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DALLAS, April 16, 2021 /PRNewswire/ --Applied Blockchain, Inc. ("Applied Blockchain" or the "Company") (OTC: APLD), today announced it has entered the Ethereum and Altcoin mining market through strategic partnerships with industry leading companies SparkPool and General Mining Research ("GMR"). The Company successfully completed an oversubscribed private investment of $16.5 million in proceeds, before fees and expenses.

Business Highlights

Strategic Partnership and Services Agreement

Applied Blockchain has entered into a strategic partnership with SparkPool and General Mining Research (GMR) whereby both will each take a 9.9% ownership stake in Applied Blockchain, Inc. The companies have also signed a three-year services agreement where SparkPool and GMR will provide all functions required to scale a larger Ethereum and Altcoin mining operation including access to hardware, hosting, hardware management, mining optimization through proprietary software and asset management. All services will be provided to Applied Blockchain, Inc. at SparkPool and GMR's costs, which will allow the company to leverage the large scale and proven efficiency of our partners. Importantly, the agreement will also allow Applied Blockchain, Inc. priority access to mining hardware at favorable pricing. The agreement includes one year auto renewals after the initial three-year term.

"Ethereum represents one of the most attractive investment opportunities in the blockchain ecosystem with usage of the network hitting an inflection point in the last twelve months and transaction volumes increasing over 1,000% year over year," said Applied Blockchain, Inc.'s CEO and Chairman Wes Cummins. "Our strategic partnership withSparkPool, the largest Ethereum mining pool in the world, and GMR, a leader in mining operations, asset deployment and management, will allow us to quickly scale a large operation with industry leading efficiency. Our partners have successfully deployed hundreds of millions of dollars into cryptocurrency mining operations and their proprietary quantitative algorithms calculate the most profitable mining strategies in real-time and adjust mining hash power accordingly. Importantly, our partners operations are established and efficiently operating with low-cost hydroelectricity that circumvents the power generation challenges that many miners face today while also running the most efficient mining software ensuring 99%+ uptime and the highest mining rewards. Importantly, the multi-year services agreements provide us with scarce operational expertise. Through these partnerships we have strategically aligned our collective interests around a common goal of deploying capital rapidly to expand mining operations and capture a meaningful share of the Ethereum/Altcoin mining market."

Mr. Cummins continued, "The success of our private placement is indicative of the interest and excitement around Ethereum and the growing demand for distributed permissionless platforms without centralized toll takers. The Ethereum network is on pace to capture nearly $4 billion in fee revenue in 2021. Through these partnerships we believe we can be an immediate and active player in the space and provide attractive returns for our investors."

Key Details of the Private Placement

The company has closed on a $16.5 million equity investment lead by institutional and accredited investors. The company sold 660,000 shares of convertible preferred stock that convert into 132,000,000 shares of common stock upon registration. This represents approximately 31.2% ownership of The Company. The Company expects to use the proceeds from the offering to procure GPU mining hardware and for general corporate purposes.

B. Riley Securities, Inc. served as sole placement agent for the financing.

Establishment of Board of Advisors

Upon closing of the financing, the representatives from SparkPool and GMR will join our new established Board of Advisors and we expect to add additional industry experts in the near future.

Pre-recorded Management Discussion

Management will publish a pre-recorded message on Tuesday, April 20, 2021 at 9 a.m. Eastern Time to discuss the company's launch, business plans and completed financing. To access the recording, please dial:

Within the United States:

1-888-506-0062

International:

1-973-528-0011

Please reference entry code:

592400

The message will be available for replay until Friday, April 30, 2021 and can be accessed by dialing:

Within the United States:

1-877-481-4010

International:

1-919-882-2331

Please reference replay passcode:

40831

The message will also be available online at https://www.webcaster4.com/Webcast/Page/2686/40831.

About Applied Blockchain

Applied Blockchain Inc is an Ethereum focused company that is seeking to quickly scale a large Etherium/Altcoin mining operation through strategic partnerships with two of the world's largest and most experienced Ethereum companies. http://www.appliedblockchaininc.com

About SparkPool

SparkPool is focused on professional mining pool services and the stable operation of public chain networks with the largest Ethereum mining pool globally. The company is dedicated to optimizing technology and services, while providing safe and stable services for thousands of users every day. With a strong reputation in community, stable mining pool services and fair allocation of rewards, it is a leading pool globally.

About General Mining Research (GMR)

General Mining Research is a research driven hash rate trading company with mining experience in Ethereum and Bitcoin. The company's proprietary algorithm optimizes mining in real-time to maximize returns of deployed assets.

