BitFrontier Capital Holdings, Inc. Announces Signing of Lease for New Crypto Mining Facility
BitFrontier Capital Holdings (OTC: BFCH) has secured a one-year lease for a new property, with plans to purchase it in 2024. The property, which includes a 2000 sq ft building on .7 acres, is strategically located near a major substation, allowing BFCH access to significantly more power for its mining operations. The company anticipates increasing its miner capacity from 1 Megawatt to a projected 4 Megawatts. Additionally, BFCH is finalizing the acquisition of ASIC Miners US, which generated over $6 million in revenue in 2022. The company's 2022 revenues marked a record, and it operates debt-free. Changes in executive roles are also noted, alongside new cloud and hosting agreements that are expected to bolster future revenue.
- Secured a one-year lease for a new property with plans to purchase in 2024.
- Projected increase of miner capacity from 1 Megawatt to 4 Megawatts.
- Acquisition of ASIC Miners US, contributing over $6 million in revenue for 2022.
- Record revenue achieved in 2022; operates debt-free since 2020.
- New cloud and hosting agreements expected to enhance future revenue.
- Global delays in Bitmain products affecting miner acquisition timelines.
- Executive changes may introduce transitional uncertainties.
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CRESTVIEW, FL, Feb. 02, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – BitFrontier Capital Holdings, Inc. (OTC: BFCH) is pleased to announce it has signed a one-year lease agreement with the intent to purchase at a fixed price the property in 2024.
BFCH current and future shareholders,
As we conclude a very busy first month of the 2023 year, we have several updates for shareholders on all fronts. Just last week we were able to locate, and lock down a new property for BFCH that currently has a pre-existing 2000 Sq ft building. On behalf of BitFrontier, Current President Bryan Wilkinson has personally prepaid a 1 Year Lease to the property owner and negotiated a fixed price owner financing deal of 5 years to follow starting in the 2024 year. This building, sitting on .7 acres, is perfectly positioned next to a major substation which gives us virtually endless possibilities. The new property allows us to access more power than at our current facility, with plenty of room for growth and at a faster pace than we could achieve at our current mining facility. At our current location, without a major investment in electrical upgrades, we are capped at 1 Megawatts, however at our new location we are projecting to have a minimum of 4 Megawatt available to us according to our initial talks with Duke Energy. There are also 2 adjacent parcels of land, one of which is identical, available for purchase if we want to expand further. “To date in the last 30 days, we have doubled our company miner count at our current facility and have had several customers contact us about hosting. We now can host 4x the miners in this new facility compared to the one we are in now, and have expedited the power upgrade process according to Duke Energy from Q4 to Q2 of this year with the new facility,” states Mr. Wilkinson.
The acquisition of ASIC Miners US is proceeding according to plan and we are in final reviews. As previously mentioned, ASIC Miners US is one of the largest ASIC resellers in the US with over
Telesis IT closed the last day of the 2022 calendar year with a 140k contract that will be reflected on the 4th Quarter financials which will be posted very soon. 2022 was a record year for total revenue since the inception of the company. They operate completely debt free and have been since 2020. They have added several cloud and hosting agreements in the 2022 year which will increase their total monthly revenue going forward. With their primary business model of selling and managing cloud infrastructure and compliant email solutions, leveraging Microsoft 365 and Azure platforms, they expect to see even bigger growth this year.
Tom Ellison has taken a leave of absence for personal reasons, and his responsibilities have been temporarily distributed among the other executives and we look forward to Tom’s return later this year. The company website is set to be released very soon as we are finishing the final touches on it now and would like to apologize for the brief delay. To keep up on further announcements in-between our scheduled press releases, please follow our new twitter account https://twitter.com/bfchco
Forward-Looking Statements:
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
FAQ
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