Fredericksburg, VA, Nov. 20, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BitFrontier Capital Holdings, Inc. (OTC: BFCH) is pleased to announce that its engineering team has completed the land surveying, which is the first step in preparing and submitting the sitemap to the city for approval of its first Cryptomining Facility.
The building manufacturer has notified the Company that the expected delivery date for the first cryptomining facility will be early January 2019. The Company plans to have the foundation finished and ready to be built on when the warehouse arrives on site. BitFrontier management anticipates its cryptomining operations will commence in Q1 of 2019.
The Company is taking advantage of the current environment by positioning itself in the cryptomining space while the supply of mining equipment is readily available at a reduced price to become an industry leader in the space.
In February of 2018, when the Company first announced its business plan, the cost per mining rig was $2,425 or $4,888,800 per cryptomining facility. With the current Cryptocurrency environment, that price has dropped to $392 per mining rig, or $790,272 per facility representing an 84% decrease in total buildout cost. In addition to a decreased price of mining equipment, the hashing rate per mining rig has increased providing a greater total hashing capacity per facility.
In other news, the quarterly financials for the Company will be submitted to OTC Markets this week. Legal proceedings are expected to come to a close soon that would cancel 12,260,000,000 (12.26 Billion) shares of Common Stock, 2 shares of Series A Preferred Stock, and 14,000,000 (14 Million) shares of Preferred B Stock, making up almost 99% of BitFrontier's issued and outstanding shares of Common Stock, and 100% of the issued and outstanding Series A Preferred Stock and Series B Preferred Stock classes.
About BitFrontier Capital Holdings, Inc.
BitFrontier Capital Holdings business plan is to concentrate on cryptocurrency related investments and development opportunities through cryptocurrency mining, investments in private and/or public entities, joint ventures and acquisitions of blockchain related companies. BitFrontier Capital Holdings has two wholly owned operating subsidiaries, BitFrontier Capital Investments, Inc. and BitFrontier Technologies, Inc. Through the Company's wholly owned subsidiary, BitFrontier Technologies, Inc., the Company plans to build a warehouse specifically designed for hosting cryptocurrency mining equipment. Cryptocurrency mining (e.g. bitcoin mining) entails running ASIC (application-specific integrated circuit) servers or other specialized servers which solve a set of prescribed complex mathematical calculations in order to add a block to a blockchain and thereby confirm digital asset transactions. A party which is successful in adding a block to the blockchain is awarded a fixed number of digital assets in return.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's reports and filings at https://www.otcmarkets.com/
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.