AXTG Subsidiary, TiENCHAT, Expands Its Blockchain Decentralized Business to Engage in Cryptocurrency Mining
AXIS TECHNOLOGIES GROUP, INC. (AXTG) has announced its plans to invest in cryptocurrency mining, starting with Ethereum (ETH) through its subsidiary, TiENCHAT. The company is set to order 50 ETH enterprise miners, anticipated to begin operations in Singapore in Q4 2021. Each miner is expected to generate about 1.5 ETH monthly. AXTG aims to scale its operations to over 1,000 miners by mid-2022, both in Singapore and the US. The CEO highlighted the favorable outlook for the cryptocurrency market, noting a significant price increase of ETH over the past year.
- Initiating cryptocurrency mining could diversify AXTG's revenue streams.
- Plans to rapidly increase miner count from 50 to over 1,000 by mid-2022.
- Positive market conditions for Ethereum, with price increase of 751% year-over-year.
- Strategy includes developing a clean energy-based mining network.
- Reliance on the volatile cryptocurrency market for future profits.
- Execution risks associated with scaling operations internationally.
NEW YORK, Aug. 25, 2021 /PRNewswire/ -- AXIS TECHNOLOGIES GROUP, INC. (OTC: AXTG) ("AXTG" or the "Company"), a holding company that promotes decentralized finance businesses, and supports the development of blockchain and decentralized finance (DeFi) projects, is proud to announce that it plans to invest and engage in the mining of cryptocurrencies (specifically Ethereum (ETH)) through its wholly owned subsidiary, TiENCHAT.
The Company has assembled a team of industry veterans with years of experience in the management and mining of cryptocurrencies and in the technology to support the development and growth of digital assets.
The first order of 50 ETH enterprise miners is intended to start mining in the 4th quarter, 2021 in Singapore with each miner expected to generate on average approximately 1.5 Ethereum (ETH) per miner each month. The Company is seeking to rapidly increase the number of ETH enterprise miners under management to more than 1,000 ETH miners by the middle of 2022 with operations both in Singapore and in the US.
William Tien, President and CEO of AXTG commented, "We are optimistic about the positive outlook of the cryptocurrency market with Ethereum (ETH) prices closing yesterday at approximately
Safe Harbor Statement
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets, and the demand for products. Forward-looking statements are no guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company assumes no duty to update its forward-looking statements.
CONTACT:
Axis Technologies Group, Inc.
+1 626-429-2780
ceo@axtg.us
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SOURCE AXIS TECHNOLOGIES GROUP, INC.
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