Archive for the ‘Cryptocurrency’ Category

Cryptocurrency OKB Rises More Than 3% In 24 hours By Benzinga – Investing.com UK

Benzinga - Over the past 24 hours, OKB's (CRYPTO:OKB) price has risen 3.12% to $46.82. This continues its positive trend over the past week where it has experienced a 5.0% gain, moving from $44.23 to its current price. As it stands right now, the coin's all-time high is $58.66.

The chart below compares the price movement and volatility for OKB over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has tumbled 12.0% over the past week along with the circulating supply of the coin, which has fallen 0.21%. This brings the circulating supply to 60.00 million, which makes up an estimated 20.0% of its max supply of 300.00 million. According to our data, the current market cap ranking for OKB is #25 at $2.81 billion.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.

2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Cryptocurrency OKB Rises More Than 3% In 24 hours By Benzinga - Investing.com UK

Greenidge Generation Reports First Quarter 2023 – PR Newswire

First Quarter 2023 Highlights

Adjusted EBITDA loss continuing operations is a non-GAAP measure. See the table attached to this press release for a reconciliation from GAAP to non-GAAP measures and "Use of Non-GAAP Information" below for more details.

FAIRFIELD, Conn., May 15, 2023 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) ("Greenidge" or the "Company"), a vertically integrated cryptocurrency datacenter and power generation company, today announced financial and operating results for the first quarter of 2023.

"Our results for the first quarter of 2023 are consistent with the estimates we released in April," said Dave Anderson, Chief Executive Officer of Greenidge. "During the first quarter of 2023, we have effectively transitioned our business to a lower risk profile, which has allowed us to continue to participate in the upside of increases to bitcoin prices enabling us to significantly reduce our Adjusted EBITDA loss from continuing operations when comparing to the fourth quarter of 2022 and improving liquidity due to significantly reduced debt service."

First Quarter 2023 Financial Results

Greenidge's revenue for the first quarter was $15.2 million, down 48% compared to the prior year. Cryptocurrency datacenter hosting revenue was $6.9 million as compared to none in the prior year. Cryptocurrency datacenter self-mining revenue was $6.5 million, down 72% versus the prior year as Greenidge transitioned its capacity towards datacenter hosting during the first quarter of 2023. Power and Capacity revenue was $1.8 million, down 70% compared to the prior year. Greenidge's cryptocurrency datacenter operations produced 698 bitcoins during the first quarter, compared to 561 bitcoins in the first quarter of the prior year.

As of March 31, 2023, Greenidge operated approximately 24,700 active miners with an aggregate hash rate capacity of approximately 2.5 EH/s.

Net loss from continuing operations was $8.8 million for the first quarter as compared to $1.7 million in the first quarter of the prior year. Adjusted EBITDA loss for the first quarter was $1.1 million compared to the prior year first quarter Adjusted EBITDA of $7.3 million. The lower average bitcoin prices and higher difficulty levels on the blockchain network in 2023 as compared to 2022 more than offset the increased hash rate capacity. Additionally, a milder winter season in 2023 impacted the year-over-year comparison of profitablilty.

As of March 31, 2023, Greenidge had cash of $17.0 million and debt balance of $97.3 million, which was reduced from $157.5 million as of December 31, 2022.

About Greenidge Generation Holdings Inc.Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated cryptocurrency datacenter and power generation company.

Use of Non-GAAP InformationTo provide investors and others with additional information regarding Greenidge's financial results, Greenidge has disclosed in this press release a certain non-GAAP operating performance measure of Adjusted EBITDA (loss) from continuing operations. Adjusted EBITDA (loss) from continuing operations is defined as (loss) income from continuing operations before taxes plus interest and depreciation and amortization, which is then adjusted for stock-based compensation, other special items determined by management, including, but not limited to business expansion costs, impairments of long-lived assets, remeasurement of environmental liabilities, restructuring, debt extinguishment and costs to restructure debt. This non-GAAP financial measure is a supplement to and not a substitute for or superior to, the Company's results presented in accordance with U.S. GAAP. The non-GAAP financial measure presented by the Company may be different from non-GAAP financial measures presented by other companies. Specifically, the Company believes the non-GAAP information provides a useful measure to investors regarding the Company's financial performance by excluding certain costs and expenses that the Company believes are not indicative of its core operating results. The presentation of this non-GAAP financial measure is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP. A reconciliation of the non-GAAP financial measure to U.S. GAAP results is included herein.

