Bitcoin Mining Processing Power Increases 650%

28 April 2023

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Vinanz Limited

("Vinanz" or "the Company")

Bitcoin Mining Processing Power Increases 650% with New BTC Miner Order

Installation - Labrador, Canada, Powered by Green Hydro Energy

Vinanz Limited (AQSE: BTC), the London listed Bitcoin mining company focusing on decentralised deployment of Bitcoin mining clusters in multiple data facilities throughout the US and Canada, is pleased to announce its first expansion of Bitcoin mining machines since it listed on 21 April 2023 with the acquisition of 100 new Bitmain Antminer S19J Pro ASIC miners.

This expansion increases the number of Bitcoin ASIC miners from 20 to 120 and increases Vinanz's combined Terrahash processing power in North America by 650% to 12,000 TH/s. (Note: One Terrahash is one trillion (1,000,000,000,000) hashes per second. In the context of Bitcoin mining or blockchain, the rate of hashes per second is an important measure of mining performance.)

The 100 new Bitmain Antminer S19J Pro (104 TH/s) ASIC miners have been ordered from a USA company, Luxor Technology Corporation, and are expected to be delivered in approximately three (3) weeks to a data centre in Canada and spinning shortly thereafter.

The contracted cost to acquire the 100 new ASIC miners is USD $13.50 per TH and the total purchase price shipped is USD $159,000. 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 Labrador is primarily generated from GREEN HYDRO. As Vinanz's fleet scales, electricity rates will decrease on a sliding scale from USD 6.6 cents per kWh to USD 5.7 cents or less.  

David Lenigas, Vinanz's Executive Chairman, said:

"Our goal is to build out a highly decentralised cluster of Bitcoin miners in the USA and Canada. Our first BTC miners are already spinning in Nebraska and I'm very pleased to report a significant increase in our fleet in the coming weeks with the next cluster of miners in Canada. 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."

"Vinanz is focused on maximising its BTC mining operations as the next Bitcoin halving, expected to take place in April 2024, approaches. To date, over 19 million (or over 92% of all BTC possible) has already been created. The rate at which new Bitcoin is created decreases by half every 210,000 blocks mined, or roughly every four years until all 21 million Bitcoin have been mined. Historically, data suggests that BTC has hit new highs post the last three halvings and Vinanz aims to be strategically positioned as the number of Bitcoins mined increases towards that magic 21 million."

About Vinanz

Vinanz is listed on the London Aquis markets and aims to build out a fully-fledged Bitcoin mining company initially focusing on installing clusters of Bitcoin miners within multiple facilities throughout the US and Canada through third-party cryptocurrency mining providers. Whilst the Company will focus initially on BTC mining, it will also consider the mining of other cryptocurrencies, and operations in the DeFi and Big Data space in the future. The Company intends to be able to provide a listed UK platform to offer entry to the technology and cryptocurrency business.

The Company's admission document is available to view on its website www.vinanz.co.uk

The directors of Vinanz Limited accept responsibility for this announcement.

For further information please contact:

Vinanz Limited

David Lenigas                                      [email protected]

Jeremy Edelman                                  [email protected]

First Sentinel (Corporate Adviser and Broker)

Brian Stockbridge                                [email protected]

                                                            +44 (0) 20 3989 2222

Clear Capital Markets (Broker)

Bob Roberts                                         [email protected]

                                                            +44 (0) 20 3869 6080