Mentioned in an article regarding the cryptocurrency market published recently on CBSNews.com MoneyWatch , a small bright spot for the cryptocurrency future, JPMorgan Chief Executive Jamie Dimon told Fox Business News he regretted calling bitcoin a “fraud” and threatening to fire employees who traded the digital money. Though Dimon described bitcoin’s underlying blockchain technology as “real,” he told the business channel he was “not interested that much in the subject at all.”
Jamie Dimon’s about-face is not surprising since Goldman Sachs (GS) has entered the business of clearing bitcoin futures trades for its clients,” said Trevor Gerszt, CEO of CoinIRA, which specializes in digital money, in a statement. “Dimon just has to try to disassociate himself from his previous comments so that he doesn’t lose face when JPMorgan inevitably expands its bitcoin operations.
According to Coinmarketcap, the total cryptocurrency market was recently valued over $700 billion, with 1398 cryptocurrencies trading. The growth of the cryptocurrency market is propelled by the transparency and immutability of the distributed ledger technology and benefits such as faster transaction and reduction in total ownership cost.
However, the uncertain regulations and standards pertaining to cryptocurrency restrain the growth of this market. Mining is an integral process for the generation, transmission, and validation of transactions in cryptocurrencies. Active Companies from around the market this week include: Puissant Industries, Inc. (OTC: PSSS), Digatrade Financial Corp. (OTC: DIGAF), BTCS Inc. (OTC: BTCS), Global Blockchain Technologies Corp. (TSX-V: BLOC) (OTC: BLKCF), Net Element, Inc. (NASDAQ: NETE)
Puissant Industries, Inc. (OTC: PSSS), a publicly traded energy rich company that uses its resources to develop or acquire high growth companies in industries where maximum profitability can be generated, announced this week that it will begin Cryptocurrency Mining Operations through its wholly-owned subsidiary, American Crypto Mining, Inc.
American Crypto’s first Cryptocurrency Mining Farm (the “Farm”), estimated to be 50% and 100% operational by the first and second quarters of 2018, respectively, will be equipped with SHA 256 double round hash verification processes and scrypt to validate Bitcoin transactions and provide security for the public ledger of the Bitcoin/Lite coin network. The Bitcoin/Litecoin networks compensate miners for their computational power by releasing newly issued Bitcoin and Litecoin, in addition to transaction fees from validation processes – the more computing power a Farm contributes to the networks, the greater share of its compensation.