London BTC Company Ltd (LSE:BTC, OTCQB:VINZF) has passed a key milestone with more than 1,000 specialised Bitcoin mining computers now operating in the United States and Canada, according to an announcement on Thursday.
The company, which holds and mines Bitcoin as part of its core business, said that growing its North American mining fleet is central to its current strategy.
Bitcoin mining involves using powerful computers, known as Application-Specific Integrated Circuits or ASICs, to solve complex mathematical problems and secure the Bitcoin network.
In return, miners are rewarded with new Bitcoin. The more machines a company operates, the greater its share of these rewards.
The latest increase includes 385 new miners installed at a facility in Indiana, bringing the total number of machines running in that state to 525, making it the company’s largest site in the United States.
Other miners are active in Nebraska, Iowa and Texas, as well as Goose Bay in Labrador, Canada.
As of Wednesday, the company had a fleet of 1,005 Bitcoin miners in North America, running at 94% uptime and a reported 100% efficiency.
The combined fleet is producing 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 said: "Crossing the 1,000 miner mark is a major operational milestone for us.
"Bitcoin mining is not just about production; it's also about building a Bitcoin-denominated cost base and earning native yield on our treasury.
"As a public company, we view mining as a strategic tool that strengthens our balance sheet, deepens our exposure to Bitcoin, and aligns us with the long-term incentives of the Bitcoin network.
"The company is in a strong financial position, with no debt and holding a considerable amount of Bitcoin in treasury. Our BVI domiciled status should stand us in a good position tax-wise."