Here are some events that dominated the cryptocurrency market this week:
Bitcoin Mining Boom: On Tuesday, Hive Technologies Ltd (NASDAQ:HIVE) reported a 466% year-on-year increase in its first-quarter mining revenue, which came in at $37.2 million. Net income was reported at $18.6 million in the period.
The Canada-based HIVE reported mining 225 Bitcoin (CRYPTO: BTC) and 9,700 Ethereum (ETH) in Q1.
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The next day, Riot Blockchain, Inc (NASDAQ:RIOT) said BTC production rose 346% on a y-o-y basis.
Riot Blockchain produced 406 BTC in September, a four-fold increase compared to a similar period a year ago when it produced 91 BTC.
Riot’s growth indicates the rapid growth of the BTC mining industry amid the rising popularity of cryptocurrencies.
Ethereum’s Butterfly Effect Origins: Vitalik Buterin, the co-creator of ETH, revealed on his blog that a small change made to the Activision Blizzard, Inc (NASDAQ:ATVI) title “World of Warcraft” made him disappointed with centralized services and spurred his interest in cryptocurrency and BTC.
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“I happily played World of Warcraft during 2007-2010, but one day Blizzard removed the damage component from my beloved warlock’s Siphon Life spell,” said Buterin.
“I cried myself to sleep and on that day I realized what horrors centralized services can bring. I soon decided to quit.”
Soon after, Buterin plunged himself into the crypto-sphere and it was in 2013 that he created the idea that spurred the birth of ETH.
SHIBA Has Its Day Or Two: SHIBA INU has spiked over 200% at press time for the week. The rise in the meme coin came after whales lapped up trillions of SHIB. On Wednesday, it was reported a whale purchased over 6 trillion SHIB on Oct. 1. The same whale purchased 276 billion SHIB the following day.
Famed investor Michael Burry has dismissed the coin over concerns related to its supply.
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Tesla Inc (NASDAQ:TSLA) CEO Elon Musk shared a picture of his Shiba Inu dog “Floki” on Twitter and this too had a positive impact on SHIB prices.
Towards the end of the week, in the early hours of Friday, the rally in SHIB lost momentum and the coin was down over 30% over 24 hours at press time.
Dogecoin Adoption On The Up: AMC Entertainment Holdings Inc (NYSE:AMC) CEO Adam Aron said Tuesday that the cinema chain will accept DOGE for the sale of digital gift cards that can be used on its website, mobile application, and in theaters.
The development is significant as there was a clamor for DOGE to be accepted by investors and AMC had earlier said it would accept popular cryptocurrencies for online ticket purchases and concession payments at the end of 2021. DOGE was not included in the earlier announcement.
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The youth-focused fashion retailer Pacsun also said this week it was enabling DOGE purchases.
Public, a trading application that competes with Robinhood Markets Inc (NASDAQ:HOOD), has listed DOGE for trading. The crypto trading feature will be rolled out over the next few weeks.
Floki Coins’ Spectacular Rise: Coins named after Musk’s pet Floki like Flokinomics, Floki Inu, and Shiba Floki rallied this week.
What Else: Axie Infinity parent Sky Mavis raised $152 million in Series B funding led by Andreessen Horowitz (a16z). Other investors it attracted were Accel, Paradigm, Samsung Next, and Seven Seven Six.
Also, this week Litecoin turned 10 years old, which gave its founder Charlie Lee to share the history of important moments in the coin’s journey.
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