NEW YORK, February 18, 2021 / PRNewswire / – For the first time in its history, the world’s most popular cryptocurrency, Bitcoin (BTC) outperformed the $ 50,000 Mark. Cryptocurrencies are supported by all types of large companies, from automakers to credit card companies to large banks. However, with the increased demand, a new problem has emerged in the form of a global chip shortage that hinders smaller digital miners whose efforts are calculating these digital currencies. Graphics card prices are rising, giving an advantage to companies that have secured their crypto mining infrastructure in advance, such as the emerging social media platform Hello Pal International Inc. (OTCQB: HLLPF) (CSE: HP), Miners CleanSpark, Inc. (NASDAQ: CLSK) and Hut 8 Mining Corp. (OTCQX: HUTMF) (TSX: HUT), hardware manufacturer NVIDIA Corporation (NASDAQ: NVDA) and Advanced Micro Devices, Inc. (NASDAQ: AMD).
With a rapidly growing user base of over 5.4 million users from over 200 countries, app developer Hello Pal International Inc. (CSE: HP) (OTCQB: HLLPF) uses its international mobile platforms for live streaming, social messaging and language learning mine the popular cryptocurrencies Bitcoin and Ethereum.
After entering into a strategic partnership with the established crypto mining company Yitang, users of Hello Pal’s platforms can now take part in the mining campaign by purchasing mining machines – either as individuals or as a group. There are also options to purchase sub-machines.
By putting together this offer, Hello Pal has given its users the opportunity to easily and conveniently participate in Bitcoin and Ethereum mining.
The new initiative takes advantage of the platform advantages of Hello Pal, supported by its main strength, which enables users to make new friends in countries around the world. With over 200 countries pouring into the user community, Hello Pal has an advantage that many of the world’s largest social media platforms don’t – namely, permission to operate both inside and outside China.
“It was our intention that cryptocurrency would play a central role on our platform, especially given the limitless nature of cryptocurrency and our international nature,” said KL Wong, founder and chairman of Hello Pal. “The recent activity and interest in cryptocurrency gives us a unique opportunity to introduce cryptocurrency to our users and bring cryptocurrency users to our platform.”
By purchasing any machine, your devices can be personally identified. This is very different from the cloud mining services currently available that are already available in the market.
When their mined cryptocurrency is created, users participating in the mining option will have their cryptocurrency added to their digital wallet daily. Hello Pal himself shows his solidarity and trust in the program and purchases several Bitcoin and Ethereum mining machines to be held by the company. More are to be bought.
Yitang will also help Hello Pal reintroduce and revamp its digital wallet and proprietary digital currency “Palto”, which will be used across the entire Hello Pal app suite, to allow limitless value transfers between Hello Pal users on the all over the world.
Hello Pal recently set a new sales record January 2021 of nearly CA $ 2.8 million. In addition, the company announced a fully subscribed private placement for CA $ 1.6 million.
In an effort to further expand bitcoin mining capacity, CleanSpark, Inc. (NASDAQ: CLSK) recently released an expansion update announcing that more than 315 Ph / s of bitcoin mining capacity will be deployed before the end of February.
Since the December 10, 2020 By acquiring the equipment upgrades that continue to be delivered, this expansion will increase CleanSpark’s mining capacity by more than 65%. Crypto miners expect a further surge in demand as large companies such as MicroStrategy, PayPal, Square and most recently Tesla make significant investments.
Hut 8 Mining Corp. (TSX: HUT) (OTC: HUTMF) announced shortly after that the momentum of Bitcoin’s rollout would also coincide with the successful installation of the first batch of mining equipment on schedule.
Hut 8’s equipment finance loan was used to increase Hut 8’s bitcoin mining capacity by 475 petahashes per second (PH / s) over Q1 and Q2. From February 11th400 miners had been successfully installed, increasing Hut 8’s mining capacity by a further 35 PH.
The devices themselves are made by manufacturers such as NVIDIA Corporation (NASDAQ: NVDA) and Advanced Micro Devices, Inc. (NASDAQ: AMD).
Photos of a huge cryptomining farm with hundreds of Nvidia 30XX laptops went viral from an unknown location in China. How the farm owners acquired so many of these laptops is suspect as safeguards are in place to prevent this type of bulk buying.
GPUs are in short supply. Nvidia has to bring GPUs in the lower price range onto the market in order to counteract the ongoing serious shortage.
A significant portion of the need for graphics chips from Advanced Micro Devices, Inc. (NASDAQ: AMD) can be traced back to cryptocurrency mining.
Now, Advanced Micro Devices, along with three other major US companies, have signed a letter to the US President calling for “substantial funding to incentivize semiconductor manufacturing” as part of future economic recovery and infrastructure plans.
“This is mainly because the governments of our global competitors are offering significant incentives and subsidies to attract new semiconductor manufacturing equipment, while the US is not,” the group said.
With Bitcoin continuing to be in the spotlight, companies like Hello Pal are in a good position to capitalize on this rising interest and leverage it for their growing user base.
For more information on Hello Pal International Inc., click here.
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