No other asset class has burst onto Wall Street’s scene the way cryptocurrency has. The digital currency is still expected to make waves and grow tremendously, which could throw the spotlight on GD Entertainment And Technology (OTC: GDET), a leader in cryptocurrency mining and mining colocation services.
People have already made bonafide fortunes buying, selling, and mining bitcoin and the profit train may be far from running out of steam.
Despite bitcoin pulling back after a colossal run in 2017, bitcoin enthusiasts still believe the cryptocurrency will be able to hit new highs consistently during the 2nd half of this year.
Bitcoin, as well as blockchain (a transaction ledger that maintains identical copies across each member computer within a network), is being forecast as the Next Big Thing for the future.
For an idea of just how big blockchain may become, David Marcus, a vice president at Facebook, recently said he was stepping down from the board of directors at cryptocurrency exchange Coinbase. Instead he will be leading Facebook’s blockchain strategy. When you have the biggest social media company jumping on the blockchain bandwagon, it speaks in volumes of what hopes big companies have for this arena.
GD Entertainment and Technology is focused on becoming a premiere cryptocurrency mining facility by building and managing a cryptocurrency mining colocation and mining facility that is client-focused and dedicated to creating a new standard in the blockchain space based on security and transparency.
The company is offering smart investing in mining, providing a full range of services related to mining: from the supply of equipment to mining pool services, thus giving their partners an opportunity to work in an autonomous system. GD Entertainment and Technology has also developed a strong relationship with suppliers overseas to ensure future purchasing.
This past July, the company received permanent regulatory permission to continue full-scale cryptocurrency mining operations in the New Jersey borough where the company has established its primary operational base.
CEO Mr. Anil Idnani had initially approached Town Hall representatives earlier this year to discuss the details of the mining operation, including a pending upgrade of its facility to allow for massive mining operations, where he was met with welcomed support. The permanent Certificate of Occupancy was an important initial step that now clears the way for an aggressive path forward for the Company.
It was also in July that the company announced a major power upgrade to its primary New Jersey Cryptocurrency mining facility centered on a complete overhaul of the facility’s electric capacity. The net result of the upgrade is a 100% increase in total power capacity from 400 amps to 800 amps at the facility.
CEO, Anil Idnani, commented:
“We are ramping up capacity right on schedule, and already benefitting from tremendous market conditions. Bitcoin prices are on the march higher, adding over $40 billion in market cap since we began full-scale mining operations in June. This facility upgrade will add to the tremendous performance we have already seen, and put us in an even better position to capitalize on the positive market dynamic.”
More recently the company has introduced an augmented shareholder communications initiative to grant current and prospective shareholders improved clarity into its business plans, operational performance, and growth strategy, and to advance general investor knowledge about the company and its objectives.
The impetus behind this initiative is a combination of GD Entertainment and Technology’s strong advocacy of transparency paired with a dramatic increase in shareholder inquiries in response to the company’s recent positive strides in its Bitcoin mining operations as well as the Company’s recently completed major upgrade to its primary New Jersey Cryptocurrency mining facility.
In 2017, the aggregate value of digital currencies, including bitcoin and ethereum, saw a jump of almost $600 billion, which in percentage terms was more than 3,300%. That’s a gain of 3,300% in only twelve months.
The share prices of semiconductor stocks such as NVIDIA, Advanced Micro Devices, and Taiwan Semiconductor Manufacturing Company, saw positive impacts in the last year as a result of seeing a strong demand from high-performance computing like cryptocurrency mining.
A report published by TrustNodes has revealed that Ethereum miners make almost $2.5 Billion on an annual basis!
Bitcoin, blockchain, cryptocurrency, are all major buzzwords right now. Despite some criticism, the industry is still getting underway and the disruptive nature of blockchain especially could be one of the most exciting things to hit our world.
Blockchain has incredible potential to create a unique level of trust in business interactions without the need to hire a third party.
Blockchain technology, for those who aren’t yet familiar with the term, is simply a decentralized network of computers in which data is cryptographically encrypted and stored in a block. Each block represents a transactional record that has a chain that links them. The distributed computer network confirms the record and lists the blocks of transactions sequentially. Blockchain allows for protection against malicious attempts to alter data.
Bitcoin was the first application of blockchain. Last year half a million people were mining for cryptocurrency according to the company behind the ad blocking program Adguard. They found that over 500 million people have been mining cryptocurrencies and “they have no idea it is happening.” Each website running the script earns an estimated $43,000 within the three-week period studied.
Bitcoin mining might as well be considered the lifeblood of the cryptocurrency. Bitcoin transactions are secured by blockchains and as a reward for doing the work to track and secure transactions, miners earn bitcoins for each block they successfully process.
GD Entertainment and Technology CEO, Anil Idnani sent a letter to shareholders in April that stated:
“We believe there is a major opportunity in the current market environment in the business of providing interested entrepreneurs with the tools and knowledge necessary to achieve success as cryptocurrency mining professionals. The next wave in the cryptocurrency revolution may be gaining traction now following a healthy and much-needed correction in the price of Bitcoin. Even after this sharp corrective shift, the price of Bitcoin is still up nearly 7,000% in less than 5 years. At present and future levels, there is a tremendous amount of money to be made as a cryptocurrency miner.”
“Coherent Market Insights has estimated that the global cryptocurrency mining market was valued just shy of $611 million in 2016 and is expected to reach nearly $40 billion by 2025, representing a total increase of 6,450% in total market size. That suggests cryptocurrency mining could be one of the most robust growth markets on the planet for years to come. With this enormous growth will come a number of key evolutionary adaptations. Most importantly, we believe, will be the realization that colocation is the future. The idea that anyone interested in mining tokens and coins will need to lease a massive, efficiently-cooled crunching warehouse is going to be quickly abandoned. This market can be open to anyone.”
Famous Venture Capitalist Tim Draper recently said that he thinks Bitcoin will hit over $100,000! This is the man who said that Bitcoin will hit $10,000 in three years back in 2014. It hit almost $20,000 last year. Draper has also responded to people questioning whether or not he will sell his bitcoin with this question: “Why would I sell the future for the past?”
As GD Entertainment and Technology moves forward with its endeavors to become a market leader in the democratization of cryptocurrency mining, this could be one of the most opportunistic times to be paying attention to the stock.