The cryptocurrency market can be a volatile market but it is one that provides investors and traders with the opportunity to earn a lucrative sum from their investment. The cryptocurrency sector is booming thanks to the rising need for operational efficiency and transparency in financial payment systems, as well as increased demand for remittances in underdeveloped countries and data security.
A surge in demand for cryptocurrencies among banks and financial institutions is predicted to create the excellent potential for market expansion during the forecast period. A recent report from Valuates Reports projects that the global cryptocurrency market size was valued at $1.49 billion in 2020 and is projected to reach $4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.
The report said: “The growing demand for transparency in the payment system is projected to propel the cryptocurrency business forward. The cryptocurrency market is expected to grow fast in the coming years due to improved data transparency and independence across payments in banks, financial services, insurance, and other business sectors. The capacity to transmit and receive payments in a transparent manner, as well as the secure preservation of client information for future use, are all advantages of using cryptocurrency in the banking industry.
Active companies with recent developments in the industry include: Coinbase Global, Inc. (NASDAQ: COIN), Hello Pal International Inc. (OTCQB: HLLPF) (CSE: HP), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Riot Blockchain, Inc. (NASDAQ: RIOT), Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT).
Valuates Reports continued: “In addition, new blockchain distributed technology protocols are expected to eliminate the need for certain organizational solutions and allow multiple stakeholders to share payment in a transparent manner across the business. These strategies improve supply chain transparency, which helps to prevent environmental and other crimes. This raises the chances of cryptocurrency adoption in the future. The cryptocurrency market’s growth is likely to be aided by the untapped potential of emerging economies. By making finance and financial services more accessible, developing nations give significant opportunities for bitcoin to extend its operations. Bitcoin, the most well-known of these cryptocurrencies, has already helped many individuals and businesses develop and succeed financially. The economy is adjusting to these demands, and cryptocurrencies have a lot of potential to meet them. Changing demographics, increased consumption, and a willingness to adopt new technologies such as the Internet of Things, Blockchain, and others make cryptocurrencies attractive in emerging markets. Cryptocurrencies are being adopted by a growing number of companies across a wide range of industries, from big tech to airlines, allowing customers to use them as an official means of payment for their goods and services. This is expected to boost the bitcoin market even further.”
Hello Pal International Inc. (CSE: HP) (OTCQB: HLLPF) BREAKING NEWS: Hello Pal Announces Upgrade of Litecoin / Dogecoin Mining Rigs to Latest Antminer L7 Model – 4500 existing miners sold at 100% profit to purchase new miners – 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 upgraded approximately one third of its Litecoin/Dogecoin mining rigs to the latest miners released by Bitmain.
The Company, via its subsidiary CPal Technology Limited (formerly “Crypto Pal Technology Limited”), sold 4,500 of its existing Antminer L3+ mining rigs for a consideration of USDT 2.1 million (approximately CAD 2.67 million). Compared with the effective purchase price of those mining rigs when 12,500 mining rigs were purchased for CAD 3.5 million earlier in June this year, this represents a profit of over 100% for this sale.
Using those proceeds, the Company has purchased 100 units of Antminer L7 mining rigs, which are the latest Litecoin/Dogecoin mining rigs to be released by Bitmain. L7 mining rigs have a hashrate of 9500 MH/s, which is 19 times more than that of the existing L3+.
The Company expects to receive these new mining rigs in November this year, and has arrangements to purchase more, as these mining rigs bring numerous advantages. Apart from the increased mining power, it will also require less maintenance, and will be easier to house in mining facilities due to the reduced space it will require compared to the electricity fees received by the mining facilities. These advantages in turn mean that the Company will have a lot more flexibility in terms of where its mining rigs can be housed. As mentioned in Hello Pal’s press release on October 5th, the company continues to expand its business on an international level to diversify risk for its shareholders.
"We are very thankful to our partner Yitang in helping us sell a part of our existing mining rigs at double our cost, and in being able to get hold of the new miners which are in very short supply,"
said KL Wong, Founder and Chairman of the Company.
"We remain committed to our crypto mining strategy and the implementation of cryptocurrency within our social platform, so this upgrade will help us achieve this goal."
Information provided by FinancialNewsMedia.