Monat: März 2023

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Hut 8 Mining swings to adjusted EBITDA loss in its fiscal Q4

  • Hut 8 Mining reports disappointing results for its fiscal Q4.
  • Digital assets mined this quarter was also down year-on-year.
  • Wall Street currently has a consensus overweight rating on HUT.

Hut 8 Mining Corp (TSE: HUT) is trading down this morning after reporting disappointing results for its fourth financial quarter.

Digital assets mined was also down year-on-year

Digital assets the Toronto-headquartered firm produced in Q4 were 698 versus a much higher 789 in the same quarter last year. In the earnings press release, CFO Shenif Visram said:

We continued to fastidiously manage our finances through the fourth quarter, which allowed us to navigate sustained bitcoin price suppression, fluctuating power prices and increased network difficulty.

The crypto company’s installed hashrate currently sits at about 2.5 EH/s. Wall Street currently has a consensus “overweight” rating on the Hut 8 Mining stock and sees upside in it to $3.38 on average – about a 75% premium on its current price.

Notable figures in Hut 8 Mining’s earnings report

  • Lost C$186.7 million versus the year-ago C$111.2 million
  • Per-share loss also widened from 67 cents to 90 cents
  • Swung to an adjusted EBITDA loss of C$3.9 million
  • Revenue also declined about 62% YoY to C$21.8 million
  • Analysts had forecast a higher C$24.5 million of revenue

Last month, Hut 8 Mining said it will merge with US Bitcoin Corp in an all-stock transaction. According to CEO Jaime Leverton said:

We’ll continue to uphold our operating principles as we work to close business combination with USBTC and begin operating as a US-domiciled, digital asset mining, hosting organisation.

Versus its year-to-date high, Hut 8 Mining stock is now down more than 40%.

The post Hut 8 Mining swings to adjusted EBITDA loss in its fiscal Q4 appeared first on CoinJournal.

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Gate.io announces plans for new Visa debit card in Europe

  • Gate Group says the Gate Visa debit card will allow users in Europe to spend their crypto at over 80 million merchant points globally.
  • Users will also be able to track and manage their crypto spending using a Gate Card app.
  • The partnership with Gate.io is Visa’s latest collaboration with a crypto-focused company.

Gate.io parent company the Gate Group has announced a planned launch of a new Visa debit card as it looks to promote further adoption of cryptocurrencies in Europe.

The new venture, Gate Visa debit card, will be run via the company’s Lithuania-based subsidiary Gate Global UAB, and will be open to users within the European Economic Area (EEA), the Gate Group said in a press release.

Gate Group announces Visa debit card

Gate plans to help crypto holders easily and seamlessly pay with cryptocurrencies, including in-store and online at more than 80 million merchant locations across the world.  

Apart from being able to easily spend their crypto assets, card holders will benefit from complete autonomy, with the capacity to track and manage spending via the Gate Card app.

Dr. Lin Han, the founder & CEO of Gate Group said in a statement that the launch of the Visa card is one way of bridging crypto with everyday life. The card will also be key to ensuring greater financial inclusion, Han added.

Cuy Sheffield, the head of crypto at Visa, also commented on the partnership between the payments giant and the cryptocurrency platform. According to him, the collaboration helps Visa in its goal of bringing crypto to its merchants and financial institutions.

Visa’s partnership with Gate.io comes a few weeks after the company’s strategic deal with crypto payments platform Wirex. However, this also follows news reports that Visa had decided to pause all crypto-related deals. 

As CoinJournal highlighted, Visa was ostensibly taking a break to assess the landscape amid the market uncertainty and increased regulatory pressure.

The same outlook was given by Mastercard, although both companies noted they would continue to pursue their respective blockchain strategies.

The post Gate.io announces plans for new Visa debit card in Europe appeared first on CoinJournal.

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Crypto News Today: Web3 Arcade Metacade Presale Brings in a Whopping $9.6m in 15 Weeks

Metacade’s crypto presale has been a major success, and the project is only just starting. Today’s crypto news takes a deeper look into this promising GameFi platform and analyzes just how far a crypto investment in Metacade (MCADE) could go.

Crypto news today: Could the Metacade crypto presale be the best crypto investment of the year?

The biggest news story in the crypto sphere currently involves Metacade – a brand-new GameFi platform generating loads of hype among the blockchain community. Metacade’s crypto presale has attracted $9.6m of crypto investment quickly because it is arguably destined to be one of the most comprehensive platforms in blockchain gaming.

Today’s crypto news highlights that every single prior fundraising round for Metacade has completely sold out. This has meant that the price of MCADE has risen from $0.008 to $0.017 since the initial beta phase.

Metacade is releasing 70% of its total token supply during the crypto presale, allowing the community extensive opportunities to get involved before the end of the event. With such a high level of crypto investment already pouring into MCADE, the token is now preparing for significant long-term price action.

Can MCADE reach $5 in 2025?

Today’s experts analyzing crypto news suggest that MCADE could explode in 2023 and beyond. The MCADE crypto presale is a sign of more to come, with the project consistently attracting significant investment.

Thanks to the crypto presale, MCADE’s exposure is set for a dramatic rise as it enters digital asset exchanges. As such, experts have speculated that by the end of 2023, MCADE could reach $1 per token in value due to this surge in investment opportunities. 

The Metacade platform will go live in 2023, and the project’s vast offering will be completed in 2024. By introducing a ground-breaking selection of crypto-earning mechanics and extensive benefits for the community, Metacade expects to attract a considerable number of users during this time.

