By Hannah Perez
The Nasdaq-listed television company acquired 200 mining rigs and will officially launch cryptocurrency operations in November.
Urban Television Network (URBT
television broadcasting company, is expanding its operations to foray into the cryptocurrency sector
(ETH). According to the information, URBT has acquired about 200 cryptocurrency mining rigs and plans to launch operations on November 1.
Based in the state of California, the company is also making sure that its operations are environmentally friendly. In the statement, they said the mining facility will be “powered by clean, renewable energy, ensuring cost-effective energy consumption at no cost to the
They added that the mining farm “is installed in a remote area,” although they did not specify the exact location. In this regard, they said in another statement that the machines will be installed in “strategic geographic locations with temperatures, humidity and weather patterns that make it safe for mining and do not contribute negatively to our ecosystem
Television company to start mining Bitcoin
Urban Television Network noted in this regard that the foray into the cryptocurrency business would position the company “as a global leader […] that rewards not only the minds of its viewers but also their pocketbooks.” The company, which operates a TV broadcasting and streaming
network, further claimed that the move will also help optimize its product range, boosting the growth of the business as well as its revenue.
“Providing value in cryptocurrencies has always been a goal of the company and this move will bring our company one step closer to this vision
,” URBT executives wrote in the statement. For his part, Joseph Collins, CEO of the company, added:
‘We have decided to throw our hat in the ring and begin cryptocurrency mining operations[…] Today, the digital currency market is one of the largests in the world. Early adopters of cryptocurrencies have reaped a great benefit and we have seen a great opportunity to invest our resources in cryptocurrency because we know the potential it has for our business and for investors.
The company has chosen cryptocurrency expert and enthusiast Kimberly Douglas to lead Urban Television’ s new line of business. With a certificate from the University of Nicosia in digital economics, Douglas will be in charge of URBT’s expansion into the cryptocurrency sector.
Douglas currently sits on the board of Bloktech Network, a Miami-based company that builds smarter communities by facilitating cryptocurrency education, according to the information.
Urban Television delves into the crypto world
As a result of the announcement, URBT’s stock prices on the stock exchange have rallied. The slight rise in the TV company’s shares coincide with a recent surge in the cryptocurrency market, led by Bitcoin URBT, which is trading near USD $47,000 this Monday.
In the company’s view, the stock’s rise is an indicator that “investor confidence has increased” ahead of recent expansion announcements. “Our investors can be excited about the direction our company is taking as we enter the cryptocurrency space,” Collins commented, adding:
“I’m confident that our stock performance right now is proof that we are making the right decisions and investors who are constantly watching the market changes can see this.” While in this vein, the CEO had already highlighted that the company has plans to push other projects with cryptocurrencies beyond mining.
In the future, we expect Urban Television Network Corp to expand its operations to include not only cryptocurrency mining, but also platform building and maintenance and other cryptocurrency financial operations.
Urban Television is not the first company outside of the cryptocurrency industry to recently decide to open up to the world of cryptocurrency mining. Last week, tech company Powerbridge Technologies, which is also listed on Nasdaq, announced that it will start mining BTC and ETH.
Version by Hannah Estefania Perez / DiarioBitcoin
Image from Unsplash