Cryptocurrency investment specialist Cypherpunk (CSE:HODL / OTC:KHRIF) has purchased 25 Bitmain S19J Pro miners for $300,000, the company has confirmed. These are each capable of producing 100 terahashes per second. The equipment has been leased to MiningStore.
MiningStore will host the machines in Iowa for Cypherpunk pursuant to a managed mining and profit sharing agreement.
Cypherpunk is a Canadian-listed specialist in the cryptocurrency and privacy markets and currently manages a diverse portfolio of assets within this sector.
“Our focus of investing in cryptocurrency has now broadened to include mining,” said Tony Guoga, CEO of Cypherpunk. “This investment in cryptocurrency mining helps Cypherpunk diversify its investment portfolio and is intended to allow Cypherpunk to continue to accumulate cryptocurrency assets. Cypherpunk is in a position to be a supplier of Bitcoin (BTC) and not just a buyer.”
MiningStore is a specialist Bitcoin miner that has been in the market for over five years. It started with a 300 GPU set up, mining over 500 Ethereum per day. It has developed mobile mining containers that lets it use extremely low cost, stranded / excess energy. It has partnerships with US utility providers that helps it to tap into pockets of cheap / excess energy.
MiningStore is wedded to a mobile Bitcoin mining strategy
Currently MiningStore has 10 mining facilities deployed and operational, with over 20MW of assets under management. It launched what it calls its Managed Mining Program in 2020, and generated over $500,000 in revenue in its first month of operation.
Last year MiningStore also secured a 50MW cryptocurrency mining site in Texas. It acquired over 1000 Bitcoin miners for self-mining.
MiningStore is pursuing a strategy that is designed to address one of the major challenges currently faced by cryptocurrency miners the world over, namely tapping into sources of either cheap, excess or indeed renewable energy. Its mobility solutions allow it to move mining rigs to where the power is cheapest, or where there is too much power being generated for local needs. This also reduces the cost of mining activity.
Cypherpunk Holdings: seeking income from digital assetsa range of assets in the new digital finance sector. Earlier this month it announced that it had expanded its store of IPv4 addresses at a time when there is an increasing premium being placed on IP addresses, as the world has a finite supply. The assets can also be leased, creating income for the company. The Bitcoin mining hardware is another example of how the company is pursuing sources of yield.
Cypherpunk also holds a large reserve of its own cryptocurrencies. It is one of the larger, publicly traded owners of Bitcoin. It also participated in the Chia Network Series B. Chia Network uses spare storage space on hard drives to verify blockchain transactions instead of using the energy intensive proof of work model.
Cypherpunk’s CEO is Antanas “Tony” Guoga, founder of the Blockchain Centre in Lithuania. He served in the European Parliament from 2014-2019 and has also played an active role in the development of Lithuania as a European technology hub. Its chief investment officer is Moe Adham, a Bitcoin and a graduate in nanotechnology from the Swiss Federal Institute of Technology.