Business
BitFrontier Capital Holdings, Inc. (OTC: BFCH) Completes Land Survey For Its First Cryptomining Facility and Provides Shareholder Update
BitFrontier Capital Holdings, Inc. (OTC: BFCH) Completes Land Survey For Its First Cryptomining Facility and Provides Shareholder Update.
About this update from Bitfrontier Capital Holdings, Inc.
[{"type":"text","content":"\nFredericksburg, 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.\n 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 Co...