares gain value
  • Reached nearly $5 million in total assets
  • Reduced liabilities from derivatives by over 96% and implemented new initiatives to prevent future dilution

The three months ended June 30 represent a period of powerful growth in underlying value for the Company, driven by a large increase in assets paired with a large decrease in liabilities. The period is also meaningful because it represents the launch of active operations in cryptocurrency mining with the installation and switch-on in Pennsylvania.

However, management believes that the progress the Company has made in Q3 has been substantially more important to demonstrating tangible financial gains and the Company’s capacity to drive top and bottom-line growth. This progress has been highlighted by the Company’s recent partnerships with Bitmain Technologies and Minerset, which will provide for significant material gains in both mining and hosting activities.

The Company looks forward to further discussing its growing operations in its Southeastern U.S. hosting sites, including total mining capacity that could reach 5.32 EH/s once all 200+ MW are active across all pod units.

Pierce added, “We received our initial primary tranche of miners by mid-June. By June 30, we had mined only $19k. However, this was achieved with only minimal mining capacity up and running. Other minor obstacles included refitting our pods for s19’s given that the pods were designed for s17’s. Another 250 Avalon’s arrived last week, and we are now in process of installing the remaining miners needed to reach a hshrate of 54,000 TH/s, which will produce nearly 12 BTC per month, or a little over $6 million in annual revenues at current pricing. However, that doesn’t include new equipment gains on the way or our upcoming growth in hosting revenues, which should surpass $10 million per month once we fully implement the terms of our Bitmain 200 MW agreement, as recently discussed in Company communications.”

Ebang International Holdings Inc. (NASDAQ: EBON) announced earlier this year that the Company has completed the designing of a chip for simultaneous Litecoin (LTC) and Dogecoin (Doge) mining as an addition to our current portfolio of cryptocurrency mining chip designs. The Company believes the new design will allow the Company to construct high performance cryptocurrency mining machines superior to other mining machines currently on the market. Mr. Dong Hu, Chairman and CEO of the Company, commented, “The completion of the designing is a credit to our increased investment in R&D in recent years. We have made tremendous efforts to build up our R&D team and accelerate product iteration and innovation. In the future, we will focus on developing more mainstream cryptocurrency mining machines, and we are considering designing more mining chips compatible with multiple cryptocurrencies. We believe it will help increase our revenue from the cryptocurrency mining business and optimize our product offering structure along the blockchain industry value chain.”, Inc. (NASDAQ: SPRT) reported back in June new service offerings to bring reliable and 24/7 on-demand customer support to emerging fintech leaders, cryptocurrency and NFT platforms, exchanges, and wallet OEMs. The new offerings, including’s HomesourcingSM Cloud Platform and Crypto ConciergeSM service, will solve customer and technical support issues and provide education around cryptocurrency and financial services, leveraging the company’s proprietary security software and deep institutional knowledge to meet rising market interest and demand for crypto-based customer support services. “Big swings are the nature of fintech and crypto,” says Lance Rosenzweig, CEO of “We offer support services that can move as fast as the market.”

HIVE Blockchain Technologies Ltd. (NASDAQ: HVBT) reported last week that it has ordered 1,800 Antminer S19j Pro miners from Bitmain Technologies Ltd. (“Bitmain”). These new miners have an aggregate hash power of 180 Petahash per second (PH/s). HIVE is proud to reconnect with Bitmain one of the leading manufacturers in our industry and is excited to make this initial order of S19j Pro miners from Bitmain. These 1,800 miners are the first of our 2022 mining purchase program and will be delivered in 6 equal tranches of 300 miners, commencing in January 2022 through June 2022. “We are constantly upgrading our ASIC fleet to have the most efficient miners we can buy from cash flow,” Frank Holmes, Executive Chairman of HIVE continued, “This purchase with Bitmain enables us to maintain our strategy to diversify the manufacturers we purchase from. Over the past year, we have been expressing our concerns about global shortages in chips and logistics delays in shipping equipment from Asia due to Covid 19. We have deep relationships Bitmain, MicroBT, and Canaan which are all top global manufacturers in our industry.”

CleanSpark, Inc. (NASDAQ: CLSK) announced back in June that it is set to join the Russell 2000® Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the U.S. market opens on June 28th. The Russell 2000 is a benchmark stock index comprised of 2,000 publicly-traded small-capitalization companies. The Company also recently appointed industry veteran Bernardo Schucman as the Senior Vice President of its Atlanta-based Bitcoin mining center. CleanSpark President and CEO Zachary Bradford says, “Bernardo has been consulting with the Company since we purchased ATL Data Centers. We are thrilled to officially welcome him and his wealth of experience to lead our Atlanta mining team as we continue to grow rapidly, profitably and as efficiently as possible. CleanSpark succeeded in its bid to purchase ATL last December because of CleanSpark’s proven track record in energy, which is the backbone of cryptocurrency mining. We also shared a common belief with Bernardo on the importance of renewable and carbon free energy sources to support the future of the blockchain. Bernardo’s impressive background and industry expertise will be an asset to the Company.”

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