Vortex Brands to Expand Bitcoin Mining Operation

Rhea-AI Summary

Vortex Brands Co. (OTC: VTXB) announced plans to expand its bitcoin mining operation due to recent drops in mining equipment prices. The company's strategy focuses on minimizing costs associated with infrastructure and energy, leveraging the current market conditions to enhance operational efficiency. While the availability and start dates for new equipment are in discussions with hosting partners, Vortex emphasizes its commitment to transparency through a public bitcoin wallet. However, the company acknowledges potential risks related to power pricing and market conditions that could impact projected outcomes.

Positive

• Expanding bitcoin mining operations to leverage lower equipment prices.
• Focus on minimizing infrastructure and energy costs.

Negative

• Risks associated with power pricing and mining difficulty may affect profitability.
• Potential fluctuations in bitcoin market pricing and unforeseen deployment issues.

DENVER, Jan. 18, 2023 /PRNewswire/ -- Vortex Brands Co. (OTC: VTXB) announces that the company is currently is currently working with its hosting partners about availability and start dates for additional bitcoin mining equipment to expand its current bitcoin mining operation. The price of mining equipment has dropped in recent months as a result of the drop in the price of bitcoin. When Bitcoin first was launched, mining was a race to constantly upgrade to the newest hardware. However, the game has changed with the price drop in bitcoin mining equipment. It's less about running the newest hardware as soon as possible, and it's more about minimizing infrastructure costs, minimizing energy expenses, and owning ASICs. The new cost of equipment will allow the company to minimize the infrastructure costs associated with the new equipment while minimizing its energy expenses. The Company believes now is the time to expand its bitcoin mining operation with the current prices of the equipment. The Company is currently working with its hosting partners about availability and start dates. We will provide additional information in the coming weeks.

As always, the Company seeks to provide as much transparency about it bitcoin mining operation as possible, here is the link to our wallet which can be viewed by shareholders: https://www.blockchain.com/btc/address/38xnQP3mbWoDQTqLZy3GFMZyd2bwigvwCp 

About Vortex Brands Co.: The Company operates as Technology Holdings Company that focuses on cryptocurrency sector, particularly Bitcoin Mining. Additional information is available by visiting company's website at www.vortexbrands.us or on twitter at https://twitter.com/Vortexbrands. 

*Revenue related calculations. Please note that the Company believes that any revenue related calculations are accurate and based on factual information, there can be no assurance that the Company will be able to achieve all projections due to number of business-related factors, such as power pricing, mining equipment availability, bitcoin mining difficulty, bitcoin market pricing and other unforeseen issues in deploying its mining rigs. You can view update information on Bitcoin Mining by visiting https://minerstat.com/coin/BTC 

Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company's business and any of its products, services or solutions. The words "believe," "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.

View original content:https://www.prnewswire.com/news-releases/vortex-brands-to-expand-bitcoin-mining-operation-301724789.html

SOURCE Vortex Brands Co.

FAQ

What is the recent news about Vortex Brands Co. (VTXB) regarding bitcoin mining?

Vortex Brands Co. announced plans to expand its bitcoin mining operations taking advantage of reduced equipment prices.

How is Vortex Brands Co. (VTXB) managing costs in its bitcoin mining operation?

The company is focusing on minimizing infrastructure and energy costs as part of its expansion strategy.

What risks does Vortex Brands Co. (VTXB) face in its bitcoin mining expansion?

Risks include power pricing fluctuations, mining difficulty, and unforeseen issues in deploying mining rigs.

Where can investors view Vortex Brands Co.'s bitcoin wallet?

Investors can view the company's bitcoin wallet through a provided link in their press releases.