US Senator Loves That Bitcoin Cannot Be Stopped

October 10, 2022 at 09:00 AM EDT

In an interview with Natalie Brunell of Hard Money last week, Republican US Senator Cynthia Lummis of Wyoming talked about the benefits of bitcoin. Lummis explained that she loved that bitcoin can’t be stopped, citing concerns about national debt and inflation. She added that in some countries where the government isn’t stable, people’s homes and property can be taken away. The senator made it clear that bitcoin is something that the government can’t take away. In June, Lummis put forward a crypto bill called the “Lummis-Gillibrand Responsible Financial Innovation Act” (D-NY) alongside New York Senator Kirsten Gillibrand. If the Lummis-Gillibrand Act passes, one company that would benefit is WonderFi Technologies (TSX:WNDR) (OTC:WONDF) which owns a regulated crypto platforms in Canada, as it would allow the company to rapidly enter the US with new regulation in place. Other companies that would stand to benefit from new regulations include Bit Digital Inc. (NASDAQ:BTBT), Bitfarms Ltd. (TSX:BITF) (NASDAQ:BITF), Coinbase Global, Inc. (NASDAQ:COIN), and Hive Blockchain Technologies (NASDAQ:HIVE) (TSXV:HIVE).

WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF) just announced that CEO Ben Samaroo and Strategic Investor Kevin O’Leary will attend this year’s W3BX Investor Summit and Expo from October 10-13 at the Wynn Las Vegas.

W3BX will include daily networking events, 1-on-1 meetings, educational workshops, fireside chats, and Summit sessions to provide an unrivalled experience. Fortune 500 firms, Venture Capitalists, Retail and Institutional Investors, Hedge Funds, Family Offices, and Blue-Chip NFT Collectors will attend this four-day conference.

Ben Samaroo, WonderFi co-founder and CEO, will participate in the TSX Panel discussion: Using Canadian markets to fuel growth, which will take place on Tuesday, October 11th, between 9:40 and 10:20 a.m. The CEO of the recently TSX-listed business will speak on some issues, including Web3 trends, public capital raising, and investor interest in Web3 public companies.

Kevin O’Leary, a WonderFi Strategic Investor, will hold two fireside chats on Wednesday, October 12th. At 9:00 a.m., the first fireside and Q&A titled: From “You’re Dead to Me” to wearing orange shoes, Mr. Wonderful’s Crypto Journey will take place, featuring Mark Yusko of Morgan Creek Capital/Morgan Creek Digital. The second chat begins at 11:00 a.m. with Eryka Gemma of Timelock Ventures on the topic: It’s Time for Consumer Adoption: Practical Uses for Blockchain Technology.

For the first time, O’Leary and Samaroo will share the stage with Scott Melker, whom Binance recently named the most important name in cryptocurrency. The panel discussion will be held on October 12th at 12:30 p.m. and will focus on: What will drive the mass adoption of crypto and when grandmothers will be gifting Bitcoins instead of socks for Christmas.

“I’m very excited to share the stage with some of the sector’s biggest innovators as we hope to address today’s most relevant crypto matters and the future of blockchain-driven money,” says O’Leary. “This is a brand-new asset class with lots of volatility but also lots of potential. That’s why I’m involved and why everyone should get educated today.”

On September 29, WonderFi Technologies (TSX:WNDR) (OTC:WONDF) subsidiary Bitbuy Technologies Inc. announced a partnership with AlpacaDB, Inc. As a result, Bitbuy will be able to provide its users with fractional trading and investing in thousands of U.S. equities and exchange-traded funds (ETFs).

To support real-time fractional trading and speedy settlement for its customers, Bitbuy will leverage Alpaca’s Broker API. By way of a significant Canadian investment bank and IIROC member, Bitbuy stock trading will be accessible with Alpaca and brokerage services. The banking partner of WonderFi will route, execute, clear, and custody of all customer accounts and trades. An official launch date will be revealed ahead to the first quarter of 2023, when Bitbuy stock trading is expected to begin online.

