5-Year Contract Announcement Causes Premarket Buying Pressure

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, July 19, 2022

A Dallas-based Ethereum and altcoin mining company is turning heads on Tuesday after the company announced that it has received a five-year contract from Marathon Digital (Nasdaq:MARA) to provide comprehensive hosting services for 200 megawatts of bitcoin mining capacity. This news sent shares of Applied Blockchain Inc. (Nasdaq:APLD) soaring during Tuesday’s premarket.

Applied Blockchain, Inc. (Nasdaq: APLD) is a builder and operator of next-generation data centers across North America, which provide substantial compute power to blockchain infrastructure and support Bitcoin mining. The Company has partnered with some of the most recognized names in the industry to develop, deploy, and scale its business.

After the company’s share price dropped pretty substantially during the course of this year, it appears that traders have had enough of the price depreciation as shares are currently bid up at $$1.31/share (+23.58% implied open for sellers). This move could be an indication of things to come as it is the first sign of life from this small cap in quite some time.

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