AQSE-listed Bitcoin mining company Vinanz Ltd (AQSE:BTC) has expanded its fleet of bitcoin mining machines with the acquisition of 100 new Bitmain Antminer S19J Pro ASIC rigs for a total cost of US$159,000 (£127,000).
The acquisition marks the first expansion of bitcoin mining machines since the group was listed in London on 21 April.
Vinanz now has 120 ASIC miners with a combined Terrahash processing power in North America of 12,000 TH/s, a 650% increase since going public.
The 100 new Bitmain Antminer S19J Pro ASIC miners have been ordered from US company Luxor Technology Corporation, and are expected to be delivered in approximately three weeks to a data centre in Canada to go live shortly thereafter.
The hardware will be installed and operated under a hosting services agreement in Labrador, in northeast Canada.
Labrador was an ideal choice of location for the company's first expansion of its ASIC miners as the energy in the region is primarily generated from green hydro.
As Vinanz's fleet scales, electricity rates will decrease on a sliding scale from 6.6 cents per kWh to 5.7 cents or less.
"Our goal is to build out a highly decentralised cluster of Bitcoin miners in the USA and Canada,” said executive chairman David Lenigas, continuing: “Labrador was an ideal choice for this expansion, as the power in Labrador is primarily generated from green sources and give us an excellent and very competitive contracted power cost. Our technical team are assessing preferred locations for the next batches of miners and we are hopeful to conclude contracts for this second round of expansion within the coming weeks."
Lenigas explained that Vinanz is focused on maximising its BTC mining operations as the next Bitcoin halving, expected to take place in April 2024, approaches.