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Fidelity Discloses Ownership In Bitcoin Mining Company, Signs Of Mainstream Crypto Adoption?

Fidelity Discloses Ownership In Bitcoin Mining Company, Signs Of Mainstream Crypto Adoption?
Fidelity Investment owns Hut8 shares as per the latest report filed on July 13, 2020. According to the alternative monthly reporting (AMR) filed with the Ontario Securities Commission, Fidelity Investment owns 10.58 percent of the publicly traded, Canadian-based Bitcoin mining firm as adjudged from the 10,451,094 Common Shares it controls. 
Fidelity Investments Has A Minority Stake at Hut8
The AMR report was filed on Friday, July 10, 2020, and discloses the institution’s shares in the publicly traded Canadian company.
Necessitated by the need to issue new common share units that demand the declaration of share distribution as per the regulator’s dictates, the report showed the institution’s increasing interest in cryptocurrency.
“Fidelity holds 8,396,138 Common Shares and 2,054,956 common share purchase warrants, as a result of which Fidelity is deemed to hold 10,451,094 Common Shares representing approximately 10.58% of the outstanding shares of that class.”
Hut8 plans to raise $8.34 million. Consequently, they are issuing 5,750,456 units that comprise one unit common share and one unit one common share purchase warrant.
Each unit will be availed to the public at $1.45. The $8.34 million, the report shows, will be used to purchase new mining gear.
Bitcoin Hash Rate at Record Highs
Bitcoin mining is resource-intensive and demands regular upgrading.
At the time of writing, the Bitcoin network hash rate (computing power) was hovering at new record highs. With a high hash rate, it becomes more difficult to mine blocks.

#bitcoin hashrate just reached an 𝗮𝗹𝗹 𝘁𝗶𝗺𝗲 𝗵𝗶𝗴𝗵.
The 𝗵𝗶𝗴𝗵𝗲𝗿 the hashrate, the more 𝘀𝗲𝗰𝘂𝗿𝗲 the network is.
— Matt Ward ⚡️ (@CoinCornerMatt) July 13, 2020

For each block mined, the network compensates the successful mining pool—or farm, 6.25 BTC—slightly over $53,000.
However—and despite the halving event, miners and chipset manufacturers are unperturbed. With the gradual improvement of semi-conductors, efficient rigs continue to be rolled out.
Bitmain, for instance, is launching a new mining rig that offers better energy efficiency and strong punching power (hash rate).
Combined with decreasing power rates in Southern China—forcing the activation of previously unprofitable old-model rigs, competition has been cutthroat.
Fidelity Heavy Involvement In The Crypto Scene
Still, Hut8 involvement in the space spells decentralization for the Bitcoin network. Meanwhile, Fidelity Investment continues to leave a mark in the crypto scene.
Aside from their stock ownership at Hut8, the AMR report revealed their leasing of equipment from Blockstream.
In February 2018, they announced the Fidelity Digital Asset Services a crypto custody and trade execution platform for institutional investors. Then, Fidelity Investments Chairman and CEO Abigail Johnson said the move was to improve the accessibility of Bitcoin and crypto assets to investors. shares this Contents always with License.

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