“Providing seamless access to stock trading makes Bitbuy the first platform in Canada to offer a full suite of crypto trading as well as fractional trading of U.S. equities with real-time settlement,” said WonderFi CEO Ben Samaroo. “This is in furtherance of our goal of making users’ lives easier and bringing key asset classes within our easy-to-use, regulated platforms.”

For more information about WonderFi Technologies Inc (TSX:WNDR) (OTCQB:WONDF), please visit this link.

Crypto Miners Provide Bitcoin Production Updates

Bit Digital Inc. (NASDAQ:BTBT) earned 145.3 bitcoins in August 2022, a 2% increase over the previous month. In August 2022, the company earned 0 ETH, compared to 0.5 in the month ending July 31, 2022. As of August 31, 2022, cash BTC and ETH holdings were 919.2 and 3,684.0, with a fair market value of about $18.4 million and $5.7 million, respectively. As of August 31, 2022, Bit Digital had 38,594 bitcoin miners and 731 Ethereum miners, with a maximum total hash rate of 2.7 Exahash (EH/s) and 0.3 Terahash (TH/s), respectively. Bit Digital purchased 561 M30 miners and sold 103 M21 miners throughout the month. For the second quarter of 2022, bitcoin mining revenue was $6.5 million, while Ethereum mining revenue was $0.3 million. Non-GAAP net income was $0.00 per share, or $0.1 million.

Bitfarms Ltd. (TSX:BITF) (NASDAQ:BITF) has provided a production and mining operations update for September 2022. The company mined 3,733 BTC in the first nine months of 2022, surpassing full-year production in 2021, and mets the target of 4.2 Exahash/second by September 30, 2022. Bitfarms started production and continued to expand at the first warehouse in Argentina. The company mined 481 new BTC in September 2022, representing a 57% increase over September 2021 and a 10% decrease over August 2022. The fall in productivity from August 2022 was mostly caused by a 13% increase in network difficulty, a brief farm outage, and a shorter month.

In a letter to shareholders, Coinbase Global, Inc. (NASDAQ:COIN) stated that the drop in bitcoin asset values had a substantial impact on its second-quarter financial results, which were in line with the expectation provided in May. Net revenue was $803 million, a 31% decrease from the previous quarter’s total, due to fewer transactions. Operating expenses totaled $1.9 billion, an increase of 8% from the previous quarter. Impairment expenses on non-cash items significantly reduced net loss to $1.1 billion. Without non-cash impairment costs, the net loss would have been $647 million. The adjusted EBITDA was a loss of $151 million. Despite the continuous market downturn, Coinbase served 9.0 million MTUs in the second quarter, a 0.2 million or 2% decrease from the first. The entire trade volume fell 30% from the first quarter to $217 billion.

In August 2022, Hive Blockchain Technologies (NASDAQ:HIVE) (TSXV:HIVE) generated 3,010 ETH and 290.4 BTC. At the beginning of August, the company’s hashrate for mining bitcoin was 2.23 Exahashes, averaging 2.07 Exahashes throughout the month. Its total Ethereum mining capacity at the end of August was 6.49 Terahashes, with an average hashrate of 6.19 Terahashes. In August, Hive produced 16.7 bitcoin equivalent on average every day. The company announced on September 2 that it has entered into an agreement with H.C. Wainwright & Co. for a market offering (the “ATM Agreement”) (the “Agent”). Under the terms of the ATM Agreement, the Company and the Agent will implement a “in-the-market” share issuance program, wherein the Agent may periodically issue and sell a certain number of ordinary shares of the Company for a maximum aggregate offering price of US$100 million. Any net proceeds from the ATM share program that Hive receives are anticipated to be used for working capital and other general corporate purposes, as well as to support the growth and development of the Company’s current mining operations.

WonderFi Technologies (TSX:WNDR) (OTC:WONDF) announced at the beginning of September that it had agreed to acquire Blockchain Foundry (BCF), one of North America’s leading blockchain development firms.

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Featured Image MegaPixl @ Aoutphoto

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