Once again, Bitcoin (BTC) is setting the tone for the cryptocurrency market, as it emerged from the weekend to finally topple a $63,500 price resistance that’s seemed to work against the coin since hitting an all-time high. Global exchanges such as Coinbase (NASDAQ:COIN) Global, Inc. (NASDAQ: COIN) are showing that many of the other coins are following suit, including Ethereum (ETH), Dogecoin (DOGE), and Polkadot (DOT). But while the coins themselves have started the week with gains of 8-10%, the real story has been with the cryptocurrency miners, such as Riot Blockchain, Inc. (NASDAQ: NASDAQ:RIOT), Canaan Inc. (NASDAQ: CAN), HIVE Blockchain Technologies Ltd. (NASDAQ: NASDAQ:HIVE) (TSX.V: HIVE) and Hello Pal International Inc. (CSE: HP (NYSE:HPQ)) (OTCQB: HLLPF).
While most of the crypto mining is focused on BTC, there’s also been renewed interest in DOGE.
For instance, a recent cryptic change of Elon Musk’s Twitter (NYSE:TWTR) name to “Lorde Edge” was seen as a nod to Dogecoin. Glauber Contessoto, known as the Dogecoin millionaire, revealed he allocates 99% of his portfolio to the “eldger dog” coin, after it already surged nearly 30% to close out October.
As BTC has been criticized for its intense energy consumption during the mining process, and ETH continues to move closer to a new era that won’t involve mining, DOGE remains an enigma (thanks to Elon Musk’s teasing) that’s proving to be a profitable mining venture.
Popular livestreaming platform Hello Pal International Inc. (CSE:HP) (OTC:HLLPF) officially became the first listed company with primary exposure to mining Dogecoin, back in May. The move allowed their users to access 12,500 DOGE/LTC mining rigs, with a combined hash rate of 6.25 TH/s.
The move has been a genuine success for Hello Pal, which recently announced record quarterly revenue for the period ended August 31, 2021.
"Our current fiscal year has been transformative and resulted in our achieving record revenue of $13,206,275 from livestreaming services and a profit of $1,449,335 from cryptocurrency mining during the six months ended August 31, 2021," said KL Wong, Founder and Chairman of Hello Pal.
"Revenue increased 208% compared to the six months ended 2020 with minimal spending on advertising and user generation during that period. With our acquisition of mining rigs, we anticipate that revenue and profit will continue in an upward trend for the balance of the fiscal year." Crypto currency mining accounted for more than 58% of the company’s gross profit of $2,488,454 in 2021 H1.
Information provided by FinancialNewsMedia.
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