Forward-Looking Statements

This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as "continue," "build," "future," "increase," "drive," "believe," "look," "ahead," "confident," "deliver," "outlook," "expect," and "predict." Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including the introduction of new products, or estimates or predictions of actions by customers or suppliers, (ii) statements of future economic performance, and (III) statements of assumptions underlying other statements and statements about the Company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. These risks, uncertainties, and other factors include: price competition; the decisions of customers or consumers; the actions of competitors; changes in the pricing of commodities; the effects of government regulation; possible delays in the introduction of new products; and customer acceptance of products and services. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.

Investor Relations Contacts

Brett Maas Managing Partner, Hayden IR [emailprotected] (646) 536-7331

Wes Cummins Chief Executive Officer, Applied Blockchain (214) 556-2465

SOURCE Applied Blockchain, Inc.

Read more:
Applied Blockchain, Inc. Launches Ethereum and Altcoin Mining Business via Strategic Partnership with Industry Leaders SparkPool and GMR - PRNewswire

Source: Adobe/Dmitry

While strategists at major investment bank JPMorgan warn that it's better for bitcoin (BTC) to break through the USD 60,000 level soon, lest it drops further, other researchers see more positive signals but note that we're now at the crossroads, and may go either way.

JPMorgan strategists are "worried" over bitcoin potentially seeing deeper slumps and if the coin isnt able to break back above USD 60,000 soon, momentum signals will collapse, as reported by Bloomberg.

They found it likely that traders, including Commodity Trading Advisers (CTAs) and crypto funds, were partly behind the buildup of long BTC futures in recent weeks, and the unwind in past days.

There was a steep liquidation in BTC futures markets in the past few days, similar to those in February and January this year, and November last year. "Momentum signals will naturally decay from here for several months, given their still elevated level," the strategists noted. They added that in these previous events, the buyers prevented further drop, and the flow impulse was strong enough to enable BTC to break out above the key thresholds.

The likelihood of this scenario repeating now seems lower "because momentum decay seems more advanced and thus more difficult to reverse," while flows into BTC funds seem weak as well.

However, according to digital asset management firm CoinShares, inflows into digital asset investment products nearly tripled to USD 233m last week, while BTC saw the largest inflows of USD 108m.

Also, in January, JPMorgan strategists argued that BTC could fall below its price at the time of USD 40,000, or push through it up again - but that the flow into the Grayscale Bitcoin Trust (GBTC) would likely need to sustain a USD 100m a day pace for a while for such a breakout to occur.

However, BTC broke USD 40,000 and rallied to USD 60,000 even without these large daily inflows into the GBTC.

Meanwhile, Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist, argued that BTC will probably maintain its price discovery and adoption into the mainstream.

And some other researchers suggest that we're currently at a crossroads.

Norway-based, crypto-focused research firm Arcane Research argued that we're now facing the first resistance at around USD 58,000, while the USD 50,000 "should be a fairly strong support level." This used to be a resistance in late February and early March, but then turned into support in late March and this weekend.

Going below USD 50,000 would be short-term bearish and could potentially lead to the USD 45,000 level.

But climbing above USD 58,000 and retaking the USD 60,000 level would be a bullish signal and potentially take us towards to a new all-time high again, Arcane said. Currently, it's USD 64,805 (per Coingecko).

At 8:25 UTC, BTC is trading at USD 55,421. It's up 1% in a day and is down 14% in a week. Also, it's among the worst performers today and in the past week, as multiple altcoins are up by double digits today and in the past seven days.

Meanwhile, per blockchain analysis company Chainlaysis, BTC inflows to exchanges have been on the rise since late-February, but are still not as high as they were in mid-February. That number in the last day is BTC 99,270 (currently USD 5.5bn), above the 180-day average. An increase in inflows suggests potentially increased selling pressure in the market, according to Chainalysis.

BTC inflows to exchanges

At the same time, major crypto exchange OKEx reported that the buying power still exists despite the BTC quarterly premium crashing over 10%, and that the altcoin season is "far from over."

To Evercoin founder Miko Matsumura, bitcoin's drop below 50% dominance signals altcoin seasonality, which he said would be led by ethereum (ETH). BTC dominance, or the percentage of the total market capitalization, now fluctuates around 49%-53%, depending on a data provider.

Popular BTC analyst Willy Woo argued that we're close to the bottom, "if it hasn't already been put in." He added that the revisit of lower price has created "incredibly strong" price validation for BTC about USD 1trn capitalization.

Also, popular crypto trader and analyst Bitcoin Jack said that "low volume periods go hand in hand with consolidation of price," while an uptick in volume on-chain and April 18 capitulation event are "likely indicators of renewed sustained volatility."

