Home   >     Original    >     Main body
    Previous Post: Next:

    Hut 8 Invests 1000 Bitcoins with Genesis to Earn 4% Interest

    Abstract:The program permits Hut 8 to redeem their borrowed coins without a long term commitment.

      Toronto Stock Exchange-listed mining company, Hut 8 is hoping to lure bitcoin investors and onboard more clients by opening a savings-like account with a premium interest rate. The crypto miner opened a Bitcoin (BTC) Yield Account in partnership with Genesis Global Capital, a New York-based cryptocurrency trading and lending platform.

      Hut 8 will make an initial investment of 1000 bitcoin and earns a 4 percent rate of return on its idle bitcoin holdings. The program permits Hut 8 to redeem their borrowed coins without a long term commitment, and the firm can increase or decrease their holdings with one day notice.

      Bitcoin mining is a very competitive industry as miners worldwide are verifying transactions while securing the network for economic incentives. Additionally, the global demand is growing in lockstep with Bitcoin price, which does not show signs of slowing. The abrupt upside movement of the bitcoin price, which made over 300 percent gain in 2020, will pretty much mean solid business for crypto miners like Hut 8 as they are making a lot of money confirming blocks.

      “We are excited to be partnering with Genesis to manage our digital assets, allowing us to yield Fiat currency from the significant BTC on our balance sheet, minimize Hut 8‘s Fiat expenses and subsequently expand our ability to hold Bitcoin rather than sell. Our current momentum and trajectory are just the start of what’s to come in 2021 for Hut 8 and its investors,” says Hut 8 CEO, Jaime Leverton.

      Genesis Ecosystem Continues to Grow

      The amount of interest paid on crypto accounts often vary by several parameters, which the client can tweak to potentially receive a premium in US dollars on his Bitcoin holding.

      Genesis primarily lends to institutional borrowers, such as hedge funds and trading firms looking for arbitrage, mainly to short crypto. Since the launch of the business two years ago, the startup originated nearly $9 billion in crypto loans, the bulk of which are denominated in bitcoin and cash.

      Moreover, Genesis is an exclusive distribution agent for Grayscale investments products and the companys crypto suite includes digital asset trading, institutional lending, custody and prime brokerage services.

      Furthermore, the companys derivatives trading desk, which was launched in May, is a principal Liquidity provider and trade both cleared and bilateral OTC derivatives in options and forwards.

      “Genesis has been building increasingly sophisticated infrastructure for crypto markets since we launched the first U.S. OTC bitcoin trading desk in 2013. Today we‘re a full-service digital asset prime brokerage providing a range of services across the cryptocurrency ecosystem. We’re excited to be working with Hut 8 – the largest publicly traded Bitcoin mining operation in the Canadian market – to enable them to generate yield on BTC. Our work together is another indicator of Bitcoins growing value for institutional investors,” says Matt Ballensweig, Genesis VP Head of Lending.

    Read more

    Bitcoin Bull Mike Novogratz Warns of 'Existential Crisis' if the US Fails to Create Digital Dollar

    Mike Novogratz, the CEO of Galaxy Digital and bitcoin bull has warned that the United States’ failure to have its own digital currency could be an “existential crisis.” However, the CEO says the country’s fate is still in its hands. Novogratz made these comments a few days after former U.S. Secretary of State, Mike Pompeo suggested that the United States is not going to have a digital dollar anytime soon.

    News 1618217643000

    How to Use AI to Generate Free Bitcoins

    When you get on the Bitcoin train you know you are in for a wild ride, with the price dipping and soaring so fast it’s hard to keep up. One thing is certain however, the overall value of Bitcoin is rising year-on-year at an incredible rate. Since the start of the pandemic the price has skyrocketed from just 7,200 USD in January last year, to its current price of near to 60,000 USD, although with some heart-stopping drops and recoveries in price along the way. BTC is clearly a great investment, but there is undoubtedly a high level of risk and uncertainty, so it is critical to mitigate your exposure and the best way to do this is with an automated platform.

    News 1618207992000

    All that mined is not green: Bitcoin’s carbon footprint hard to estimate

    The impact of BTC mining on the environment has turned into a debate — here’s what academics think and if “green Bitcoin” is possible.

    News 1618198734000

    With Banks Turning to Bitcoin, Is It Finally Time to Long the Bankers?

    In the past, much of the Bitcoin community was taken to declaring, “Long bitcoin, short the bankers.” But now that the likes of Goldman Sachs, Morgan Stanley, BNY Mellon, State Street, Deutsche Bank and others are entering the crypto space, is it now to long banks as well as BTC?

    News 1618196175000