Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today, Hut 8 Mining breaks ground while companies continue to expand blockchain offerings.
Hut 8 Mining Corp has begun construction of its mining facility near Medicine Hat, Alberta. The City of Medicine Hat has committed to supply 42 MW of electricity, in addition to a long-term land lease. The completion of the facility will push the company’s total power capacity to 60.7 MW by year’s end.
The FRBSF released a letter yesterday outlining the effects of shorting Bitcoin through futures. The authors find similarities in market structure between Bitcoin and the housing boom that caused the Great Recession. Optimistic market behaviour drives up prices in the underlying asset and without the ability to short the rally continues. It is only when a financial derivative is created and downward pressure is applied does the rally stop.
The company will introduce a blockchain platform-as-a-service product by the end of the month. Oracle has already engaged in partnerships with Banco de Chile and the Government of Nigeria. The company sees the technology benefiting pharmaceutical companies in tracking medicine
Power Ledger is exploring partnerships with factories and regulators to build micro-grid resources, including solar panels and battery storage. It is looking to leverage the blockchain to secure financing and allow users to trade energy.
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