NEW YORK, May 27, 2021 /PRNewswire/ -- Earlier this year, Tesla was one of the first major corporations to start accepting bitcoin as payment. Yet, after only a few months, Tesla CEO Elon Musk said on Twitter that the Company has suspended vehicle purchases using the cryptocurrency due to concerns over "rapidly increasing use of fossil fuels for bitcoin mining." This has caused the price of bitcoin, and other cryptocurrencies as well, to plummet. The saga continued this week, as Musk revealed that he has talked to North American Bitcoin miners, discussing their commitment to publish current and planned renewable usage. As a result, the price of bitcoin jumped about 4% Monday afternoon. ISW Holdings Inc. (OTC: ISWH), Bitfarms Ltd. (OTC: BFARF), Ault Global Holdings, Inc. (NYSE: DPW), Ozop Energy Solutions, Inc. (OTC: OZSC), Tesla, Inc. (NASDAQ: TSLA)
The concern over how much dirty energy is being used to mine bitcoin is not new, but after the fiasco with Tesla, the issue is back at the forefront of investor attention. Only two days after Tesla had stopped accepting bitcoin, publicly-listed crypto companies, Argo Blockchain Plc and DMG Blockchain Solutions Inc., announced their partnership with the Crypto Climate Accord (CCA) to promote the decarbonization of the cryptocurrency industry. Alongside the CCA, Argo and DMG are developing a new working group to more clearly outline the accord's objectives while deploying new technologies that increase the transparency of the renewable energy sourcing of crypto mining. Two main objectives of the CAA are to achieve net-zero emissions from electricity consumption for CCA Signatories by 2030 and to develop standards, tools, and technologies with CCA Supporters to accelerate the adoption of and verification of progress toward 100% renewably-powered blockchains by the 2025 UNFCCC COP30 conference.
ISW Holdings Inc. (OTC: ISWH) just announced breaking news that, "the Company's President and Chairman, Alonzo Pierce, was recently featured on the popular Waypoint Podcast, alongside Robert Collazo of Bit5ive, LLC ("Bit5ive").
The podcast can be found HERE.
Highlights from the Discussion
In the podcast, Collazo and Pierce discussed their partnership and the progress they have made since last summer.
Collazo also discussed his long-term commitment, and how he got started very much at the very beginning of the crypto revolution as Bitcoin was in its nascency. Pierce established that he has been very impressed with Collazo's expertise and experience and has complete confidence that he, and ISW Holdings, have the right partner to produce a market-leading carbon neutral cryptocurrency company.
Collazo also noted that the partners will not simply hold mined coins in cold storage, but seek out innovative ways to monetize, hedge, and otherwise capitalize on the savings and value mined coins represent so that the capital is working for them while they continue to produce more.
The partners also noted that they will be participating in a coordinated pooled mining strategy, which will include entering into the Bitmain mining pool. Collazo further suggested that independent mining operations – outside of a pool – is no longer a valid strategy given increased competition and global hash rates.
The podcast host remarked several times that the partners have managed to coordinate an enviable relationship with the City of Miami. More details on this will be disclosed soon.
Collazo also noted that the partners have done a very good job of sourcing new miners. The host of the podcast noted that they must have special connections and that this represents one of the major hurdles facing the industry at present due to the global chip shortage. Collazo stated that Bit5ive has been proactive in protecting the needs of its partners. In addition, Bit5ive's very strong relationship with Bitmain, the world's foremost producer of ASIC bitcoin mining hardware, has been instrumental in sourcing during a difficult context.
The partners also noted that there are several major announcements on the way, including a move to segment out and launch hosting operations, and also hints of a new pod design for alt-coin mining.
Renewable Resources: The partners also noted that the shift to innovate toward a carbon neutral mining standard is the north star in the space, and that they have been working toward this goal aggressively.
Collazo also discussed the strategy in place to monetize used miners efficiently given the powerful market in place for secondary mining equipment.
Pierce noted that timing is essential for managing the equipment input/output equation, and he is glad he partnered with a top expert to make sure those decisions are made based on data and real-world experience.
