Block (SQ) to Boost Cryptocurrency Efforts With Latest Plans – January 14, 2022 - Digitren Indonesia
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Block (S.K. Free Report) intends to launch a bitcoin mining operation to strengthen its presence in the cryptocurrency market.

The company strives to efficiently process the mining, maintenance, configuration and purchasing process with Bitcoin.

Block has started hiring a team to focus on building the underlined system. The team focuses on ensuring the reliability of the device, dealing with power consumption and solving problems related to access to the system.

We note that the latest move will have a positive impact on the company’s efforts at Bitcoin, which will help drive business growth.

In particular, in the third quarter of 2021, the company generated $ 1.82 billion (47 percent of its total revenue) from bitcoin, an 11-year increase.

Promises for growth are many.

Crypto currencies that have the potential to make a difference in peer-to-peer and money-transfer processes are gaining strength from decentralization, low payment, distributed accounting technology transparency, consumer retention and fast international transfers.

Moreover, in the world affected by this coronavirus, a significant increase in digital and non-digital transactions and payments in blockchain-supported digital currencies is expected to boost the cryptocurrency market.

According to Fortune Business Insights, the crypto market is expected to reach $ 1.9 billion by 2028, with a CAGR of 11.1% between 2021 and 2028.

The strong popularity of the popular and widely used digital currency Bitcoin has become a key incentive for crypto miners.

The growth of other digital currencies such as litecoin, ethereum and zcash will continue to boost crypto miners’ hopes.

All the reasons are encouraging companies to enter the crypto mining market, which is promising.

According to Data Bridge Market Research, the global crypto mining market is likely to witness a CAGR of 11.5% between 2021 and 2028.

Recent Plans From the bitcoin mining system layout Block well to take advantage of the above growth opportunities.

Reinforcement competition

The block, currently owned by Zach # 4, is facing stiff competition from existing crypto players. NVIDIA (NVDA Free report), Marathon Digital Holdings (Mara Free report) and Nest 8 Minerals (Hut (Free Report), are making concerted efforts to strengthen their crypto mining capabilities.

You can see Click here for a full list of today’s Zacks # 1 Rank.

As a result, strong competition pressure from these companies may cause investors to worry about the block. When it comes to price performance, Block lost 39.9% in one year.

In particular, the NVD, which returned 106.6% last year, is growing at the expense of the growing number of GPUs. The launch of the NVDA Cryptocurrency Mining Processor (CMP) is ideal for professional mining. Because of their low voltage and frequency characteristics, the processors are well equipped to increase the efficiency of the mine.

Marathon Digital, which gained 25.5% last year, is benefiting from increased mining, growing bitcoins production, strong bitcoin holdings and hash volume. In addition, the purchase of 30,000 S19j Pro mines from BITMAIN is a major step forward in the development of Bitcoin. In addition, MARA recently signed an agreement with BITMAIN to purchase ANTMINER S19 XP (140 TH / s) bitcoin miners.

Meanwhile, Hut 8 Mining, which gained 50.5% in one year, is growing at a rapid pace with the expansion of self-mining and hosting services. In addition, HUT’s growing Bitcoin content and prospects around the purchase of NVDIA GPUs are intriguing. Recently, Hut 8 Mining received all of its high-performance NVDIA GPUs at the pharmacy.

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