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Crypto Stocks Gain Steam As Bitcoin Rises

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Crypto Stocks Gain Steam As Bitcoin Rises

March 24
00:08 2022

According to Research and Markets, the global cryptocurrency market was valued at $1.78 trillion in 2021. The market is expected to hit $32.42 trillion by 2027, at a compound annual growth rate of 58.4% over the period.

CAGR’s near 60% are extremely rare, that’s why former hold-outs such as billionaire investors Steve Cohen, Warren Buffett, and George Soros, who were once against cryptocurrencies, are now slowly warming up to them.

This growing market will drive stocks in the sector, and there are a few, in particular, to monitor closely.

Generation Hemp Inc. (OTCMKTS:GENH) for instance, is starting a JV to create Bitcoin Mining Facilities fueled by its Hemp biomass feedstock.  The first 2 MW plant alone could produce up to $4.15 Million in annual revenues at today’s BTC prices.    GENH will maintain 85% ownership of the JV.  “This will be a tremendous learning experience for us as we are planning significantly larger projects in the southeastern U.S.”  CEO Gary C. Evans commented.

GENH will provide the power source for this first project will ultimately combine hemp-based biofuel and Solar, backed up by the grid.   The company is now working to gain Renewable Energy Credits (RECs), these are essentially credits created for every 1 MW/h of clean electricity created.  Companies possessing these can either keep or sell them.  While GENH will likely initially keep them for this JV, there could be a time in the future when they are purely selling clean energy to other operations.

The House Energy and Commerce Oversight committee is hot on crypto mining’s trail, and legislation could come soon.   Consider the energy required for a single Bitcoin transaction that could power a home for more than 70 days.

“Shark Tank” star Kevin O’Leary predicts regulation in 2022.  For institutions to get involved, they need an ESG friendly bitcoin mining option, and to distinguish the two with Clean Vs. Dirty coins.

GENH will be creating “clean” coins, eventually, they could be added to some of the Green Crypto ETFs such as Valkyrie’s new Bitcoin Mining ETF (WGMI).

Asia Broadband Inc. (OTCMKTS:AABB) stock was one of the notable volume movers in previous trading session as the stock fell 21.03% to $0.1199 with over 48.97 million shares traded hands, compared to its average volume of 26.149 million shares. Over the past 52-week, the stock has been moving in a range of $0.0000 – 0.0040.

the Company has launched its AABB Exchange applications (the “Exchange”) and they are now available on mobile devices through the AABB Wallet app. Wallet users can place buy and sell orders on their smart phones to execute cryptocurrency trades for an expanding number of trading pairs available on the Exchange platform.

Xunlei Limited (NASDAQ:XNET) stock was in action in the previous trading session as the stock gained 3.50% to $1.78 with over 359K shares traded hands, compared to its average volume of 267K shares.

Total revenues were $71.1 million in Q4, an increase of 18.6% from the previous quarter. Subscription revenues came in at $23.7 million, representing an increase of 4.3% from the previous quarter. Gross profit was US$33.3 million, representing an increase of 13.3% from the previous quarter, and gross profit margin was 46.7% in the fourth quarter, compared with 48.9% in the previous quarter. Net loss was US$0.5 million in the fourth quarter, compared with a net loss of $5.1 million in the previous quarter.

KYN Capital Group Inc. (OTCMKTS:KYNC) stock continued to trend in a range on Friday. On Friday, the stock moved up 9% at $0.0037 with more than 83.96 million shares traded hands, compared to its average volume of 70.01 million shares.

The company announced the long awaited Koinfold™ Debit Card and expects sign ups to begin next month. Additionally, KYN Capital Group will be releasing revenues for the 1st Quarter of 2022 on behalf of its Pay.How beta and progress regarding the acquisition of BW Property Management and its entire suite of tools.

MGT Capital Investments Inc. (OTCMKTS:MGTI) stock was in action in the previous trading session as the stock soared 36.11% at $0.0245 with over 13.85 million shares traded hands, compared to its average volume of 4.04 million shares.

MGT Capital Investments, Inc., a cryptocurrency mining company, mines and sells bitcoins. The company was incorporated in 1977 and is headquartered in Raleigh, North Carolina.

One World Universe Inc. (OTCMKTS:OWUV) stock was in action in the previous trading session as the stock moved up 2.63% to $0.0839 with over 1.60 million shares traded hands, compared to its average volume of 3.27 million shares.

The company has entered into a partnership with Friends with Business Inc. to assist new businesses register their companies and provide a one-stop-shop for business services.

 

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