BitFrontier Capital Holdings, Inc. (BFCH) Provides Shareholder Update
12/03/2021 | 11:42pm EST
FREDERICKSBURG, VA, Dec. 03, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – BitFrontier Capital Holdings, Inc. (OTC: BFCH) is excited to provide a shareholder update on mining operations and progress to its immersion cooling system.
While taking significantly longer than we had initially planned for due to supply chain issues, we were finally able to procure the final components to complete the immersion cooling system, including a significant amount of piping and immersion tanks. We are expecting the delivery of these components very shortly.
Upon completion and successful implementation, the Company forecasts a significant reduction in electricity usage, the most considerable expense for any crypto-miner. The system will also reduce the stress and fatigue of our machines, reducing their natural operating temperatures as compared to air-cooled units. As a result, we can overclock the manufacturer's specifications by at least 30%.
After installing the immersion system for phase one, we expect to net a daily revenue between $5,000 and $8,000. We based our projection on several factors, including our total hash rate, BTC price, and the total network hash rate, which changes very rapidly, and thus our revenue numbers could quickly change.
Additionally, our total cooling capacity will be well over what we can currently utilize, allowing for very rapid expansion in the future. We will continue to strategically source additional bitcoin miners, alternative mining rigs, and support equipment.
Lastly, the board members unanimously agreed to begin interviewing and vetting a candidate to become the next Chief Technology Officer (CTO) of BitFrontier. We are confident the board will choose a candidate with invaluable skills and demonstrate unquestioning loyalty and value to our shareholders.
BitFrontier Capital Holdings' business plan concentrates on cryptocurrency-related investments and development opportunities through crypto-currency mining, private and public entities, joint ventures, and acquisitions of block-chain-related companies. BitFrontier Capital Holdings has two wholly-owned operating subsidiaries, BitFrontier Capital Investments, Inc. and BitFrontier Technologies, Inc. Through the Company's wholly-owned subsidiary, BitFrontier Technologies, Inc.; the Company is currently in the final stages of construction of a warehouse designed explicitly for hosting crypto-currency mining equipment. Crypto-currency mining (e.g., Bitcoin mining) entails running ASIC (application-specific integrated circuit servers or other specialized servers that solve a set of prescribed complex mathematical calculations to add a block to a blockchain and confirm digital asset transactions. A party that successfully adds a block to the blockchain is awarded a fixed number of digital assets in return.
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to many risks, uncertainties, and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether due to new information, future events, or otherwise. Among the essential factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks detailed in the Company's filings on file at www.otcmarkets.com.