Bitcoin mining firm Vortex Brands has announced a huge plan for expansion that would see its mining power increase significantly over the next several years.
Vortex Brands Wants to Do More Mining
To do this, Vortex has said it will put more money into its equipment and buy additional rigs. The goal is to up the amount of BTC extracted from the blockchain given the company believes the price of the world’s number one digital asset is sure to rise steadily in the foreseeable future. Todd Higley – CEO of Vortex – said in a recent interview:
We believe that now is the perfect time to ramp up our mining capabilities. Several variables are in our favor. The price of mining equipment is relatively low after a few years of sky-high prices, markets appear to be regaining momentum, and the SEC has made staking enemy number one, potentially good news for bitcoin. We are excited to build on the amazing platform we have already established. It will be an adventure.
In many ways, the decision couldn’t have come at a worse time given what a rough period bitcoin and its digital cousins have endured. For the most part, bitcoin has once again shown signs of life in 2023, recently spiking to a six-month high of about $25K per unit. That’s a huge plus given that the currency ended 2022 at nearly $9,000 less.
At the same time, one cannot exactly say that bitcoin is where it needs to be. 2022 was arguably the worst year on record for the asset given it fell by more than 70 percent from its all-time high, which it achieved in November of 2021. During that period, the asset was trading at a whopping $68,000, though this would only last a short while as the currency would begin its descent into the doldrums towards the end of that month.
In addition to bitcoin’s sudden demise, several additional cryptocurrencies chose to follow in its footsteps and in all, the crypto space lost more than $2 trillion in overall valuation over the course of a single year. It was a sad, ugly, and disappointing sight to witness.
Growing Heavily Over the Next Few Years
Still, there are many industry heads out there – such as Tim Draper and Cathie Wood – that think bitcoin is going to explode this year, and clearly Vortex believes so as well. Higley commented:
For a bitcoin mining company our size, it just makes sense. With our vision of continuous expansion, the more hardware we purchase, the larger space we need to operate. We work with partners we trust and know will ensure peak performance and the protection of our equipment. Overall, it saves us rent, 24/7 staff, and ongoing running and maintenance costs. It also removes a lot of hassle and stress.
