Bitcoins & Cryptocurrencies updates : Iced Tea Firm Plans to Mine Bitcoin in the Nordic Region

simply recently we reported at the beverage company long island iced tea corp and its percentage fee boom with the aid of greater than four hundred% at once after it rebranded to “long blockchain employer.” on january 4, the agency filed with the u.s. securities and alternate commission (sec), declaring its intentions to mine bitcoins and buy 1,000 bitmain synthetic antminer s9 mining rigs.

he iced tea corporation is transferring gears with plans to mine bitcoin
he specialised drink organization, ‘manhattan iced tea corp,’ is now called the ‘long blockchain business enterprise’ (lbc), and it appears the firm had different intentions for converting its name. the company made headlines all over the international while it rebranded, and its stocks spiked through 432 percentage in a single day. the modern-day business circulate indicates lbc is making plans to function a mining facility located in the nordic country, because the delivery of miners suggests an iceland vacation spot. however, it’s unconfirmed in the intervening time precisely wherein the mining facility could be positioned.

“the mining gadget will be set up in a international-class 1/3-birthday party statistics middle skilled in cryptocurrency mining and placed in a nordic u . s . a . — lengthy blockchain expects to advantage from an established infrastructure and competitive electricity expenses the usage of geothermal and hydro-electric powered energy assets,” explains the firm’s announcement.

generating revenue thru the accumulation of bitcoin
the company’s ceo, philip thomas, explained the employer’s commercial enterprise transition in a announcement saying, “we view this transaction as an crucial and validating initial step within the company’s development into blockchain generation.”

long blockchain will join other bitcoin miners which have congregated inside the nordic vicinity
the initial rebrand statement revealed the corporation’s intentions to pivot its enterprise model. “we can, inside the coming weeks and months, be taking a chain of steps related to our efforts to gather a world-elegance crew of enterprise professionals to assist us realize this vision,” defined thomas ultimate month.

the acquisition and sale will close at the thirty first day of january 2018, and the cost of the 1,000 antminer s9 mining rigs and 1,000 psus will price $2,900,000 usd. alongside this, the deal filed with the sec additionally includes the issuance of two hundred and sixty thousand stocks of company common stock.

the nordic region is known for organizations congregating within the vicinity to mine bitcoin most significantly in iceland. the purpose for this is due to the nordic area’s plentiful resources in geothermal and hydro-electric powered electricity. other mining companies positioned within the territory of those nations consist of genesis mining, bitfury.

what do you consider this drink organisation changing gears to begin a mining facility in the nordic place? allow us to know in the remarks below.