In 2024 and 2025, Metacade could experience major success. The next bull market could see MCADE attract enormous levels of crypto investment, pushing the price of the MCADE token up to $7 due to the project’s deflationary tokenomics. This would be an incredible 350x gain from the end of the crypto presale – a rise to rival the other most successful GameFi projects in Web3.

What is Metacade?

Metacade is the biggest blockchain arcade. This means that it offers the most extensive collection of play-to-earn (P2E) games found anywhere on the blockchain, with every title offering integrated financial rewards for players.

On top of this, Metacade will become a central hub for all Web3 users. It will display the latest trends in blockchain gaming and connect its community in new and exciting ways.

Metacade also offers vast earning potential for users beyond the metaverse arcade. This will include Play2Earn, Compete2Earn, Create2Earn, and Work2Earn, as Metacade delivers an all-encompassing GameFi solution using blockchain technology.

How does MCADE work?

The metaverse arcade will offer casual and competitive gameplay, as users can play solo or go head-to-head in ranked events. Paid entry tournaments will offer major crypto prize pools for the winners, as competitive gamers can test their skills for ultimate glory.

The Web3 community hub will display crypto news today and the best new blockchain games in the space. It will also reward content creators through the Create2Earn feature, delivering financial incentives to users as they post game reviews, share alpha, and interact with other community members.

Metacade’s Work2Earn feature will connect new jobs for crypto enthusiasts, enabling anyone to kickstart their career in blockchain. Work2Earn will include gig work, freelance roles, and full-time positions at some of Web3’s hottest companies – a massively valuable offering unmatched by any other GameFi platform.

MCADE is taking blockchain gaming to the next level

The crypto news today that reported Metacade has attracted $9.6m in 15 weeks comes as no surprise. Metacade is a true game changer and will fund the next wave of game development directly.

The Metagrants program will provide early-stage investment to game developers as they build new P2E games for blockchain users to enjoy. It will involve a voting process, where the Metacade community decides which new titles are best, meaning that the most in-demand P2E titles can be brought into the metaverse arcade for the community.

Is MCADE worth buying?

The MCADE crypto presale could be the most lucrative opportunity of the year. With vast earning potential embedded into the platform and a sky-high price prediction due to the crypto news today, Metacade looks like a no-brainer addition to crypto investment portfolios. We can only expect the hype to increase with the presale entering the final stages in March. 

Metacade is a prime example of a strong crypto investment during fluctuating market conditions, as its long-term potential from the end of the crypto presale is massive. 

You can participate in the Metacade presale here.

The post Crypto News Today: Web3 Arcade Metacade Presale Brings in a Whopping $9.6m in 15 Weeks appeared first on CoinJournal.

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XRP price prediction: XRP bulls wake up as Ripple vs. SEC decision edges closer

  • XRP price rose to $0.40 on growing bullish sentiment around the cryptocurrency.
  • On Wednesday, bulls took advantage of positive news in the Ripple Labs vs. SEC case to retest a key price zone.
  • The price prediction for XRP also looks at the prevailing technical picture. 

XRP, the cryptocurrency at the center of the Ripple Labs versus the US Securities and Exchange Commission (SEC) court battle, has traded higher over the past few days amid growing positivity among investors.

Silvergate’s liquidation news has seen XRP price retreat below the round figure of 40 cents. However, bulls appear to be in charge and are holding to the main support base with the price 2.9% up over the past week.

XRP price short term outlook: All eyes on SEC vs. Ripple 

As noted above, the XRP cryptocurrency has pared some of the gains with sideways trading on Thursday as the broader market slipped on negative Silvergate news. Despite this, bullish sentiment around XRP/USD remains high.

Indeed, bulls are likely to target fresh gains that could see XRP retest resistance at highs of $0.40 reached on Wednesday. 

This particular upside momentum had a lot to do with yesterday’s ruling by a US judge, who handed Ripple Labs a crucial boost by striking off one of SEC’s expert witnesses. Experts believe the ruling has dealt a “fatal” blow to SEC’s quest for a summary judgement.

The SEC’s lawsuit against Ripple goes back to December 2020 and the latest development has an increasingly optimistic market rooting for a belated upsurge in XRP price following what’s largely been a downtrend.

XRP price prediction: Whale activity 

Whale activity over the past few days has added to the sentiment, with on-chain data showing massive buying for the cryptocurrency. 

Coins have moved from exchanges this week, with Whale Alert highlighting one such transaction that saw over $10 million in XRP transferred from the Bitso crypto exchange.

XRP price prediction: What is the technical picture?

The price of XRP has broken above a key downtrend line on the daily chart, and is hovering above the 50-day moving average. As can be seen on the chart below, XRP/USD did break above its 200-day average to suggest bulls were having an upper hand. 

XRP price daily chart showing potential support and resistance areas. Source: TradingViewAlthough price is back below the 200-day MA, the upside reversal is likely to continue given the Relative Strength Index (RSI) is above 50 and rising.

If bulls break the resistance around $0.40 with conviction, increased buying could catapult XRP to the previous support zone around $0.45. The next target lies around the November 2022 supply zone at $0.50.

A breakdown in the short term could however include a retest of support at $0.33, which forms part of the key trendline since June 2022.

The post XRP price prediction: XRP bulls wake up as Ripple vs. SEC decision edges closer appeared first on CoinJournal.