Majic Wheels Corp (OTCMKTS:MJWL) dropped 18% after announcing the iCHain Advanced Decentralized Blockchain Platform launch by its subsidiary CGCX. The platform is a layer two scaling project meant to help in establishing a decentralized infrastructure.
iChain offers the largest operating systems based on blockchain with high availability, scalability, and throughput for public blockchain support for decentralized applications on the CGCX iChain ecosystem. In addition, the platform has been designed to be complete for the launch of interoperable blockchains, and it provided considerable security, performance, transparency, no/low gas fees, and scalability.
Recently the company offered an update regarding the first phase of CGCX’s crypto mining operations which encompass a massive crypto mining project. The first phase will mainly focus on Ethereum (ETH) mining and will use Etchash and Ethash algorithms. The company announced the first phase of ETH mining would commence in Q4 2021, and by Q2 2022, the operations will have reached full scale. Already, the company has received proof of concept equipment which are undergoing testing. So in the coming weeks, MJWL is a stock to watch.
Market Reaction:
On Friday, MJWL stock slumped 18% at $0.13 with more than 42.02 million shares, compared to its average volume of 51.78 million shares. The stock has moved within a range of $0.1171 – 0.1669 after opening the trade at $0.1580.