Forward-Looking StatementsThis press release includes certain statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge's financial or operating results. These forward-looking statements may be identified by terms such as "anticipate," "believe," "continue," "foresee," "expect," "intend," "plan," "may," "will," "would," "could," and "should," and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward-looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. "Risk Factors" of Greenidge's Annual Report on Form 10-K, Part II, Item 1A. "Risk Factors" of Greenidge's Quarterly Report on Form-10-Q, and its other filings with the Securities and Exchange Commission. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge does not assume any duty to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this press release.

For further information, please contact:

Investor Relations[emailprotected]

MediaInquiries[emailprotected]

Greenidge Generation Holdings Inc. and Subsidiaries

Consolidated Statements of Operations

For the Three Months Ended March 31, 2023 and 2022

Amounts denoted in thousands

Three Months Ended March 31,

2023

2022

REVENUE:

Datacenter hosting

$ 6,944

$ -

Cryptocurrency mining

6,451

23,232

Power and capacity

1,762

5,923

Total revenue

15,157

29,155

OPERATING COSTS AND EXPENSES:

Cost of revenue - hosting services (exclusive of depreciation and amortization)

4,671

-

Cost of revenue - self mining (exclusive of depreciationand amortization)

3,248

8,456

Cost of revenue - power and capacity (exclusive ofdepreciation and amortization)

1,816

4,023

Selling, general and administrative

9,013

11,809

Depreciation and amortization

3,820

3,653

Gain on sale of assets

(1,744)

-

Total operating costs and expenses

20,824

27,941

(Loss) income from operations

(5,667)

1,214

Other income (expense), net:

Interest expense, net

(3,573)

(3,353)

Gain (loss) on sale of digital assets

398

(5)

Other income, net

-

16

Total other expense, net

(3,175)

(3,342)

Loss from continuing operations before taxes

(8,842)

(2,128)

Benefit for income taxes

-

(381)

Net loss from continuing operations

(8,842)

(1,747)

Loss from discontinued operations, net of tax

671

1,318

Net loss

$ (8,171)

$ (429)

Reconciliation of Net loss from continuing operations to Adjusted EBITDA (loss) from Continuing Operations:

Net loss from continuing operations

$ (8,842)

$ (1,747)

Benefit for income taxes

-

(381)

Interest expense, net

3,573

3,353

Depreciation and amortization

3,820

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Greenidge Generation Reports First Quarter 2023 - PR Newswire

PayPals crypto holdings increased by 56% in Q1 2023 to nearly $1B – Cointelegraph

Financial technology company PayPal recently disclosed its cryptocurrency holdings in a quarterly reportfiled to the United States Securities and Exchange Commission.

Claiming a combined total of $943 million in cryptocurrency assets as of March 31, 2023, the filing shows a 56% increase over the companys previous quarter where PayPal disclosed $604 million.

PayPals reported total financial liabilities for this quarter were $1.2 billion, with crypto assets making up 77.9% up more than 10% from 2022s reported fourth quarter liabilities.

Related:PayPal crypto partner Paxos raises $300M

According to the report, PayPal considers its crypto assets a safeguarding liability due to the unique risks associated with cryptocurrencies. The disclosure also indicates that the specific cryptocurrencies held by the company remain unchanged since last quarter:

Custody of the assets PayPal holds on behalf of its customers remains limited to third-party holding companies. PayPal recognizes that this presents a liability for customers in the event that third parties are unable to process transactions a statement carried over from last quarters filing however, the filing also indicates that no such fault has yet occurred:

The Q1 2023 cryptocurrency asset breakdown for PayPal includes $499 million in Bitcoin (BTC) (up from Decembers $291 million), $362 million in Ether (ETH) (up from $250 million), and $82 million composed of Bitcoin Cash (BCH) and Litecoin (LTC) (up from $63 million).

PayPals profitability also increased in the first quarter. On a generally accepted accounting principles (GAAP) basis, the company disclosed per-share earnings of $0.70, up from $0.43 in the first quarter of 2022. On a non-GAAP basis, PayPals per-share earnings were $1.17, up from $0.88 in the first quarter of 2022.

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PayPals crypto holdings increased by 56% in Q1 2023 to nearly $1B - Cointelegraph

Crypto stocks drop after Binance halts bitcoin withdrawals for hours – Reuters

May 8 (Reuters) - Shares of cryptocurrency- and blockchain-related companies fell in early trading hours on Monday after Binance halted its bitcoin withdrawals for several hours due to heavy volumes and rising processing fees.

The halts pushed bitcoin , the world's biggest cryptocurrency, down 2% to a one-week low of $27,900.

Crypto exchange Coinbase Inc (COIN.O) fell 3.6%, while blockchain-farm operator Bitfarms Ltd dropped 5.1%. Crypto miners including Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and U.S.-listed shares of Hut 8 Mining (HUT.TO) declined between 5.3% and 6.6%, tracking lower bitcoin prices.

