London BTC Company Surpasses 1,000 Bitcoin Miners in North America

London BTC Company has surpassed 1,000 Bitcoin miners in North America, with 1,005 machines operating at 94% uptime and 100% efficiency. The company's mining fleet produces computing power at a rate of 100 petahash per second, making it a significant player in the Bitcoin mining industry. CEO Hewie Rattray stated that the milestone is a major operational achievement and a strategic tool to strengthen the company's balance sheet and align with the long-term incentives of the Bitcoin network.

London BTC Company Ltd (LSE: BTC, OTCQB: VINZF) has achieved a significant milestone by surpassing 1,000 Bitcoin miners operating in the United States and Canada. As of Wednesday, the company's mining fleet in North America stood at 1,005 machines, operating at an impressive 94% uptime and 100% efficiency [1].

The company's latest expansion includes the installation of 385 new miners at a facility in Indiana, bringing the total number of machines running in that state to 525. This makes Indiana the company's largest site in the United States. Other operational sites are located in Nebraska, Iowa, Texas, and Goose Bay in Labrador, Canada [1].

The combined fleet produces computing power at a rate of 100 petahash per second. For context, one petahash represents one quadrillion calculations per second, which determines the likelihood of successfully mining new Bitcoin. CEO Hewie Rattray emphasized the strategic importance of this milestone, stating that Bitcoin mining is not just about production but also about building a Bitcoin-denominated cost base and earning native yield on their treasury [1].

London BTC Company's strategy involves using Bitcoin mining as a strategic tool to strengthen its balance sheet, deepen its exposure to Bitcoin, and align with the long-term incentives of the Bitcoin network. The company holds a considerable amount of Bitcoin in treasury and is in a strong financial position with no debt [1].

This development comes amidst a growing trend of companies adopting Bitcoin as a long-term reserve. Canaan Inc., a recognized manufacturer of Bitcoin mining equipment, recently announced a policy appointing Bitcoin as its long-term basic reserve. The company currently holds 1,484 BTC in treasury reserves, indicating a strategic shift in the industry [2].

The timing of London BTC Company's expansion coincides with increased institutional interest in Bitcoin despite market fluctuations. The company's long-term confidence in Bitcoin and the broader digital assets sector is evident in its strategic move to expand its mining operations [2].

References:
[1] https://www.proactiveinvestors.co.uk/companies/news/1075789/london-btc-company-tops-1-000-bitcoin-miners-in-north-america-1075789.html
[2] https://investorempires.com/bitcoin-mining-giant-canaan-goes-all-in-on-btc-stakes-its-future-on-crypto/