The Chinese government’s crackdown on crypto mining continues. According to a report by CNN, the Chinese authorities are ramping up atheir crackdown on crypto mining, calling it an “extremely harmful” practice that threatens to jeopardize the country’s efforts to reduce carbon emissions. The Chinese authorities also target crypto miners because they view the digital currencies as a big financial risk, as people can evade the strict national controls on capital. The National Development and Reform Commission of the People’s Republic of China (NDRC) indicated that it will would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining. In the meantime, the U.S is now the largest crypto mining hub in the world, as it has the largest share of global Bitcoin mining networks, according to data from the University of Cambridge. ISW Holdings Inc. (OTC: ISWH), Hut 8 Mining Corp. (NASDAQ: HUT), Ebang International Holdings Inc. (NASDAQ: EBON), Future FinTech Group Inc. (NASDAQ: FTFT), The9 Limited (NASDAQ: NCTY)
Overall, the approach of financial institutions, businesses and even certain governments has significantly changed in recent years, as commercial payments are slowly warming up to the prospects of Bitcoin. One of the major reasons for this is that a Bitcoin payment is faster, cheaper, safer and less volatile than the local currencies in many countries. In addition, some of the problems that the crypto market was recently facing are already being resolved. For example, by the latest estimates, the Bitcoin network uses as much energy in one year as the country of Argentina. Yet, some companies in the crypto and blockchain market have taken steps to improve the situation. Manhattan Solar Partners, LLC, a joint venture between BIT5IVE, LLC and GMine LLC, recently announced plans to build crypto data centers utilizing over a gigawatt of renewable energy in Texas.
ISW Holdings Inc. (OTC: ISWH), transitioning to “BlockQuarry,” pending name change, announced breaking news earlier this month regarding, “the filing of the Company’s financial performance data for the Three and Nine Months ended September 30, 2021.
Financial Highlights for Three and Nine Months Ended September 30, 2021
- Revenues from operations for the Three Months ended Sep 30 of $1.075 million (including deferred revenues), up 2,435% on year-over-year basis
- Net Revenues (excluding deferred revenues) for the Three Months ended Sep 30 grew 579% on year-over-year basis
- Net Revenues (excluding deferred revenues) for the Nine Months ended Sep 30 grew 185% on year-over-year basis
- Net Cash increased by over 3,100% year to date to over $2.8 million
- Total Assets increased 5,263% year to date to $9.56 million
- Total liabilities decreased 73%, and total derivative liabilities decreased 98% to under $340k
Operational Highlights for Three Months Ended September 30, 2021
- Exceeded internal expectations for cryptocurrency performance in first quarter of significant mining operations
- Triggered Performance bonus clause for additional $1.7 million in Bitmain Miners from Minerset
- Continued to eliminate dilution risk through aggressive reduction in convertible notes outstanding
- Reached nearly $10 million in total assets
- Neared completion of Phase 1 (build-out and deployment of first 20 MW) of Southeastern U.S. project to pair 56,000 mining rigs with 200 MW of power
The three months ended September 30 exceeded management expectations for growth in the Company’s assets due to positive gains from mining operations as well as greater than anticipated expansion in equipment.
This was primarily due to the triggering of a performance incentive clause in the Company’s agreement with Minerset, LLC that granted the Company an additional 150 Bitmain S19 95TH/s state-of-the-art miners carrying a market value of approximately $1.7 million.
‘Q3 was a landmark quarter in Company history,’ remarked Alonzo Pierce, President and Chairman of ISW Holdings. ‘We switched on our mining fleet and saw our first substantial mining and hosting revenues hit the books. We also broke ground on our massive cryptocurrency hosting infrastructure and nearly finished the phase 1 build-out to deploy the first 20 MW to on-site Pods. In the process, we have seen a huge growth in the tangible value of the Company, as assets grew considerably while we continued our campaign to stamp out dilution risk through elimination of toxic notes and strict adherence to financing through a combination of cash from operations and non-toxic funding sources. As a result, we were in the best overall shape in our history coming into Q4, which is set to deliver on a much larger scale into year end.'”
Information provided by FinancialNewsMedia.