CRESTVIEW, FL, Nov. 09, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – BitFrontier Capital Holdings, Inc. (OTC: BFCH) has begun deployment and testing of their first crypto miners in their new facility in North Carolina. The initial powerup and testing will be complete by the time this release hits the newswires. The first of eight new 125 kW ASIC Mining panels that will provide power to the miners located in the facility has also arrived. The new panel will be installed and readied to accommodate the addition of more miners in the very near future. We would also like to mention, the initial internet has been installed with our own dedicated line also on order and being installed in the next few months.
As we grow closer to starting actual mining, the need for more miners to increase our mining capabilities will quickly move to the forefront. In order to stay a step ahead of that need, and also avoid any supply chain shortage issues, we have already placed an order for additional miners. The Bitmain KDA Miner KA3 model miners are a cost and energy efficient miner and are currently the most profitable miner on the market.
To manage our mining facility from a technical standpoint, we’ve selected the Foreman.MN management software. This product will allow our team to remotely monitor and manage our miners from virtually anywhere in the world. We can also set up rules within the software that will handle day to day tasks and issues without human intervention allowing for real time management even when we aren’t actively monitoring the farm. Additional features include accounting services that will provide automated reports, security auditing that will identify risks and provide solutions to protect our facility, and a heat map which will show us miners that may need our attention. The product can be used via PC of course but can also be accessed via a smartphone giving us instant access whenever we need it. We think this will be the perfect fit for our initial facility.
BFCH has also signed a 3-year lease on their initial mining location in North Carolina at a facility Mr. Wilkinson owns and has offered to the company. The facility which already has the necessary access to 3 phase electrical power, allowed us to get things going very quickly. The initial lease will be for $12,000 annually for 3 years with an option to extend the lease on a month-to-month basis as long as needed. The low costs associated with the use of Mr. Wilkinson’s facility will keep with our goal of keeping our operating costs as low as possible to maximize profits.
Mr. Wilkinson states, “I'm very pleased that we could provide BitFrontier Capital Holding, Inc. with a new location to Mine crypto almost immediately, what better place to build our flagship facility than in our own backyard."
While we continue our initial facility startup and the expenses associated with that venture, we also would like to mention, we’ve not incurred any additional convertible debt that would impact our shareholders. "Since my takeover, the company has not taken on any new convertible debt. I know that many are wondering how we will address the old debt, and once our 3rd quarter filings are posted next week, we will get to work on a deal on the old debt that provides a solution that works right for everyone going forward. Our initial talks with our sole funder have gone well, our plan is to come to an agreement with him that works not just for him, but for our team, and most of all for our shareholders,” states Mr. Wilkinson.
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This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's respective filings at www.otcmarkets.com.
Bryan Wilkinson Bryan@bfchco.com