updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Bitcoin mining company CleanSpark Inc will establish its own trading desk in 2024, Bloomberg reported on Tuesday. This move reportedly aims to enhance returns from the company’s substantial Bitcoin holdings.
Zachary Bradford, CEO of the Nasdaq-listed company, emphasized the financial prudence of this decision in an interview. Bradford told the paper, “It just makes financial sense to do it in-house.”
This development is not new, as several Bitcoin mining competitors, including Marathon, have reportedly started to leverage cryptocurrency derivatives to use their Bitcoin reserves.
As per Bitcoin Treasuries, CleanSpark held 143 BTC as of September 2022. The number, as per Bloomberg, has increased to 2,575 Bitcoin, as of November 2023. Meanwhile, Marathon holds 13,396 BTC at the same time.
Bradford predicts a trend where mining companies will incorporate in-house trading desks. He believes this approach allows for more tailored risk management and oversight.
In addition, the Nevada-based CleanSpark reportedly plans to focus on regulated crypto offerings, such as option contracts traded on the Chicago Mercantile Exchange (CME) or its affiliates. Bradford mentioned that while some funds might be shifted between accounts, the bulk of their Bitcoin will remain in cold storage custody, with entities like Coinbase providing segregated accounts.
Founded in 2014, CleanSpark (Nasdaq: CLSK) is said to independently operate around five data centers in Georgia, boasting a total developed capacity of 230 megawatts (MW), according to MarketScreener.
On December 8, it was reported that JP Morgan downgraded CleanSpark to ‘Neutral’ from ‘Overweight’. However, at press time, the Nasdaq-listed company is leaning towards a ‘Buy’ rating on the analytics website.
Notably, CleanSpark’s stock closed at $10.88 on Nasdaq as of January 2, marking a 1.36% decrease from the previous day. The company’s stock has experienced a 7% decline in the past week.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Shares of Intel reacted poorly to the news that Apple will no longer need Intel chips and has fully transitioned to its own silicon.
Intel Corporation (NASDAQ: INTC) shares fell following Apple’s (NASDAQ: AAPL) announcement that its new Mac Pro will use M2 Ultra, a new company-built chip. Apple said the M2 Ultra is three times faster than Apple’s fastest Mac Pro computer with an Intel chip. INTC fell nearly 5% on the day and closed at $29.86
Apple said the new Mac Pro will feature up to 192GB and start at $6,999. Apple also announced the Mac Studio and the Mac Pro, describing both products as the “two most powerful Macs ever made.” Furthermore, Apple said the Mac Pro “completes the Mac transition to Apple silicon. In 2020, Apple first launched its own chip, the M1, to much success.
Apple said the new Mac Pro computer will start at $6.999
Intel shares may continue their plunge following Apple’s move to its own chips. The company will have to double its efforts at snapping a sizable market share considering competition from rival semiconductor company AMD (NASDAQ: AMD). The AMD company’s chips have been instrumental to data centers as well as personal computers.
In addition to AMD, Intel also has to worry about Nvidia (NASDAQ: NVDA). Since the AI boom, Nvidia has gained ground as its chips have been in high demand for AI services.
In addition to fighting competition, Intel’s numbers have not been impressive. In April, the company reported figures for Q1 2023, which showed the largest quarterly loss in the company’s history. The Q1 results also showed that Intel saw its second consecutive quarter of losses. In addition, the first quarter was Intel’s fifth straight quarter recording reduced sales.
According to the report, Intel’s quarterly revenue fell to $11.7 billion, a 36% year-over-year (YoY) plunge. Furthermore, the company suffered a 133% annual earnings per share reduction. GAAP loss per share was recorded as $0.66, with non-GAAP loss per share at $0.04.
Intel has also discontinued its line of Bitcoin mining chips. Only a year after announcing the Blocksale application-specific integrated circuit (ASIC), it announced in April that it would stop taking orders in October. Intel also estimates it will ship the last Blocksale ASIC latest by April 20, 2024. According to a spokesperson quoted in a Reuters report, Intel ended the Blocksale 1000 Series ASIC line to prioritize IDM 2.0. The company’s IDM 2.0 strategy is to outsource chip-making while focusing on smaller and faster options.
An official Apple press release announcing the Mac Studio and the Mac Pro describes the computers’ respective M2 Max and M2 Ultra chips. Apple said the M2 Max chip is “up to 6x faster than the most powerful Intel-based 27-inch iMac,” while also touting the Mac Pro’s speed.
