NEW YORK, October 3, 2018 /PRNewswire/ —
Early Tuesday the price of a single bitcoin was valued at USD 6,549.20, down 0.1% since Monday at 5 p.m. Eastern Time on the Kraken crypto exchange. Since then, bitcoin prices have remained mostly unchanged Tuesday. Bitcoin, the largest cryptocurrency by market capitalization, has traded in the range of USD 6,500 to USD 6,600 this week. According to MarketWatch, Josh Fraser, the co-founder of Origin, an open-sourced blockchain platform, said cryptocurrency prices will recover slowly. Fraser explained that people who have stayed away from crypto in 2018 will eventually be drawn back to it in when they see real utility, and not just speculation. Wuhan General Group (China), Inc. (OTC: WUHN), DPW Holdings, Inc. (NYSE: DPW), SinglePoint, Inc. (OTC: SING), Global Blockchain Technologies Corp. (OTC: BLKCF), AppSwarm, Inc. (OTC: SWRM)
Despite setbacks, using cryptocurrencies for payment is becoming a more common practice. According to a report by Coin Desk, “after a series of highly-publicized pilots, three companies are now making commercial use of Ripple’s xRapid product. XRapid employs the digital asset XRP, using it as a “bridge currency” in cross-border payments, which according to the company, reduces the cost and increases the speed of these payments by boosting liquidity.” The three companies – MercuryFX, Cuallix and Catalyst Corporate Credit Union – were announced by Ripple CEO Brad Garlinghouse on stage at Ripple’s Swell conference in San Francisco earlier this week.
Wuhan General Group (China), Inc. (OTC: WUHN) announced earlier last month that, “it’s currently negotiating a redesign of a US Defense Department data center to transform it into a Cryptocurrency mining facility. The facility will meet security and power requirements when mining cryptocurrency. It will also provide the Company with an opportunity to set new standards in cryptocurrency mining safety, stability, and security measures.
This new facility will launch at an optimal time in the market to strengthen the Company’s cryptocurrency mining division for highly scalable and flexible mining operations across all major cryptocurrencies. The Company benefits from low-cost North American power, a cool climate, and high-speed Internet, which is critical to mining success, placing it in a competitive position to maximize profitability. Ultimately, the project comes at a time that will serve in the Company’s and shareholders’ best interests.
The 55,0000 sq. ft facility has over 3MW of power ready to accommodate up to 1300 mining machines for Bitcoin, Zcash, and others with an additional 12,000 to be deployed upon successful completion of its upgrade to a 30MW facility in 2019. Once the negotiation is finalized, the first order of rigs from Asicminer is expected to arrive in late October and more in the coming months. The Company estimates this operation to bring monthly revenue in excess of $3.5M based on current cryptocurrency market prices for the initial 1300 mining machines in operation. More information will be shared regarding the progress of the project when available.
Ramy Kamaneh, CEO said: ‘We had planned to build this operation three months ago, but with the bearish cryptocurrency market, we took a step back to reassess our strategy. The decision to wait for market stability was a good one, especially considering many cryptocurrency machines are no longer profitable in the current market. We acted in the best interests of the Company and its shareholders and firmly believe that the market has bottomed and a bullish market is starting again.’
In addition to providing optimal cryptocurrency mining performance, the facility will adhere to strict safety and security standards. As a leader in streamlined solutions that respond to the impacts of the tech industry, the Company believes that this project will increase in value and also create opportunities for innovation within the sector.
About Wuhan General Group (china) Inc: Wuhan General Group (China), Inc., based in Nevada is an investment company focused in the areas of Cryptocurrency mining operations and infrastructure. In addition to its strong commitment in facilitating the development and adoption of cryptocurrency mining operations, Wuhan continues to pursue distinct investment decisions based on emerging markets that reflect the highest business, technical, and legal standards.”
