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Blockchain News

VBit Technologies Looks To Montana To Expand Mining Business

VBit Technologies, one of the only U.S.-based companies developing and hosting Bitcoin mining operations, based out of Philadelphia is expanding its mining business into Montana. Known as the “Known Technology Frontier”, Montana provides access to cheap electricity plus cooler conditions making it an ideal place to turn dormant manufacturing plants into server farms to mine Bitcoin. Yesterday, CEO of TeslaElon Musk, announced that it had bought $1.5 billion worth of Bitcoin, and would start accepting Bitcoin as a payment method for its products. Some are crediting Musk with raising the price of cryptocurrencies. As of today, Bitcoin has broken another all-time high at $48,200 per Coinable price index, so as the market is growing, Bitcoin mining is too.

VBit already has existing mining locations in Calgary and Colorado and is expanding into Montana while actively looking for new locations in Western Pennsylvania as well. Montana with its inexpensive and vast amounts of hydroelectric power and large vacant facilities that have their own power substations and is a prime location for expansion to mine Bitcoin. VBit will deploy its new mining hardware in a data center that is 100% powered by hydroelectricity. 

According to bitcoinenergyconsumption.com, the total power consumption of Bitcoin mining in 2020 is estimated at 77.8 TWh per year which is the equivalent of the entire country of Chile. A single mining transaction uses 686.5 kWh which equates to 23.3 days of power for an average US household (Bitcoin Energy Consumption Index – Digiconomist). This amount of power generation is estimated to add over 36.9 metric tonnes of carbon dioxide to the atmosphere which is the same as New Zealand in a year. 

Don Vo, CEO and founder of VBit Technologies, said, “Crypto as an industry has now come of age, and is now firmly in the mainstream – it is here to stay, and so is VBit Technologies. From an environmental standpoint, it’s therefore important for Bitcoin mining to move to a more eco-friendly energy source that not only reduces the cost of electricity consumption but also generates it from renewable sources making it environmentally friendly. In addition, VBit is exploring new liquid immersion cooling technology that will allow for a more reliable mining environment with less failure. If there’s an hour of downtime from a failure, it means we’re losing money, so we need to keep the equipment optimized for profitability and customer satisfaction.”

VBit Technologies has a brand called VBit Mining that provides Bitcoin mining services to thousands of people worldwide, and is on its way to becoming one of the largest Bitcoin mining operations in the world.

VBit Technologies
VBit Technologies
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Bitcoin News Cryptocurrency News

VBit Technologies Evolves From Solely Mining To Broader Crypto Services

VBit Technologies, one of only a few US-based hosting hardware mining companies, unveiled its new branding that will be more in line with their ongoing business diversification set to roll out in 2021.

After three years of serving as the ultimate symbol of VBit Technologies’ mission, their first logo is being retired. A new group of VBit logos is being introduced- one variation for each of their services within the crypto industry.

“VBit is a brand that moves with the times, and we have evolved dramatically over the few years from a company that was known primarily for selling mining equipment to a name that is connected with broader services within the crypto value chain,” Danh Vo, CEO and founder, said.

They further stated that their mission is to accelerate the financial technology revolution by advocating the incredible potential of blockchain technology to a bigger audience and developing cutting-edge products and services, and they wanted their logos to reflect exactly that. VBit Technologies will remain the leading brand – gathering all VBit specific service brands under its umbrella. 

Mr. Vo shared more details: “Crypto as an industry has now come of age, and is now firmly in the mainstream -it is here to stay and so is VBit Technologies. Our infinity-inspired logo is implicating our stability and futuristic aspirations.”

VBit Mining brand will represent the company’s mining hardware distribution branch – a trusted retailer of the Antminer ASIC miners, the most popular Bitcoin mining hardware globally. VBit Data Centerslogo will be hanging in the rafters of their US and Canada data center facilities, which are servicing thousands of people worldwide, and are on their way to becoming one of the largest bitcoin mining operations in the world.

They hinted that other brands would be presented later this year, as the company plans to develop additional service branches as their “…Ultimate goal is enabling acceptance of crypto-based tools and operations in the everyday lives of people across the globe, and the new logo design marks the start of the new era for VBit.”