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___Learn more: - Bitcoin Fees Hit ATH, Transactions Slow Down after China Explosion- Bitcoin Sell-off Postmortem: Euphoria Exhaustion & FUD Behind Massive Liquidations- 3/4 of Polled S Korean Bankers See Bitcoin At USD 90K Before End of 2021- Bitcoin Faces Hedge Test Amid Rising Inflation Concerns- Coinbase Listing Won't Help Bitcoin Price - Analyst- Bitcoin Market Changed 'Radically' & Volatility Decline Attracts Institutions- Bitcoin to Be Worth Millions by 2023, ETH Above USD 2K by 2022 - Kraken CEO- Institutions & Retail Compete For Bitcoin - Whose Hands Are Stronger?- Next 2-3 Years 'Should Be a Turning Point for Bitcoin' - Deutsche Bank- Inflation Is Here & Bitcoin Will Hit USD 115K Ahead of Target Pantera

Continued here:
JPMorgan 'Worried' Over Bitcoin Price As Altcoins Leave BTC in the Dust - Cryptonews

Now that the Coinbase (COIN) stock listing is out of the way, the focus of traders has shifted back to the crypto market as Bitcoin (BTC) price works to regain its footing above $63,000 and altcoins move higher.

After reaching a new all-time high near $65,000, BTC price dipped below $62,000 before finding a bit of momentum in the range which one fund manager called a great opportunity to buy.

Data from Cointelegraph Markets and TradingView shows that Bitcoin has steadily climbed higher since Wednesday's correction and bulls are attempting to flip the $63,500 level from resistance to support.

Trading action for COIN was muted on Thursday as the price declined during the early trading hours and closed the day at $326.88.

For those who are curious about how Bitcoin's current price action compares with previous bull cycles, Jarvis Labs co-founder Ben Lilly sayslooking at the time it took for BTC price to reach its peak following its most recent halving is a good place to start.

As seen in the chart above, the current cycle is falling somewhere in between the 2012 and 2016 halving cycles with the price action"setting up to be faster than what we saw in 2017, but slower than 2013.

While Bitcoin and COIN faded from the spotlight on Thursday, altcoins stepped up to carry the market higher. Dogecoin (DOGE) was the breakout star of the day with a 60% rally that saw its price sprint to a new all-time high at $0.1918.

Momentum for DOGE was kicked off when one of cryptocurrencys well-known proponents and Technoking of Tesla Elon Musk posted the following tweet for his 50.8 million followers.

Other notable altcoin performances include Maker (MKR), which gained 43% on the day for a record high of $4,102 as its ecosystem moves towards full decentralization, and Band Protocol (BAND), which rallied 38% to a new all-time high at $22.83 following the announcement of integration with Google Cloud.

The overall cryptocurrency market cap now stands at $2.26 trillion and Bitcoins dominance rate is 53.7%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

View post:
Dogecoin (DOGE) and Maker (MKR) soar as the altcoin market cap tops $1T - Cointelegraph

Ethereum HODLers and alt traders had an exciting week with the price hitting a new ATH of $2547 a day ago. The altcoin is trading closer to the ATH, despite an extended price rally. Ethereums week was busy and had exciting announcements like Bitmains launch of new ASIC miners. This week CME ETH futures hit new highs and the Berlin upgrade added to the bullish sentiment of traders across exchanges.

Grayscales holdings are the same as they were a month ago, however, this hasnt stopped institutions from buying ETH futures. There are other updates on Ethereums network that may have had a direct impact on the price. Though the Berlin upgrade didnt go as smoothly as it was anticipated to. However, this did not affect Ethereums price rally.

Additionally, the approval of ETH ETFs in Canada is critical to the ongoing altcoin rally. At the current price level, due to the latest updates and based on the network metrics, Ethereums rally is expected to continue. Though sharding is an interesting aspect among others in Ethereums updates.

When Ethereums price was at the $1200 level, the concentration by large HODLers was increasing, gearing up for hitting the next ATH. Despite a few pullbacks, the price rally continued. Ethereums transaction fees have increased in the last few hours while the trade volume has dropped by over 10%. Top Ethereum dApps, Aave, and Sushiswap are rallying alongside other low and mid-market capitalization altcoins. This may be the ideal time for ETH traders to hold the price against the selling pressure.

Ethereum has led the altcoin rally several times in the past, considering its relatively high correlation with Bitcoin and increasing correlation with top crypto assets. The upgrades that are in the pipeline for Ethereum may have a negative impact on the price unless the concentration by large HODLers increases. Booking profits on Ethereum is better in the long-term than in the short-term. While most altcoins rally higher and offer double-digit returns in the short term, ETH has supported the price rally of most altcoins in the top 10. Ethereums price is key to the altcoin rally this season.

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Why Ethereums price is key to the altcoin rally - AMBCrypto News