Vinanz Limited Bitcoin Mining Operational Update (0395O)
September 29 2023 - 2:00AM
UK Regulatory
TIDMBTC
RNS Number : 0395O
Vinanz Limited
29 September 2023
29 September 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 Operational Update
Vinanz Limited (London AQSE: BTC and US OTCQB: VINZF), 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 that its
Bitcoin ("BTC") miners in Nebraska (USA) and Labrador (Canada) are
running at a combined rate of approximately 12 Petahash/second
(PH/s).
Total Bitcoin in the Company's combined crypto wallets has risen
since the Company listed on the Aquis Stock Exchange in April from
5.01 BTC to 7.84 BTC as at the end of September 2023.
Miner performance and availability have been and remain very
high at well over 99%.
The Company acquired 20 BTC miners (running at a combined 1.6
PH/s) on listing, and these are located in Nebraska in the USA.
Vinanz expanded its mining fleet in June when it announced that it
had acquired 100 new Bitmain Antminer S19J Pro (104 TH/s) ASIC
miners and that these miners were fully operational in Labrador
Canada running at a combined processing power of 10.4 PH/s.
(Note: One Petahash/s (PH/s) is one quadrillion
(1,000,000,000,000,000) hashes per second. In the context of
Bitcoin mining or blockchain, the rate of hashes per second is an
important measure of mining performance.)
David Lenigas, Vinanz's Executive Chairman, said:
"I'm very pleased to report that our new Bitcoin miners that we
installed in Labrador (Canada) are running sublimely and our data
centre hosts are performing an excellent service in maintaining and
running our miners there. This second installation outside of our
initial Nebraska Bitcoin cluster validates the Company's business
model of outsourcing the hosting of our miners. Blocklabs have done
an incredible job for us in Labrador, and we are investigating
installing further miners with them in Canada in the future,
especially considering they have excellent power rates from their
hydro electricity supplier. Vinanz does not intend to own its own
data centres and be burdened with daily costs and administration of
running them. Our model is to have professional data centre
companies install, maintain, and run our miners for us for fixed
monthly costs and put the mined BTC straight into our encrypted
wallets. This model is the one that works for us and allows us to
deploy all the cash we mine and raise towards spinning miners for
more BTC and not betting on real estate. Now that we are
comfortable with our initial investment and operational BTC mining
model, the board is reviewing how best to expand the mining
fleet."
About Vinanz
Vinanz is listed on the London Aquis markets and is building 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 3855 5551
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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