Crypto has been on a run the last few days, briefly pushing Bitcoin to its new ATH of over $68 thousand while Ether broke its personal record at $4,840. The surge in crypto prices is a sign of the times as increasing numbers of investors put their profits in crypto. But it has also created an opportunity for sympathy plays among crypto related penny stocks such as Marketing Worldwide Corporation (OTC: MWWC) which has only recently transitioned to the crypto sphere. MWWC stock jumped on its crypto news and share reduction but has since bled out, putting the stock at $.0065 currently.
In mid-October, Marketing Worldwide Corporation announced it had completed its acquisition of a community-based cryptocurrency ecosystem which would act as a subsidiary of the acquisition incubator. This acquisition was paid for using 250 million restricted shares held by CEO Jason Schlenk. To prevent dilution, the seller – Minosis Corp. – is not able to remove the restrictive legend from the stock without approval from MWWC.
The Minosis platform pool mines Bitcoin using Bitmain Antminer SJ19 Pro units with a hash rate of 104T/H to 110T/H. It uses approximately 3,250 kw/h of power per unit which is an important factor in determining the platform’s overall viability.
Since then, the company has prepared the Minosis Mining Platform for beta testing and has opened it up for users to try. Minosis is designed to give all users the opportunity to mine crypto from their laptop or computer and will alert users regarding changes in their hash rate, the profitability of coins, and market conditions. If offers users the experience, contacts, and success at PETA hash rate levels to build an industrial scale mining operation.
On this note, MWWC’s CEO – Jason Schlenk – shared that, “Our goal is to make the installation and rig set-up as easy as possible and we believe we have accomplished that with the use of the Minosis Agent”. This feature is designed with the intention of making it easier to use the laptop or desktop computer to mine crypto.
MWWC has also shared that it obtained a non-dilutive line of credit for $1.5 million, which will be poured back into the business to develop the Minosis platform and acquire more mining equipment. Meanwhile, the company has followed through on its announced share reduction bringing the AS down to 4.5 billion from 10.9 billion. However, it originally gave 3.5 billion as the target AS and it is not clear if a further share reduction is possible.
Despite MWWC stock dip, the company has the potential for more catalysts as it builds its Minosis mining platform as @NoNetflixNeeded points out
Trading at $.0065, MWWC stock has a resistance near .0074 and second at .0083. Its support formed at .0059. Although the stock had a bearish crossover, its appears poised for a bullish crossover. The RSI is at 45 while accumulation plateaus.
Should you Buy
The crypto run caused by SHIB, BTC, and ETH have made investing in crypto mining stocks particularly appealing. Although MWWC is relatively new to this sector, it has made promising progress so far. Its beta test of the Minosis platform will give investors the opportunity to evaluate the company’s potential and if BTC continues to run, then Minosis could become a popular BTC mining tool.
Please visit and read our disclaimer here.
Don’t forget we have a Youtube Channel with at least biweekly releases on the latest and greatest runners!