Crypto News 

Argo Blockchain Plans to Terminate Mining Contracts, Cut Costs by 35 Percent

“United Kingdom-based cryptocurrency mining provider Argo Blockchain announced it was refocusing its business as part of a major cost-cutting exercise, according to a strategy update published on Feb. 15” writes William Suberg for cointelegraph.com. Argo, which is headquartered in London with facilities in Quebec, said it would terminate its Mining-as-a-Service (MaaS) operations by April, focusing solely on direct mining.MaaS operators facilitate cryptocurrency mining on borrowed hardware remotely.Explaining its decision, Argo said the ongoing suppression of Bitcoin (BTC) prices and associated reduced profitability of mining had caused it to slim down…

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News 

America’s business leaders reveal the things they are most worried about in a new UBS survey

“Healthcare, meanwhile, reported the weakest margin expectations of all the sectors, along with below average sales expectations” writes Rebecca Ungarino for businessinsider.com. Still, UBS said executives reported “continued confidence” in earnings growth for this year, with 68% expecting profit margins to expand.FactSet projects S&P 500 earnings will fall 0.8% year-over-year drop during the first quarter.More granularly, executives’ sales- and profit-growth expectations were strongest among financial and technology firms.In other words, executives became less optimistic about underlying profitability factors like the costs associated with labor, raw materials, commodities, and taxes. Source: businessinsider.com

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Markets News 

Julius Baer to cut jobs as profitability lags

“Switzerland’s third-largest listed lender on Monday announced a 100 million Swiss franc ($100.3 million) cost savings program after reporting a 6 billion franc decline in managed assets in 2018 and missed its profitability and cost-income targets” reports businessinsider.com. The bank said it would propose a dividend of 1.50 francs per share, compared with 1.40 francs for 2017.On Monday the bank reported an adjusted ratio of 70.6 percent, with an increase over the target range representing reduced profitability over costs.ZURICH (Reuters) – Julius Baer plans to axe 130-140 jobs, or around…

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Deutsche Bank swings to first full-year net profit since 2014

“Deutsche Bank posted its first full-year net profit since 2014 on Friday, despite a weak fourth quarter, amid growing merger speculation and a series of uphill struggles” writes Simon Dawson for cnbc.com. The profit number of 341 million euros ($390 million) for 2018 failed to beat market consensus, with a Reuters poll of analysts predicting a figure of 461 million euros.For the fourth-quarter alone, the bank posted as loss of 409 million euros, which also failed to match estimates.”Our return to profitability shows that Deutsche Bank is on the right…

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Blue Apron switches up meal-kit strategy in hopes of becoming profitable in 2019

“But to create a sustainable, profitable business, Blue Apron is changing its strategy” writes Dan Acker for cnbc.com. Because January tends to be a popular month for both WW and Blue Apron, higher demand stressed the meal-kit company’s capacity.In the fourth quarter, Blue Apron had 557,000 customers with an average revenue per customer of $252.To achieve the profitability it is forecasting for the first quarter of 2019 and the full fiscal year, Blue Apron has stopped pursuing less profitable customers and cut back on marketing.Blue Apron CEO Brad Dickerson said…

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China’s slowing economy will make it harder for its companies to pay debts, ratings agencies say

“Even as Beijing pushes out new measures to stimulate its economy, China’s growth slowdown will make it harder for the country’s companies to pay their debts this year, ratings agencies say” writes unknown author for cnbc.com. According to S&P, China’s onshore bond default rate hit an all-time high last year of more than 90 billion yuan ($13.3 billion).And while an annual growth rate of 6.6 percent is a figure most countries could only dream of, it marked a continued slide for Asia’s largest economy.”The economic chill in China is spreading,…

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Crypto News 

Japan: E-commerce Giant DMM Shutters Crypto Mining Business Due to Declining Profitability

“Japanese e-commerce conglomerate DMM.com Ltd. will shut down its crypto mining business, citing deteriorating profitability as the main cause” writes Marie Huillet for cointelegraph.com. DMM.com, which has over 27 million clients for its e-commerce business, first announced its entry into the crypto mining business in September 2017, with a focus on mining major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).Local business magazine Toyo Keizai reported the shutdown on Dec. 30.According to Toyo Keizai, DMM is also reconsidering its launch of a crypto trading app dubbed “Cointap,” which…

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Tesla shares higher premarket as Wedbush remains bullish on Model 3, European demand

“TSLA, -7.62% has turned the corner on Model 3 production, demand looks strong heading into 2019 and the electric car maker is “poised to generate improved profitability and cash flow that puts the risk of a capital raise in the background for now,” Wedbush analysts said Wednesday” writes Ciara Linnane for marketwatch.com. Analysts led by Daniel Ives said Tesla is on track with its road map for European Model 3 delivery and shipments appear to be on schedule, with the window for customers in a host of countries now opening…

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Crypto News 

One year on from Bitcoin’s record high, its price has fallen so far it’s too costly to mine it

“Here’s a chart from JP Morgan showing the steep decline in bitcoin mining profitability this year” writes Business Insider Australia for businessinsider.com. Therefore in the absence of any stabilization in prices, the least efficient miners were forced to exit mining activity abruptly.The latest decline in prices towards $3,000 per bitcoin has also seen a sharp decline in the hash rate. And when prices tumble this far this fast, it means many previously profitable miners are now having to power down their operations. Source: businessinsider.com

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Crypto Markets News 

Just Two ASIC Bitcoin Mining Rigs Remain Profitable in Current Markets

“Updated every minute, the site calculates profit yields for specific miners based on current power costs, network difficulty, block rewards, and cryptocurrency prices” writes Marie Huillet for cointelegraph.com. AMV is a site that calculates real-time profitability rates for “ASIC” miners, hardware that uses Application-Specific Integrated Circuit (ASIC) chips, tailored to efficiently mine cryptocurrency based on a specific hashing algorithm.Amid the cryptocurrency market crash, even the newest crypto mining machines are struggling to seal profits for their operators, according to real-time data published by mining profitability data site ASICMinerValue.com (AMV) today,…

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