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Cryptocurrency Mining Market on the Rise as Technology Advances

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Cryptocurrency Mining Market on the Rise as Technology Advances

FinancialBuzz.com News Commentary

PR Newswire

NEW YORK, May 14, 2018 /PRNewswire/ --

According to Coherent Market Insights, the cryptocurrency mining market was valued at 610.91 million in 2016 and is expected to reach US$ 38.38 billion by 2025, while growing at a compound annual growth rate of 29.7 percent during the forecast period. The revenue from cryptocurrency mining includes earning block rewards and transaction fees in return to efforts to process cryptocurrency transactions. The report indicated that the large enterprises segment accounted for over 70 percent of the cryptocurrency mining market in 2016 and is expected to witness highest growth due to its enhanced hashing power and participation of large number of users in their pools. Internet of Things Inc. (OTC:INOTF), MGT Capital Investments, Inc. (OTC:MGTI), Seven Stars Cloud Group, Inc. (NASDAQ:SSC), Global Blockchain Technologies Corp. (OTC:BLKCF), Victory Square Technologies Inc (OTC:VSQTF)

According to CNBC, investment research firm Fundstrat expected that the economics of bitcoin mining could help support the current level of cryptocurrency price. Fundstrat estimated the newer Antminer S9 could lower the break-even price for bitcoin mining. According to CoinMarketCap, bitcoin price was traded at $8,556 on Friday. Sam Doctor, head of data science research at Fundstrat, said in a report. "We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year-end, with a $20,000-$64,000 range."

Internet of Things Inc. (OTC:INOTF) also listed on the TSX Venture Exchange under the ticker (TSX-V: ITT). Earlier today the company announced breaking news that it, "has entered into a letter of agreement to acquire Weather Telematics Inc. ("WTX Inc." or "Weather Telematics") a data science company offering real-time advanced artificial intelligence (AI) based predictive road condition weather analytics for safer, connected and autonomous transportation.

The Company intends to acquire 100% of the issued and outstanding shares of WTX Inc. for $2.53 million on the following terms: (i) $230,000 in cash payable at closing; (ii) $300,000 in cash payable on the 6-month anniversary post closing; and (iii) $2,000,000 in IoT Inc. treasury shares priced on a 5-day VWAP [Rick-Should we include "post this announcement"] with 50% of the shares to be released over three years on the 12th month, 24th month and 36th month anniversaries post closing and the 50% balance to be release on achieving $8.2 million minimum net sales target over 36 months [Rick-Should we include? "with pro rata releases every six months"].

Weather Telematics uses an AI system, a proprietary mobile sensor network and a data fusion platform to generate its data. WTX Inc. has developed a unique set of meteorological data (based on hundreds of millions of miles of road weather data) that allows it to make real-time hyper-local road condition predictions. Weather Telematics has patents pending in multiple jurisdictions for its sensor and a growing sales pipeline consisting of globally recognized automotive OEMs, electric vehicle manufacturers, telematics and logistics companies, media companies, and insurance companies. In addition, IoT Inc. will look to expand WTX Inc. into China through its New Hope IoT Intl Inc. joint venture partnership.

Weather Telematics has assembled a strong and highly qualified management team, led by Robert Moran, CEO: Mr. Moran is an accomplished serial technology entrepreneur with several successful exits, he will continue to lead WTX Inc.; Darryl Smith, Chief Technology Officer, has co-founded four technology start-ups; Michael Keefe, Chief Strategy Officer, has 20+ years of senior management experience driving innovation and global market growth; and Dr. Shiven Sharma, Chief Data Scientist, has conducted extensive research in the field of AI, particularly machine learning, and has published over a dozen research papers on the subject matter.

"We are excited to launch a new era of growth for WTX with IoT Inc.," said Robert Moran, CEO of Weather Telematics. "IoT Inc.'s vision closely aligns with our strategy to apply AI-based predictive data and IoT sensor networks to solve some of the global challenges facing the transportation, insurance, and weather sectors."

"Weather Telematics is poised for significant growth with a clear path to increased revenue and profitability. Since the signing of our global distribution agreement with WTX Inc. this past fall, we have worked alongside their team and have been extremely impressed with their progress," said Michael Frank, CEO of IoT Inc. "We are looking forward to working with Weather Telematics management even more closely to accelerate and expand their market penetration and maximize return on investment for our shareholders."

