Publicly-traded Urban Television Network (URBT) announced on August 9th that they are expanding their operations to include Bitcoin mining starting in November.
The company’s mining operation will target Bitcoin mining specifically and will seek to scale its operation quickly through its large audience and investor base. According to their press release, Urban Television Network has acquired about 200 bitcoin miners in preparation for their mining venture. The company will reportedly mine on “clean, renewable energy, thus ensuring effective power consumption at no cost to the environment.”
In a statement URBT CEO Joseph Collins said, “We are a fast-growing company and in line with our commitment to excellence, we have decided to throw our hat in the ring and begin crypto mining operations,” in a move that is sure to boost revenue and drive growth.
He continued, “Today, the digital money market is one of the largest financial markets in the world. Early crypto adopters have reaped a great benefit and we have seen a great opportunity to put our resources into mining for digital currencies because we know the potential it holds for our business and for investors alike. Of course, we know crypto mining business requires highly sophisticated and massive computation and secure stable power supply to operate and cool the computers, which is why we have gone out of our way to ensure no stone is left unturned in providing the necessary resources that will drive this project.”
As a result of this announcement last week, URBT stocks have rallied along with the price of Bitcoin, marking a shift in investor confidence in the company as they incorporate drastic strategic changes to pursue Bitcoin mining.
He concluded, “I am confident the performance of our stock right now is proof that we are making the right decisions and investors who are constantly observing the market changes can see this. Furthermore, we are very proud to have a capable professional capable team to lead our crypto mining operations and head the teams that will be responsible for driving the smooth operations of this business.”