DPW Holdings, Inc. (NYSE: DPW), is a diversified holding company pursuing a growth strategy of acquiring undervalued assets and disruptive technologies with a global impact. DPW Holdings, Inc. recently announced that the historic Valatie Falls, New York, hydroelectric dam will become operational during the fourth quarter of 2018 to serve as a fully-dedicated source of low-cost, renewable power for a new co-located cryptocurrency mining farm to be built and operated by DPW’s wholly-owned Super Crypto Mining subsidiary. DPW Holdings’ Chief Executive Officer and Chairman, Milton “Todd” Ault, III said, “Our successful repurposing of Valatie Falls dam to provide clean, low-cost, renewable power to Super Crypto’s future co-located mining farm is another important step in our strategy to create an economically viable, self-sustaining cryptocurrency mining business. This project provided a unique opportunity for DPW subsidiaries to collaborate and innovate to create a new model for cryptocurrency mining, for which electricity is by far the largest operational cost factor. Our power solution engineers at Coolisys Technologies, Inc. worked closely with our cryptocurrency mining engineers and with Valatie Falls Hydro, LLC’s hydroelectric engineers to upgrade and retrofit the Valatie Falls dam for this exciting new phase of its long-lived operation. We look forward to bringing this innovative new facility fully on-line during the fourth quarter of 2018.”
SinglePoint, Inc. (OTCQB: SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. SinglePoint Inc. recently announced an additional investment into StakeHaul, the No. 1 peer-to-peer betting application. StakeHaul offers a unique way for individuals to bet on anything, from the NFL week one matchups to who will win your weekend’s round of golf. The StakeHaul platform is the future of social betting. StakeHaul is currently on the Apple App Store and the Google Play store and is the #1 ranked app for all of your bets against your friends. StakeHaul has had over 70,000 lifetime downloads and consistent double-digit percentage growth in both monthly active users and bets placed on the platform. StakeHaul is finalizing testing for a new peer-to-peer payment model for lost bets in both USD and cryptocurrency, which will be a first in the industry. StakeHaul has a patent pending on the technology and the processes behind the betting model, which started in March 2017. “All in all, our unique features, our ease of use, and the legal momentum behind betting in the U.S. makes our opportunity not just a home run, but a grand slam,” quipped Jeffery Lippert, Founder of StakeHaul.
Global Blockchain Technologies Corp. (OTC: BLKCF) provides investors access to a basket of direct and indirect holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies. The Company recently announced that its exchange project, Singularity, has entered the beta testing phase. Singularity harnesses the abilities of both the Laser and Stellar blockchain networks by using a federated sidechain to bridge the two networks. Through the combined functionality Laser and Stellar, Singularity is able to offer decentralized custody, as well as a decentralized order book. Custodianship remains a pressing issue in the trade of crypto assets, with fewer traders trusting their capital to centralized exchanges that provide custody, since they can lose their balance in the event that the exchange is hacked. Making an exchange more decentralized is a testament to the principle of decentralization that is fundamental to blockchain networks, a value that Singularity will exemplify in a way no other crypto asset exchange has before. “Crypto has come a long way in 2018”, said Steve Nerayoff, Chairman of the Company. “With Singularity now on the market, it will take the space a significant step forward, providing value to both retail and institutional investors by taking away the problems that are created by centralized custody and centralized order books. Singularity represents what the crypto space was going for from the very beginning, and I am eager to see how it will enrich the space as it gets rolled out.”
AppSwarm, Inc. (OTC: SWRM), in partnership with SinglePoint, Inc. (OTCQB: SING), recently announced the coming launch of national TV ad campaign for their SingleCoin digital wallet. SinglePoint plans to run multiple spots advertising the Bitcoin wallet application SingleCoin, available on iOS and Android. These advertisements will be featuring Kevin Harrington, an Original Shark on the hit TV show Shark Tank. SingleCoin enables users to store their bitcoin and makes it easier for use in transactions. The wallet application SingleCoin is another step in the direction of helping retailers easily transact purchases with cryptocurrencies. Ron Brewer, Chief Executive Officer of AppSwarm, commented, “The launch of a national TV ad campaign should draw numerous eyes towards AppSwarm. We look forward to being able to showcase our projects to potential clients and through this launch showcase our ability to build applications suited to their needs. Additionally, AppSwarm has worked with SinglePoint to develop LastMile Delivery. The two companies have collaborated to provide an efficient solution for small and medium businesses with a delivery or service component. Through this, businesses can have an omnichannel funnel for product and service sales.”
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