VBit Technologies
VBit Technologies
Categories
Bitcoin News Cryptocurrency News

Clas Action Lawsuit Filed Against Bit Digital (BTBT)

Hagens Berman urges investors in Bit Digital, Inc. (NASDAQ: BTBTwith significant losses to submit their losses now.  A securities fraud class action has been filed and certain investors may have valuable claims.

Bit Digital, Inc. (BTBT) Securities Fraud Class Action:

The complaint centers on whether Defendants misled crytpocurrency investors about Bit Digital’s business operations and prospects by concealing that the company exaggerated its bitcoin mining operation.

Investors began to learn the truth, according to the complaint, on Jan. 11, 2021, when market analyst J Capital Research issued a scathing report about the company, concluding that Bit Digital operates “a fake crypto currency business” “designed to steal funds from investors.”

According to J Capital, “[t]he company reported at end Q3 2020 that it was operating 22,869 bitcoin miners in China,” but that “is simply not possible” and “[w]e verified with local governments supposedly hosting the BTBT mining operation that there are no bitcoin miners there.”

In response, the price of Bit Digital shares crashed lower.

“We’re focused on investor losses and proving Bit Digital faked its business by falsely portraying itself as a player in bitcoin mining,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

Class Period: Dec. 21, 2020 – Jan. 8, 2021
Lead Plaintiff Deadline: Mar. 22, 2021
Visit: www.hbsslaw.com/investor-fraud/BTBT 
Contact An Attorney Now: BTBT@hbsslaw.com 
844-916-0895

Categories
Bitcoin News Cryptocurrency News

Binance Launchpool Debuts BTCST

The Bitcoin Standard Hashrate Token (BTCST) is now live on Binance Launchpool, and Binance plans on listing BTCST in the innovation zone at 6:00 am (UTC) on Jan. 13, 2021.

BTCST
BTCST

BTCST sets off to solve the problem of a limited number of exit options by bringing exchange-grade liquidity to the Bitcoin mining industry, and in secondary trading, BTCST will perform as a leveraged Bitcoin token free from liquidation risk. BTCST will create an efficient market for Bitcoin’s mining power in ways similar to how Grayscale Bitcoin Trust creates institutional liquidity for Bitcoin.

Four Key Points About BTCST

1. Bitcoin’s leveraged token

BTCST secures dual profits for its holders when the market is on a bull run, due to BTCST’s attributes as Bitcoin’s leveraged token.

BTCST is collateralized by 0.1 TH/s of real-world Bitcoin mining power, which is historically proven to be positively correlated to the performance of the digital gold, and hence the value of BTCST climbs along with the current skyrocketing Bitcoin market. On top of that, BTCST stakers claim Bitcoin mining rewards on a daily basis. If a user started to mine Bitcoin with a WhatsMiner M32s (a classic hardware model of Bitcoin mining) in October 2020, by the time of publication, the value of Bitcoin mined would have risen by 200%; however, the price of the mining machine itself increased 400% during the same time frame.

Therefore, it is safe to call BTCST a leveraged token of Bitcoin.

2. Grayscale-like operations in the mining industry

2020 is the year of Grayscale, and BTCST may prolong the saga in the Bitcoin mining industry. Institutional liquidity injected by Grayscale sparked the bullish market, and BTCST will help release liquidity to the mining industry and enable the execution of liquidity premium in the secondary market.

By trading BTCST, market participants can freely enter and exit Bitcoin mining exposure in any size, at any time, and with low costs. Even miners without mining power tokenized by BTCST can make use of the token to capture the profits or hedge against the risks of mining machine price fluctuation.

3. Enhanced cloud mining

Cloud mining is an imperfect solution to the lack of liquidity, and its reputation is clouded by frequent scams. The legitimate providers also fall short of full transparency.

BTCST is a cloud mining platform deployed on the Binance Smart Chain, with daily payouts executed by the dApp and all data traceable. Binance Pool, the world’s second-largest Bitcoin mining pool, functions as the auditor for BTCST and guarantees legitimacy and transparency.

4. DeFi of 2021

BTCST is a DeFi project without risks of impermanent loss. When a user un-stakes BTCST, the user is safeguarded by code to retrieve the same amount of BTCST along with the accrued Bitcoin mining rewards.

BTCST has passed the scrutiny of CertiK, one of the world’s leading blockchain security firms, scoring a 98 out of 100 in a security audit.