WISeKey to Invest up to $10 Million Over the Next Two Years to Perform Bitcoin Mining From its Swiss Mountain Secure Bunker and Adapt its Cybersecurity Technologies to Defend Against Illicit Cryptocurrency Mining Activities

Rhea-AI Summary

WISeKey International Holding Ltd plans to invest up to $10 million over the next two years for Bitcoin mining from its Swiss facilities, including a secure military bunker. The initiative aims to enhance cybersecurity technologies to protect against illicit cryptocurrency mining activities. Operations will be conducted through TrusteCoin AG, a Special Purpose Vehicle established in Zoug. The company intends to install over 1,000 bitcoin mining machines, tackling the growing issue of cryptojacking while simplifying the mining process for clients.

Positive

• Investment of up to $10 million to enhance Bitcoin mining operations.
• Creation of TrusteCoin AG to oversee mining activities.
• Plans to install over 1,000 bitcoin mining machines at secure facilities.
• Strengthening cybersecurity offerings to combat illicit mining activities.

Negative

• None.

WISeKey to Invest up to $10 Million Over the Next Two Years to Perform Bitcoin Mining From its Swiss Mountain Secure Bunker and Adapt its Cybersecurity Technologies to Defend Against Illicit Cryptocurrency Mining Activities

The crypto mining and cybersecurity mining operations will be performed via a Special Purpose vehicle already created in Zoug with the name TrusteCoin AG
Benefits generated by Bitcoin mining process will be used to foster WISeKey’s cybersecurity expertise on protecting its clients against illicit cryptocurrency mining activities

Bitcoin mining will be performed from WISeKey’s Geneva Datacenter, and a former Swiss military bunker located in the Swiss Alps similar to the one filmed by Bloomberg back in 2014  https://youtu.be/xkWVxh-gRi8

Geneva, Switzerland - January 3, 2022 – WISeKey International Holding Ltd, (“WISeKey,” SIX: WIHN / Nasdaq: WKEY), a Swiss cybersecurity, AI and IoT company announced today its plan to invest up to $10 million over the next two years, to perform Bitcoin mining from its Geneva datacenter and a former Swiss military bunker located in the Swiss Alps, aiming to adapt cybersecurity technologies to help its customers defend themselves against illicit cryptocurrency mining activities.

WISeKey’s main objective of entering crypto mining operations is to help its clients protect against crypto jacking that occurs when malicious cyber actors effectively hijack the processing power of the devices and systems by exploiting vulnerabilities (in webpages, software, and operating systems), and illicitly install crypto mining software on victim devices and systems.

Crypto jacking involves maliciously installed programs that are persistent or non-persistent. Non-persistent crypto jacking usually occurs only while a user is visiting a particular webpage or has an internet browser open. Persistent crypto jacking continues to occur even after a user has stopped visiting the source that originally caused their system to perform mining activity. It is estimated that fifty out of every 100,000 devices have encountered a cryptocurrency miner.

WISeKey’s crypto mining operations will be performed via a Special Purpose vehicle already created in Zoug with the name TrusteCoin AG. The objective will be to gradually acquire and install over one thousand bitcoin mining machines at its secure Swiss Alps bunker facilities that will be connected to a control center at WISeKey bunker in Geneva. WISeKey is also looking at other similar locations offering the same type of bunkers such as in Gibraltar and United States that will be gradually connected to the network taking into consideration regulatory and sustainability aspects.

After China’s crypto space crackdown back in mid of 2021, the majority of the world’s bitcoin mining power settled in the United States. The local bitcoin mining industry now dominates the bitcoin mining market and produces over 35% of the world’s bitcoin mining hash rate and there is a great opportunity for cybersecurity companies to jump on this market with their technology. Through TrusteCoin AG, WISeKey is surfing the tide of blockchain and NFT interest through a crypto mining venture. The crypto mining services will be focused on simplifying consumer ownership of secure Bitcoin mining equipment through the integration of cybersecurity offered by WISeKey and smart-contract technologies to simplify the often-intimidating crypto mining process, while providing an affordable entry cost for WISeKey clients.

Since 1999, WISeKey was one of first ever companies to provide trusted, ultra-secure hosting using Swiss Alps bunkers. These ultra-secure bunkers facilities are adequate for critical-mission infrastructures and ideally located to perform Bitcoin mining. The WISeKey mountain bunkers facilities are Swiss military granite bunkers, built in the Swiss Alps to support the data even from nuclear catastrophes. These bunkers have been transformed to provide an ultra-secure environment for bitcoin mining as they have IT security certifications from the ISO 27001 to the impressive EM-SHIELD seal, which certifies protection against electromagnetic pulse.

About WISeKey
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an install base of over 1.6 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.

Our technology is Trusted by the OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.

Press and investor contacts:
WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com        

WISeKey Investor Relations (US)
Contact: Lena Cati
The Equity Group Inc.
Tel: +1 212 836-9611
lcati@equityny.com

Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties, and other factors, which could cause the actual results, financial condition, performance, or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is or shall be relied on as, a promise or representation as to the future performance of WISeKey.

FAQ

What is WISeKey's recent investment plan?

WISeKey plans to invest up to $10 million over the next two years to perform Bitcoin mining from its facilities.

How will WISeKey's Bitcoin mining operations help customers?

The operations will enhance cybersecurity technologies to protect against illicit cryptocurrency mining activities.

What is TrusteCoin AG?

TrusteCoin AG is a Special Purpose Vehicle created by WISeKey to manage its cryptocurrency mining operations.

Where will WISeKey conduct its Bitcoin mining?

WISeKey will mine Bitcoin from its Geneva datacenter and a former military bunker in the Swiss Alps.

What cybersecurity risks does WISeKey aim to address?

WISeKey aims to combat cryptojacking, where malicious actors hijack device processing power for illicit mining.