iMD Companies, Inc. Focuses Resources on Farming of Chia (Chia.net) Cryptocurrency Coins for All Facilities

Rhea-AI Summary

iMD Companies, Inc. (OTC: ICBU) is pivoting its focus towards farming Chia cryptocurrency coins. The company has reported consistent success in generating Chia coins since its operations began, with plans to expand its storage capacity to over a petabyte by May. The shift aligns with a broader market trend as nations are increasingly adopting Chia due to its low energy requirements and financial applications. iMD aims to optimize its farming configurations through collaboration with a Utah data center, with expected results in the coming week, hoping this strategy will enhance revenue streams.

Positive

• Successful daily generation of Chia coins since operations started.
• Plans to expand storage capacity to over a petabyte by May.
• Increasing global interest in Chia as countries diversify from BTC.

Negative

• None.

SAN MATEO, CA, April 29, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire ‒ iMD Companies, Inc. (OTC: ICBU), announced today that the company is focusing its resources on farming Chia (Chia.net) cryptocurrency coins. From our first announcement in March, we have been building Servers for plotting and farming Chia Coins. Our facilities have been winning Chia coins nearly every day from the start of our operations. iMD has continued to expand our servers and hard drive storage capacity on a weekly basis to reach our initial goal of over a pedabyte (1000 Terabytes) on the Chia mainnet in May. We are continuing our move of farming Chia (Chia.net) at an optimum rate.

To further reinforce our move to support and farm Chia, it can be noted that major countries are moving from BTC to Chia. This is in part due to the low power it takes to plot and farm Chia, but more importantly that Chia has built their platform specifically for the financial world and they are set for major growth. Just as an example, the Chinese are diversifying 50% of all of their Bitcoin mining/farming to Chia. Although Chia hasn’t yet set foot on the exchanges, they already have their symbol (XCH) and will be live very soon.

https://www.scmp.com/tech/big-tech/article/3130683/chinese-coin-miners-flock-new-cryptocurrency-chia-resulting-hard

As the financial world is moving more towards decentralizing currency, it gives iMD the perfect opportunity to stake our claim to this Trillion dollar industry. This is yet, one more reason we feel by focusing on farming Chia coins from the beginning of our operations we’re doing the right thing by growing our business model with cryptocurrency.

With our current farming locations, we are seeing great production with our configurations. In order to further grow our farming presence, we are looking to contracting a lab test with a major Utah data center as to what the exact optimal configuration is for farming Chia. We expect test results next week. Upon completion, we will dedicate additional hardware and software on this new baseline in order to farm at our absolute peak.

“We’re going all-in on Chia’s,” stated Rick Wilson, iMD CEO. “With our extensive research we believe that Chia is here to stay and will be utilized on a global financial level. We believe our early decision to farm Chia will result in increased revenues for iMD.”

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About iMD Companies, Inc.

iMD Companies, Inc. (OTC: ICBU) is a Florida Corporation. The company has been re-positioned to be a holding company for acquisitions and technology development in the financial, blockchain, cryptocurrency, and NFT (non fungible token) markets. iMD's goal is to combine the expertise of our team members to create a cohesive force, which will carry the company forward in the marketplace.

Safe Harbor Statement

Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

Contact:
iMD Companies, Inc.
info@imdcompaniesinc.com

FAQ

What recent developments has iMD Companies, Inc. (ICBU) announced regarding Chia cryptocurrency?

iMD Companies, Inc. is focusing on farming Chia cryptocurrency coins and has reported successful daily generation of Chia coins since operations began.

How much storage capacity is iMD planning to expand to for Chia farming?

iMD is planning to expand its storage capacity to over a petabyte (1000 Terabytes) by May.

Why are countries moving from Bitcoin (BTC) to Chia according to iMD's press release?

Countries are moving to Chia due to its low power consumption for farming, and its platform is specifically designed for financial applications.

What does iMD expect to achieve by contracting a lab test with a Utah data center?

iMD expects to identify the optimal configuration for farming Chia, which will enhance their farming efficiency.

What is the future outlook for iMD Companies, Inc. in the cryptocurrency market?

iMD believes its early decision to focus on farming Chia will position the company for increased revenues as the market for decentralized currency grows.