The big headline, as noted in the Company's prior release, is that hashing is now underway this week.
Finally, both Collazo and Pierce agreed that ISW Holdings mining infrastructure and operations can be profitable on a per unit basis with Bitcoin above $25k/coin.
Pierce also noted that the Company has been working through a set of strategic objectives. The Joint Venture structure of the relationship between Bit5ive and ISW Holdings is working well and any further discussions that hinge upon a different relationship structure lie ahead. Both companies are focused on the long-term value of their joint operations.
About ISW Holdings: ISW Holdings, Inc. (ISWH), based in Nevada, is a diversified portfolio company comprised of essential business lines that serve consumer product demands. Our expertise lies in strategic brand development, early growth facilitation, as well as brand identity through our proprietary procurement process. Together, with our partners, we seek to provide a structure that meets large scalability demands, as well as anticipated marketplace needs. We are able to meet these needs through a variety of strategic innovative processes. ISWH is creating and managing brands across a spectrum of disruptive industries. It maneuvers its proprietary companies through critical stages of market development, which includes conceptualization, go-to-market strategies, engineering, product integration, and distribution efficiency. The company has also partnered with a well-known software development and consulting company, Bengala Technologies LLC, which is developing significant enhancements in the supply chain management space; and the partnership has a vitally needed patent now pending.
The Company's cryptocurrency mining segment, established in partnership with industry leader, Bit5ive LLC, is driven by a mission to mine cryptocurrency with a zero carbon footprint."
Bitfarms Ltd. (OTC: BFARF) announced on May 12th, a strategic new milestone in our relationship with MicroBT, one of the leading manufacturers of Bitcoin mining equipment in the world. Emiliano Grodzki, CEO of Bitfarms said "MicroBT is one of the best Bitcoin miner manufacturers in the world. Bitfarms is excited to take our relationship with MicroBT to the next level with the signing of this new repair center agreement and look forward to even greater cooperation in the future. Vincent Zhang of MicroBT said "Bitfarms has been a great customer for MicroBT over the last few years and has collectively purchased and agreed to purchase nearly 65,000 MicroBT miners to date. We look forward to continuing to grow our relationship with Bitfarms, who have proven themselves to be one of the leading operators in North America and a great company to do business with."
Ault Global Holdings, Inc. (NYSE: DPW) announced on March 5th, that it has resumed bitcoin mining through its wholly-owned subsidiary, Ault Alliance, Inc., at its 617,000 square foot energy-efficient facility in Michigan. The Company also announced that it has begun the initial 30,000 square foot data center buildout at the Michigan facility. The Company plans to ramp up its bitcoin mining operations after the initial buildout is completed during the quarter ending June 30, 2021. "Since we abandoned our bitcoin mining activities approximately a year ago, much has changed for the Company," said Milton "Todd" Ault, III, the Company's Executive Chairman. "We have significantly strengthened our balance sheet, which allows us to invest in growing our cryptocurrency mining operations. We believe that we are now in a position to better withstand the volatility associated with cryptocurrency mining, as we have secured a low-cost energy source that we control. We believe our improved capital structure combined with low energy costs at a facility we own positions the Company for success."
Ozop Energy Solutions, Inc. (OTC: OZSC), as a two-part progress report, Ozop announced on March 25th, the next step of execution of their energy market growth model. The Ozop expansion is in the contract-supply end of commercial solar panels supporting the non-roof-top energy markets. The goal and model is not only to supply high end products necessary for power grid support projects but for the development of the Neo-Grids. The Neo-Grids is the production of electricity for the off-grid markets that require massive amounts of energy and when the current infrastructure has no way of supporting this expanding demand.
Tesla, Inc. (NASDAQ: TSLA) CEO Elon Musk tweeted on May 12th, "Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment. Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction." While Tesla will no longer accept bitcoin for vehicle purchases, Musk specified that Tesla plans to hold rather than sell the bitcoin it already holds and will be looking into other cryptocurrencies that require less energy for transactions according to CNBC.
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.