Blockchain infrastructure has become even more complex as more and more businesses are accepting cryptocurrencies as a way of payment processing. Overall, the crypto market is slowly but surely becoming a crucial component of banking, investing, secure digital payments and more. As a result of a growing demand for digital currencies in the banking and financial landscape, companies like PayPal, Mastercard, Overstock, Etsy and many others have updated their digital payments technology to accept Bitcoin. Then there is Coinbase, which announced earlier in September that it is delving deeper into traditional financial services, allowing users to deposit paychecks directly into their online accounts. “With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase,” Max Branzburg, Vice President of Product at Coinbase, said in a blog post. “We’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.” ISW Holdings Inc. (OTC: ISWH), BIT Mining Limited (NYSE: BTCM), HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE), SOS Limited (NYSE: SOS), Ebang International Holdings Inc. (NASDAQ: EBON)
As for the role of digital currencies in the macroeconomic landscape, it seems assets like Bitcoin are taking on a similar role as gold in a time of inflation, being viewed as store-of-value assets and as hedge against inflation. Simon Peters, crypto asset analyst at the trading platform eToro, explained that Bitcoin’s price reaction to the CPI report is not only a “signal that the market is extremely averse to inflationary pressure, it is a sign investors are now firmly using bitcoin as a hedge against rising prices,” according to a report by Coindesk.
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.'”