Binance, the world's largest crypto exchange, shut bitcoin withdrawals for an hour late on Sunday and for about three hours on Monday, saying there was a glut of pending transactions because it hadn't offered so-called miners a high enough reward to log the trades on the blockchain.

The company said its set fees did not anticipate a recent surge in bitcoin-network gas fees - the payments made to crypto miners whose computing power processes transactions on the blockchain.

"There were so much traffic congestion and also the gas fees were so high over the weekend ... even by historical standards," Oppenheimer's Owen Lau told Reuters.

Binance said in a tweet that the company had adjusted its fees to "prevent a similar recurrence".

In March, it had suspended deposits and withdrawals citing tech issues.

Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.

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Crypto stocks drop after Binance halts bitcoin withdrawals for hours - Reuters

Pepe Coin Price Prediction as PEPE Becomes Top 10 Most Traded Crypto in the World Can PEPE Reach $1? – Cryptonews

Source: TradingView

Pepe Coin price has entered the top 10 cryptocurrencies by 24-hour trading volume, with CoinGecko data currently putting it eighth overall, ahead of BNB but behind Binance USD (BUSD).

Despite its impressive rise, PEPE is currently down by 2% in the past 24 hours, although its price of $0.00000192 represents a 70% gain in a week and a 650% increase in the past fortnight.

As meme-y as it seemed when it first appeared in the market, the ability of PEPE to maintain and build on its early momentum suggests that it has now become an established meme token, with its volume far outstripping that of Dogecoin and Shiba Inu.

This means it could easily continue rising again once its current correction has played out, potentially losing more decimal places as it climbs further up the cryptocurrency leaderboard.

PEPE has actually gained by 0.5% in the past hour, with its chart reflecting this recent recovery of momentum.

Indeed, PEPE had been due a recovery, givne that its various indicators had more or less bottomed out in the past day.

Its relative strength index (purple) had dropped below 30 early this morning, helping the meme token to begin rising again.

Likewise, its short-term moving average (yellow) had fallen underneath its long-term average (blue), and given that it too is close to a bottom, we could see PEPE mount a more substantial recovery in the next day or so.

Indeed, after testing the $0.00000190 support level, PEPE has been able to resume its earlier climb, suggesting that further gains are incoming.

As noted above, the fact that PEPE is now one of the most widely traded coins in the market suggests that it could be here to stay, despite its beginnings.

It seems that whales and exchanges have latched onto the coin, which has benefitted from listings in the past few days from the likes of Binance, KuCoin and OKX.

Such listings have essentially been taken by the market as validation of PEPE, with retail investors rushing to the meme token with every new exchange that began supporting it.

Whales also appear to be stocking up on Pepe, as are the exchanges which list the token, all of which helps to drive up demand and limit its supply.

As such, even though PEPE is a more or less intrinsically worthless meme token, and even though its anonymous founders have dumped large quantities of the token on the market, it has already become a 'big' token.

It currently has just over 108,000 holders, up from only a few thousand a week or so ago.

This kind of momentum will help it continue rising in the medium and longer term, with the coin likely to recover from its current price of $0.00000192 and reach $0.000003 or $0.000004 in the next few weeks.

From there, it could easily lose one or two decimal places by the end of the year, particularly if the wider market becomes more bullish.

Buy Crypto Now

For traders who like diversifying their portfolios, PEPE isn't the only successful new meme token at the moment, with SpongeBob (SPONGE) witnessing gains of well over 2,500% since listing directly on Uniswap on May 4.

A new ERC-20 cryptocurrency, SPONGE has also been created by anonymous founders, but as with PEPE, the coin and its market has already taken on a life of its own.

Aside from the early Uniswap listing, it has begun receiving a growing number of CEX listings, including from MEXC, LBANK, CoinW and Toobit.

Other listings are likely to follow, and if SPONGE does succeed in attract some of the biggest exchanges then it can be expected to enjoy some very big rallies in the not-too distant future.

PEPE has a total maximum supply of 40.4 billion, which is markedly lower than PEPE's, at just over 420 trillion.

It also has more than 10,800 holders, a number which has risen quickly over the past few days, testifying to the coin's momentum.

Such momentum could easily help it rise to $0.001 and higher in the next few weeks, with the coin's all-time high of $0.002394 more than beatable if it attracts a listing or two from a top-tier exchange.

Buy SpongeBob Today

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Pepe Coin Price Prediction as PEPE Becomes Top 10 Most Traded Crypto in the World Can PEPE Reach $1? - Cryptonews