Bitcoin Mining By an Iced Tea Company
Bitcoin Mining by an Iced Tea company is about as far-fetched as it comes. When I branched out from crowdfunding promotion to Bitcoin mining it wasn’t such a big leap; both are core financial activities. But to go from produced brewed iced tea to mining Bitcoin is as big as a jump as anyone could imagine.
The Farmingdale company formerly named Long Island Iced Tea Corp and now known as the Long Blockchain Corp. announced today that it is purchasing 1,000 Antminer S9 ASIC miners with the intention to deploy them somewhere in Scandinavia.
This move redefines “corporate reinvention” as the seismic shift from producing beverages to producing Bitcoin is the widest departure from core competencies since Berkshire-Hathaway. The Bitcoin mining gear will be installed in a top-grade data center experienced in cryptocurrency mining. The company anticpates operational dividends from contracting with an established data center while leveraging lower energy costs via geothermal and hydro-electric power sources.
According to Philip Thomas, Chief Executive Officer of the Company, “We view this transaction as an important and validating initial step in the Company’s progression into blockchain technology. The commencement of our mining operations places us on a path to generating blockchain-related revenue through the accumulation of bitcoin. This platform will help support our longer-term strategy of engaging in partnerships, investments and acquisitions in the blockchain ecosystem.”
Clearly iced tea is out and Bitcoin is in. Surprising to us is the company’s selection of The Antminer S9 which is slated for obsolescence in light of anticipated new offerings from Canaan and Dragon due sometime this quarter which promise the highest possible hashrate with very low power consumption.
Bitcoin Mining By an Iced Tea Company is the most astonishing and possibly most impressive example of a company reinventing itself. It’s not hard to imagine The Long Blockchain Corp. will realize far higher profits mining Bitcoin than brewing iced tea.