The first decentralized cryptocurrency, Bitcoin, was created in 2009. Since then, cryptocurrencies have become incredibly popular and were even adopted by several financial institutions. In fact, the banking and financial services application area is expected to account for the largest market size in the blockchain and crypto market. Worldwide, countries have also started to take the potential of digital currencies more seriously. For example, El Salvador just recently become the first country in the world to adopt Bitcoin as legal tender, which could start a trend across Latin American countries. “The market will now be focused on adoption through El Salvador and whether other nations follow,” said Richard Galvin of crypto fund Digital Asset Capital Management in a report by Reuters. “This could be a key catalyst for bitcoin over the next two to three years.” ISW Holdings Inc., Riot Blockchain, Inc. , HIVE Blockchain Technologies Ltd. , Hut 8 Mining Corp , Marathon Digital Holdings, Inc.
Countries like El Salvador have good reasons for making Bitcoin a legally accepted currency, including inflation concerns, the reliance on the U.S. dollar and a way to attract tech entrepreneurship. “It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” said President Nayib Bukele in a tweet. Shortly after, leaders in Argentina, Brazil, Panama, and Paraguay have also endorsed the move on social media. Walter Pimenta, Senior VP of Products and Innovation at Mastercard LAC, explained according to the Entrepreneur, that as interest in cryptocurrencies as a payment method accelerates, nearly 4 in 10 people (37%) in Latin America and the Caribbean say they plan to use them next year. It is notable that the predisposition to use cryptocurrencies is more accentuated in the younger segment: 61% (67% millennials) are more willing to use them now than a year ago; 74% (79% millennials) are interested in learning more about cryptocurrencies, and 72% (76% millennials) say they would use them more if they understood them better.
ISW Holdings Inc. (OTC: ISWH) just announced breaking news regrading, “the delivery of a fleet of 300 cryptocurrency miners to be installed into its new POD5IVE Mining pods.
“This is a huge step, and we are excited to increase our efficiency and scale with the installation of this large order of new mining rigs,” noted Alonzo Pierce, President and Chairman of ISW Holdings. “We have more miners heading our way over coming weeks and months as we continue to build out our capacity to monetize the investment we have made in this space over the past year.”
Management notes that new mining capacity has become increasingly difficult to obtain due to increased demand for mining equipment as well as a global shortage of microchips. Through its partnership with Bit5ive LLC (“Bit5ive”), the Company was able to take advantage of strong relationships to gain access to expanded production capacity, which will also undergird its process for further expanding production capacity in coming weeks and months.
In addition, Bit5ive’s Central American Bitmain distribution license includes the country of El Salvador, and ISWH is currently exploring related opportunities through their Joint Venture with Bit5ive.
The Company is in the process of continuing to ramp up its hashing activity. Given its existing energy deals and the high efficiency of its mining pod design, its mining activities are significantly profitable at current Bitcoin prices.
ISW Holdings continues to build toward a carbon-neutral footprint in its cryptocurrency mining activities.”