financemagnates.com
Vortex Brands Co, a Bitcoin mining firm in the US, announced the purchase of additional 19j Pro machines for its Bitcoin mining operations. The crypto company therefore increases the total number of its current S19j Pro machines to over 14. With its new machines, the California-based miner expects that such 14 total units would expand its hashrate capacity of approximately 100% to 2,800 terrahash. The company anticipates the delivery and deployment of the new machines to begin in the next few weeks.
The company stated that it began Bitcoin mining in September 2021. Since then the firm has expanded its Bitcoin mining operations and started executing on its dividend policy of 15% of the next profit generated from Bitcoin mining operations. Vortex Brands further stated: “As promised, we will provide as much transparency as possible to our shareholders regarding our Bitcoin Mining operations. As part of this, we will provide updates from the mining results to provide our shareholders with up-to-date information instead of making them wait until quarterly filings are made. Shareholders are encouraged to follow progress by viewing our corporate Bitcoin wallet address, to track our daily progress.”
Moving Along the Trend
The announcement by Vortex Brands echoes other crypto mining firms that are also working on expanding their mining operations to meet the rising demand. In January last year, Blockstream, a blockchain services provider, bought Bitcoin mining machines from MicroBT, a Shenzhen-based provider. Blockstream deployed the newly bought machines across its multiple facilities in Canada and the US. Currently, the firm is producing Bitcoin mining services to institutional clients seeking turnkey solutions. Some of its clients include LinkedIn Founder, Reid Hoffman, the Fidelity Center for Applied Technology (FCAT), among many other prominent names. HIVE blockchain technology also recently bought 750 additional Bitmain S17+ Antminer machines to expand its operational capacity.HIVE owns crypto mining facilities in Iceland, Sweden, and Canada, which produce newly minted digital currencies such as Ethereum and Bitcoin continuously. With uncertainty in China, crypto mining activities have significantly increased in other locations such as Nordic nations, the US and UK.