DPW Holdings Inc (NYSEAMERICAN: DPW) is having a relatively strong start in the market this morning after announcing that its subsidiary has launched a cloud mining platform. Of course, the news proved to be a point of excitement for investors, who are sending the stock on a run upward. Today, we’ll talk about:
- The cloud mining platform;
- what we’re seeing from DPW as a result; and
- what we’ll be watching for ahead.
DPW Heads For The Top On Cloud Mining Platform
As mentioned above, DPW Holdings is having a relatively strong start to the trading session this morning after announcing that its subsidiary has launched a cloud mining platform. In a press release issued early this morning, the company announced that Super Crypto Mining, a wholly-owned subsidiary of DPW, has launched a cloud mining platform.
At the moment, the cloud mining platform is operating in beta and is available to pre-registered subscribers only. Also, the service currently only allows for the mining of Bitcoin. Nonetheless, DPW was clear about the fact that they plan on extending the system to mine other cryptocurrencies. The company also said that it will announce when beta testing is over and intends to roll out additional subscription campaigns.
In the release, DPW Holdings said that the new cloud mining platform comes with a comprehensive dashboard showing mining progress and payout options. However, the big benefit here is that miners have a path to begin the process of mining without hefty startup costs. In a statement, Darren Magot, CEO at the DPW subsidiary Super Crypto Mining, had the following to offer:
The cloud mining platform is supported in part by our latest U.S. based mining farm. As previously mentioned, this relationship provides us with up to 25 megawatts of power. We are extremely satisfied with this new location. The team has delivered one of the most advanced farming locations in record time.
What We’re Seeing From The Stock
As investors, one of the first lessons we learn is that the news moves the market. In this particular case, a DPW subsidiary announced that it has launched a new service. Of course, this is going to excite investors and it’s going to lead to movement in the stock. Well, that’s exactly what we’re seeing today. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (7:53), DPW is trading at $1.02 per share after a gain of $0.06 per share (6.24%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on DPW. In particular, we’re interested in following the story surrounding the newly launched cloud mining platform and its uptake within the cryptocurrency community. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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