The Nasdaq-listed television company acquired 200 mining equipment and will officially launch crypto mining operations in November.
Urban Television Network (URBT), the US-based broadcasting company, is expanding its operations to enter the crypto mining sector.
The company, which is listed on the Nasdaq, reported in a release on the launch of a new mining business that will focus primarily on the extraction of Bitcoin (BTC) y Ethereum (ETH). According to the information, URBT has acquired nearly 200 cryptocurrency mining equipment and plans to launch operations on November 1.
Based in the state of California, the company is also making sure its operations are environmentally friendly. In the statement, they indicated that the mining facility will be “fed with clean and renewable energy, ensuring effective energy consumption at no cost to the environment“.
They added that the mining farm “it is installed in a remote area“, Although they did not specify the exact location. In this regard, they assured in another release that the machines will be installed in “strategic geographic locations with temperatures, humidity and weather patterns that make it safe to mine and do not negatively contribute to our ecosystem“.
TV company to start mining Bitcoin
Urban Television Network highlighted in this regard that the foray into the crypto mining business would place the company “As a global leader […] which rewards not only the minds of its viewers but also their pockets ”. The company, which operates a transmission network and streaming of television, also assured that the initiative will also help to optimize its range of products, boosting the growth of the business as well as its income.
“Providing value in cryptocurrencies has always been a company goal and this movement will bring our company one step closer to this visionURBT executives wrote in the statement. For his part, Joseph Collins, CEO of the company, added:
We have decided to throw our hat in the ring and begin cryptocurrency mining operations[…] Today, the digital money market is one of the largest in the world. Early adopters of cryptocurrencies have reaped a great profit and we have seen a great opportunity to invest our resources in crypto mining because we know the potential it has for our business and for investors.
The company has chosen cryptocurrency expert and enthusiast Kimberly Douglas to lead the new business line of Urban Television. With a certificate from the University of Nicosia in the digital economy, Douglas will be in charge of URBT’s expansion into the crypto mining sector.
Douglas currently holds a seat on the board of Bloktech Network, a Miami-based company that builds smarter communities by facilitating cryptocurrency education, according to the information.
Urban Television enters the crypto world
As a result of the announcement, URBT’s share prices on the stock exchange have recovered. The slight rise in shares of the television company coincide with a recent surge in the cryptocurrency market, led by Bitcoin that this Monday is trading close to USD $ 47,000.
In the opinion of the company, the rise in shares is an indicator that “investor confidence has increasedIn the face of recent expansion announcements. “Our investors may be excited about the direction our company is taking as we enter the crypto mining space.“, Collins commented and added:
“I am sure that the performance of our stocks at the moment is proof that we are making the right decisions and investors who are constantly watching the market changes can see this.“. Meanwhile, along these lines, the CEO had already highlighted that the company has plans to promote other projects with cryptocurrencies beyond mining.
In the future, we expect Urban Television Network Corp to expand its operations to include not only cryptocurrency mining, but also platform construction and maintenance and other cryptocurrency financial operations.
Urban Television It is not the first company outside the cryptocurrency industry that recently decided to open up to the world of mining said assets. Last week, the tech company Powerbridge Technologies, which is also listed on Nasdaq, announced that it will start mining BTC and ETH.
Version by Hannah Estefanía Pérez / DailyBitcoin
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