Cryptocurrency Mining Market Projected to Grow

PR Newswire

NEW YORK, February 16, 2018 /PRNewswire/ --

According to a report from Coherent Market Insights, the global cryptocurrency mining market was valued at US $610.91 million in 2016 and is expected to reach US $38.38 billion by 2025, growing at a compound annual growth rate of 29.7 percent over the forecast period. The report indicated that increasing offerings such as remote hosting and cloud services help users to find low cost solutions and favorable environment for mining operations. In addition, increasing adoption of digital currency and growing total market capitalizations is another factor that drives the growth of the cryptocurrency mining market. Global Blockchain Technologies Corp. (OTC: BLKCF), Eastman Kodak Company (NYSE: KODK), MGT Capital Investments Inc. (OTC: MGTI), Overstock.com Inc. (NASDAQ: OSTK), BTL Group Ltd. (OTC: BTLLF).

The cryptocurrency market continued its rebound on Wednesday. According to CoinMarketCap, Bitcoin, the world's largest cryptocurrency by market cap, rose about 7 percent, crossing the $10,000 mark during Thursday's trading session. Bitcoin now has market cap of 169 billion, accounting 35.7 percent of the total cryptocurrency market cap. Other major cryptocurrencies such as Ethereum, Ripple, Bitcoin Cash and Litecoin also witnessed significant gains in the past two days. On Wednesday, Litecoin jumped 31 percent to $207.94. It is now ranking as the fifth largest cryptocurrency by market cap.

Global Blockchain Technologies Corp. (OTC: BLKCF) also listed on the Canadian Stock Exchange under the ticker symbol 'BLOC'. Yesterday the company announced breaking news that, "KODAKOne (a product of WENN Digital) a fully- registered Initial Coin Offering ('ICO') in which GBT is a lead investor, will host and manage its community development & activities from the ICOxConnect.com community platform. ICOx Connect.com is a product of ICOx Innovations, Inc. ('ICOx Innovations').

ICOx Innovations is a Company that provides support for designers and builders of cryptoeconomies who may sell their tokens in compliance with applicable laws. These are commonly refered to as Initial Coin Offerings (ICOs). ICOx Innovations is pleased to announce that its first client token, KodakCoin will host and manage its community development and activities from the ICOxConnect.com community platform. KODAKCoin, a product of WENN Digtal was announced at the 2018 Consumer Electronic Show, ICOxConnect.com is the blockchain industry's first compliance-driven tokenholder social and information platform for connecting tokenholders and participants to the executive management team of token issuing corporations. ICOxConnect.com is the first, and, to date only community development platform that purposefully restricts its listings to ICOs that comply with applicable laws. The ICOxConnect.com platform aims to provide a forum for the communities that support coins that are in compliance with applicable laws.

Shidan Gouran, the President of GBT commented, "The KODAKCoin ICO continues on schedule and we are very excited that the KODAKOne community will have a secure and regulated platform in ICOxConnect.com upon which the community can ask questions and receive answers in accordance with the regulated ICO."

Bruce Elliott, the President of ICOx Innovations said, "Leveraging the ICOx Innovations platform and our strategic, regulatory, operational, blockchain and cryptocurrency development services, we were able to help develop the KODAKCoin and have consulted to ensure that the ICO and ongoing operations of KodakCoin by WENN Digital are managed in a fair, transparent and regulatory compliant manner in compliance with applicable laws."

Cameron Chell, the Chairman of ICOx Innovations said, "We have a number of additional large organizations looking to launch their crypto economies with operational insights from ICOx Innovations and knowing that ICOxConnect offers a community development channel that is in compliance with applicable laws has been a key differentiator in their choice to partner with ICOx Innovations."

Utilizing blockchain technology, the KODAKOne platform creates an encrypted, digital ledger of rights ownership for photographic archives as well as for photographers to register both new and archive work that they can then license within the platform. With Kodak Coins, participating archives and photographers can take part in a new economy for photography, receive payment for licensing their work immediately upon sale, receive a share of overall platform revenue, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform."

Eastman Kodak Company (NYSE: KODK) earlier in January announced together with WENN Digital, the launch of the KODAKOne image rights management platform and KODAKCoin, a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management. Utilizing blockchain technology, the KODAKOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform. With KODAKCoin, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform.

MGT Capital Investments Inc. (OTCQB: MGTI) announced recently that it has that it has executed a new purchase order with Bitmain Technologies for 1,000 S9 Antminer mining rigs, with shipment expected in March 2018. Also, the Company purchased and has received an additional 1,000 new S9 Antminers from a third party. Following shipment and setup, and in conjunction with the Company's current rigs in operation or undergoing deployment, MGT's cryptocurrency mining operations will be comprised of over 7,000 Bitmain S9's plus 50 GPU-based Ethereum miners. The Company expects all rigs announced to date to be operating by the end of the first quarter of 2018, at which point the machines are expected to generate nearly 100 Ph/s of total hash power.

Overstock.com Inc. (NASDAQ: OSTK) announced earlier this month that their fintech subsidiary t0.com, Inc. ('tZERO'), to purchase a 24 percent ownership stake in StockCross Financial Services, Inc., ('StockCross'), a FINRA member firm and a U.S. DTCC member Firm.

An important part of tZERO's strategy is to buy, build or partner in order to aggregate all necessary components to have end-to-end ownership of its trading, clearing and settlement platform. The investment in StockCross adds a key partner with the custodial and clearing functionality of a U.S. DTCC member firm to tZERO's trading ecosystem. "We view our acquisition of 24 percent of StockCross, and our relationship with the Gebbia family, as another key step toward achieving our goal of being the first fully regulated security token trading platform," said Joseph Cammarata, president of tZERO. "This collaboration unlocks enormous potential and provides us with enterprise-level economies of scale for both of our companies."

BTL Group Ltd. (OTC: BTLLF) on January 21, 2018 provided information on the next phase of its previously announced European energy trading project, under which four oil and gas supermajors and five leading energy traders including Eni Trading & Shipping, Total, Gazprom Marketing & Trading Limited, Mercuria, Vattenfall, Petroineos and Freepoint, propose to participate in using BTL's Interbit blockchain platform to deliver gas trading reconciliation through to settlement and delivery of trades. This enterprise solution is being called OneOffice and is a revenue generating project for BTL. Interbit, as a next generation blockchain platform, has the capacity to operate and interconnect many thousands of blockchains per server, in a secure, private and scalable manner and moreover is designed for ease of use.

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