It is anticipated that IoT Inc. will close the acquisition of WTX Inc. by May 31, 2018. The transaction is subject to the approval of the TSX Venture Exchange.

About Weather Telematics Inc. - Founded in 2010, Weather Telematics Inc. is a Canadian-based, IoT data science company offering road safety data products for industrial, government and consumer markets. Weather Telematics uses a proprietary vehicle-mounted mobile IoT sensor network and AI machine learning system to generate real-time and predictive road weather conditions, road hazard risk alert notifications and dynamic routing applications. The Weather Telematics platform mitigates weather risk, reduces traffic congestion and makes connected and autonomous navigation safer in all types of road conditions.

To learn more, visit: http://www.weathertelematics.com

Follow Weather Telematics on: Twitter: https://twitter.com/weathertx

About Internet of Things Inc. - Internet of Things Inc. is a strategic investor in growth-ready companies with innovative technology solutions. We create value through our portfolio companies' expertise in the Internet of Things, Artificial Intelligence and Blockchain, as they turn data into actionable intelligence and make everyday business smarter. The Company has a joint venture partnership, New Hope IoT Intl Inc., with New Hope Data Technology Co. Ltd. IoT Inc. and also has strategic investments in Braingrid Corp. and Blockstrain Technology Corp. The Company has its headquarters in Toronto, Canada.

MGT Capital Investments, Inc. (OTCQB:MGTI) ranks as one of the largest U.S. based Bitcoin miners. Further, the Company continues to execute on an expansion model to grow its crypto assets materially. Earlier this year the company announced that it has executed a new purchase order with Bitmain Technologies for 1,000 S9 Antminer mining rigs, with shipment expected in March 2018. Also, the Company purchased and has received an additional 1,000 new S9 Antminers from a third party. Following shipment and setup, and in conjunction with the Company's current rigs in operation or undergoing deployment, MGT's cryptocurrency mining operations will be comprised of over 7,000 Bitmain S9's plus 50 GPU-based Ethereum miners. The Company expects all rigs announced to date to be operating by the end of the first quarter of 2018, at which point the machines are expected to generate nearly 100 Ph/s of total hash power.

Seven Stars Cloud Group, Inc. (NASDAQ:SSC) is aiming to become a next generation Artificial-Intelligent (AI) & Blockchain-Powered, Fintech company. On April 17, 2018, the company announced a digital asset distribution agreement with GT Dollar Pte. Ltd. (GTD), a Singaporean-based global virtual credit clearing system operator connecting over 2 million businesses worldwide. GTD will be will launching a digital asset exchange and trading platform on its GT Dollar App that will exclusively facilitate the listing, quotation, trading and settlement of digital index products offered by SSC. The distribution agreement will offer the Company a built-in audience to market its digital financial products to by leveraging GTD's vast financial products sales network in Southeast Asia.

Global Blockchain Technologies Corp. (OTC:BLKCF) a lead investor in the KODAKOne platform, announced last week that that WENN Digital, Inc., the operator of the KODAKOne Image Rights Management Platform ("KODAKOne"), a blockchain-based image rights management and protection platform, announced it will officially commence the $1.00 round of its offering of the Simple Agreements for Future Tokens (SAFTs) on May 21, 2018. Shidan Gouran, President & CEO of the Company said, "BLOC incubates, founds, partners and strategically invests in companies who are committed to innovating and developing technology to improve and change industries. Our investment in KODAKOne is now progressing to a fully commercial offering, which should rank as one of the very first security compliant offerings in Blockchain."

Victory Square Technologies Inc (OTC:VSQTF) earlier this month announced thatreturns from the World Blockchain Forum: Investments & ICOs Conference in Dubai, United Arab Emirates, with newly-formed partnerships and investments in three promising blockchain companies that won awards for their presentations in Dubai. The longest-running and highest-attended financial conference for the bitcoin, blockchain and cryptocurrency industries in the Middle East saw over 1,000 attendees converge in Dubai for the two-day event that took place April 16 and 17, 2018. It saw Victory Square partner with Keynote, the World Blockchain Forum to present the top 3 ICOs Award at the event. The three emerged from the 30 companies that were vetted and selected by the World Blockchain Forum to present their ICOs (with those 30 drawn from an initial pool of applicants).

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