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TopNewsGuide: The Graystone Company (OTCMKTS:GYST) Hashrate to multiply by six

By on January 26, 2022 0

the Graystone Company, Inc. (OTCMKTS:GYST) is a bitcoin mining company that has dramatically increased its computing power in a matter of months, making it a stock crypto investors are watching closely as the sector recovers.

Bitcoin is in the spotlight after its recent price drop, but if new investors in this post-meme stock market world learned anything, it’s to “buy the dip”. The old buy low, sell high mantra certainly applies to GYST, which saw a price drop in January like all other crypto games.

Prior to last week, the stock was on as steady an uptrend as you would find in a company with the market capitalization of GYST. After reaching a minimum of $0.015 on Monday, the stock rallied and sits just above 2 cents.

If the bitcoin rally continues, GYST may follow in tandem and return to its 7 cents high.

WHY GYST?

GYST has a proven track record in its short time as a miner, since entering the market last spring as an equipment vendor and launching its own mining operations last September; the company has significantly increased its revenue and looks set to continue its growth trajectory in 2022.

GYST announced sales in the last three months of 2021 of $176,926. The company’s assets passed to $412,445. A massive improvement from the goose egg the company announced in the prior quarter and helped shareholders’ equity rise to $365,954 from ($1,140).

This revenue growth will continue if the company continues to increase its bitcoin production capacity.

GYST HASHRATE

From last September to November, the company’s terrahash rate doubled from 1,100 terrahash per second (TH/s) to 2,100 TH/s. After a recent acquisition, this capacity is expected to increase again to 6,200 TH/s.

For the uninitiated, the value of the Bitcoin mining company is based on the hashrate which is basically the computing power that the company possesses. The company’s goal is to reach 1 million TH/s or as stated in the crypto community, 1,000 PH/s by 2024. For perspective, companies like BitDigital, Inc. (Nasdaq: BTBT), CleanSpark Inc. (Nasdaq: CLSK), BIT Mining, LTD (NYSE: BTCM) and greenidge (Nasdaq: GREE) currently have hashrates close to GYST’s target.

At GYST’s current hashrate growth curve, the company will reach its goal well before 2024.

If the stock can reach similar prices to BTBT, CLSK, BTCM and GREE by then, early investors in GYST would feel like early investors in bitcoin towards the end of 2021.

VOLATILITY IN BITCOIN

Bitcoin is of course volatile, but analysts at JP Morgan predicted last October that Bitcoin could eventually reach a valuation of $146,000according to the Wall Street Journal.

Despite its recent decline, we’ve been here before with bitcoin, as its price recovers, analyst predictions may still prevail like Ark Invest Cathy Woodfor example, who believes that the price could increase by another $500,000 as institutions increase their digital currency allocations to 5% of their portfolio value.

Keep in mind that there are a few underlying facts that differentiate bitcoin other than its first mover adoption rate:

-Only 21 million bitcoins will ever be produced.

-More than 90% have already been exploited (18.9 million).

-It is estimated that Bitcoin mining supply will be exhausted by 2040.

Scarcity alone combined with institutional adoption should support the value of the cryptocurrency.

GYST INFRASTRUCTURE

GYST builds infrastructure, harnesses the mining potential of Bitcoin, and develops hosting equipment.

-The Company added 4,100 TH/s by acquiring 41 S19j Pro machines. Installation should begin at the end of this month. It is expected that they will initially be placed in third-party data centers or farms. GYST will house, power and maintain the equipment.

-GYST plans to mine only Bitcoin and all of its mining operations will be conducted through a wholly owned subsidiary, Graystone Mining.

-The current operations of GYST consist of 2,100 TH/s leased to Bit Supply, LLC. They are subject to a three-year lease, equal to the useful life of the equipment. Fees are approx. $3,600 per month plus a 15% management fee, the company says.

TO TAKE WITH

GYST started its bitcoin mining operations with a bang. Already ready to multiply by 6 its computing power since its launch in September; the company is on track to achieve its 1,000,000 TH/s target well ahead of the set 2024 deadline.

With bitcoin and thus public companies in the bitcoin industry rebounding, now is the time to put GYST on your Watchlist.

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