Vinanz Limited Bitcoin Mining Processing Power Increases 650% (7925X)
28 April 2023 - 8:00AM
UK Regulatory
TIDMBTC
RNS Number : 7925X
Vinanz Limited
28 April 2023
28 April 2023
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended). Upon the publication of this announcement via a
Regulatory Information Service, this inside information is now
considered to be in the public domain.
Vinanz Limited
("Vinanz" or "the Company")
Bitcoin Mining Processing Power Increases 650% with New BTC
Miner Order
Installation - Labrador, Canada, Powered by Green Hydro
Energy
Vinanz Limited (AQSE: BTC), the London listed Bitcoin mining
company focusing on decentralised deployment of Bitcoin mining
clusters in multiple data facilities throughout the US and Canada,
is pleased to announce its first expansion of Bitcoin mining
machines since it listed on 21 April 2023 with the acquisition of
100 new Bitmain Antminer S19J Pro ASIC miners.
This expansion increases the number of Bitcoin ASIC miners from
20 to 120 and increases Vinanz's combined Terrahash processing
power in North America by 650% to 12,000 TH/s. (Note: One Terrahash
is one trillion (1,000,000,000,000) hashes per second. In the
context of Bitcoin mining or blockchain, the rate of hashes per
second is an important measure of mining performance.)
The 100 new Bitmain Antminer S19J Pro (104 TH/s) ASIC miners
have been ordered from a USA company, Luxor Technology Corporation,
and are expected to be delivered in approximately three (3) weeks
to a data centre in Canada and spinning shortly thereafter.
The contracted cost to acquire the 100 new ASIC miners is USD
$13.50 per TH and the total purchase price shipped is USD $159,000.
The hardware will be installed and operated under a Hosting
Services Agreement in Labrador, in northeast Canada.
Labrador was an ideal choice of location for the Company's first
expansion of its ASIC miners as the energy in Labrador is primarily
generated from GREEN HYDRO. As Vinanz's fleet scales, electricity
rates will decrease on a sliding scale from USD 6.6 cents per kWh
to USD 5.7 cents or less.
David Lenigas, Vinanz's Executive Chairman, said:
"Our goal is to build out a highly decentralised cluster of
Bitcoin miners in the USA and Canada. Our first BTC miners are
already spinning in Nebraska and I'm very pleased to report a
significant increase in our fleet in the coming weeks with the next
cluster of miners in Canada. Labrador was an ideal choice for this
expansion, as the power in Labrador is primarily generated from
green sources and give us an excellent and very competitive
contracted power cost. Our technical team are assessing preferred
locations for the next batches of miners and we are hopeful to
conclude contracts for this second round of expansion within the
coming weeks."
"Vinanz is focused on maximising its BTC mining operations as
the next Bitcoin halving, expected to take place in April 2024,
approaches. To date, o ver 19 million (or over 92% of all BTC
possible) has already been created. The rate at which new Bitcoin
is created decreases by half every 210,000 blocks mined, or roughly
every four years until all 21 million Bitcoin have been mined.
Historically, data suggests that BTC has hit new highs post the
last three halvings and Vinanz aims to be strategically positioned
as the number of Bitcoins mined increases towards that magic 21
million."
About Vinanz
Vinanz is listed on the London Aquis markets and aims to build
out a fully-fledged Bitcoin mining company initially focusing on
installing clusters of Bitcoin miners within multiple facilities
throughout the US and Canada through third-party cryptocurrency
mining providers. Whilst the Company will focus initially on BTC
mining, it will also consider the mining of other cryptocurrencies,
and operations in the DeFi and Big Data space in the future. The
Company intends to be able to provide a listed UK platform to offer
entry to the technology and cryptocurrency business.
The Company's admission document is available to view on its
website www.vinanz.co.uk
The directors of Vinanz Limited accept responsibility for this
announcement.
For further information please contact:
Vinanz Limited
David Lenigas david@vinanz.co.uk
Jeremy Edelman jeremy@vinanz.co.uk
First Sentinel (Corporate Adviser and Broker)
Brian Stockbridge brian@first-sentinel.com
+44 (0) 20 3989 2222
Clear Capital Markets (Broker)
Bob Roberts bobroberts@clear-cm.co.uk
+44 (0) 20 3869 6080
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END
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