The Mac Studio is much cheaper than the Mac Pro, starting at $1,999.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Chinese tech giant Huawei announced the replacement of its software system as a victory over US sanctions.
Huawei has launched an in-house software system to replace its one-time US-sourced internal software management systems. The Chinese multinational tech corporation announced today, almost four years after the US sanctioned it over alleged security concerns.
In May 2019, the US Commerce Department included Huawei in a trade blacklist which ultimately hampered the company’s ability to source US technology. However, the recent Huawei self-generated software system announcement is a victory over sanctions that once threatened the company’s survival.
Huawei held an internal ceremony in Dongguan, heralding a transition to its custom ‘MetaERP‘ system. This enterprise resource planning system replaces the items and tools the Shenzhen-based company used to purchase from Oracle (NYSE: ORCL).
Speaking at the Huawei internal ceremony, which was attended by the Chinese tech giant’s rotating Chairperson, Meng Wanzhou, board member Tao Jingwen explained:
“We were cut off from the old ERP system and other core operation and management systems three years ago. Today we are proud to announce that we have broken through that blockade; we have survived!”
Huawei had relied on the old system to power its operations, from accounting to supply chain management, for more than 20 years. Hence, Tao described the US cut-off as a “massive crisis” for the Chinese tech heavyweight.
Furthermore, Tao, who also serves as president of Huawei’s quality, business process, and IT management department, added:
“Not having access to ERP became Huawei’s ‘Dadu River’ that blocked our way forward and threatened our very existence.”
Tao’s ‘Dadu River’ reference calls back the Chinese Red Army’s famous escape during the East Asian country’s civil war between 1927 and 1949. The escape analogy is also fitting because ERP software is critical to a company’s key business operations.
In a news release, Huawei said it rolled out its in-house Meta-ERP system across 80% of its business. However, whether the company will commercialize its ERP system and potentially compete with out-and-out software solution providers like Oracle remains unknown. Nonetheless, Huawei’s in-house software development opens a potential new business opportunity for the firm to expand into other areas.
Reports state that the new Huawei ‘meta-ERP’ system is a product native to the cloud. In addition, the company’s in-house software system deploys its cloud-computing functionality for improved efficiency compared to traditional ERP products. Tao likened the older system to a “massive old building in disrepair.” However, the Huawei board member described the new software as thoroughly tested and capable of processing millions of accounting entries daily.
In late March, CoinSpeaker reported that Huawei posted its most significant annual profit decline ever in 2022. The annual profit decline resulted from China’s stringent pandemic controls that also impacted several other businesses.
Last year, Huawei suffered a massive 69% annual profit drawdown year-over-year (YoY) to 35.6 billion yuan ($5.18 billion). The figures were the lowest since 2011 when Huawei saw a 54% decline in annual profit.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
JP Morgan, the investment banking giant is reportedly pitching a Bitcoin fund to its private bank clients this week, as per a report in Coindesk. The banking giant had announced its Bitcoin fund in partnership with NYDIG back in April but didn’t start offering it to clients until now. The fund was advertised as the safest and cheapest investment option for the clients.
This also marks a change in strategy from JP Morgan towards Bitcoin who have downplayed its demand on several occasions. Now the American banking giant is all set to offer a private Bitcoin fund. The news also comes just weeks after JP Morgan started offering crypto funds to retail wealthy clients.
The CEO of the company Jamie Dimon is a known Bitcoin critic and maintains he is not a big fan of the top cryptocurrency, but at the same has accepted that if clients want to invest in something they would offer it. The wealth management CEO at the bank had recently said that clients see Bitcoin as an asset class.
The megabank had also shown a great interest in Ethereum and Defi market claiming the ETH 2.0 staking could become a multi-billion dollar industry and even suggesting that Ethereum can outperform Bitcoin to become the true store of value.
Several financial giants including known critics have come a full circle this bull season and have started offering Bitcoin and other crypto-investment products. Be it, Goldman Sachs, Bank of America, Wells Fargo, or JP Morgan, the institutional demand has forced these financial giants to get into the game despite regulatory uncertainty around the crypto market.
The institutional demand for Bitcoin continues to soar irrespective of the market momentum. Amid growing demand for regulating the crypto market and passing of the first Bitcoin ETF, wealthy clients continue to invest in crypto while more Wall Street giants embrace Bitcoin.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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