The company formerly known as Long Island Brand Iced Tea announced plans to acquire 1,000 Antminer S9 mining rigs and 1,000 APW3++ PSU’s from Bitmain with plans to start mining in its own facility this month. The firm’s drastic switch from tea to bitcoins is nearing completion.
Mostly known for its Long Island Brand Iced Tea drink and other non-alcoholic beverages, the struggling company made headlines in December when it announced it would be changing its name to Long Blockchain Corp. and partnering or investing in companies in the blockchain ecosystem.
Now, in the company’s first public announcement since the name change, Long Blockchain Corp. declared it’s acquiring over 1,000 Antminer S9 mining rigs which are currently listed at close to $2,000 USD per rig, with each set-up boasting an impressive 13.5 TH per second. The Antminer S9 can mine any cryptocurrency that relies on the SHA256 algorithm, including Bitcoin and Bitcoin Cash.
With plans to open up a large Nordic mining facility powered by hydroelectric power, Long Blockchain Corp. looks to be a believer in the long-term value of bitcoin mining and the future profitability it can have on the company, which has long struggled to find its edge.
Phillip Thomas, CEO of Long Blockchain, expanded on the company’s new strategy:
“We view this transaction as an important and validating initial step in the Company’s progression into blockchain technology. The commencement of our mining operations places us on a path to generating blockchain-related revenue through the accumulation of bitcoin. This platform will help support our longer-term strategy of engaging in partnerships, investments, and acquisitions in the blockchain ecosystem.”
As more established companies begin to review their struggling revenue models, many will publicly or privately be pondering similar shifts into the cryptocurrency ecosystem. The hope is that blockchain-based systems or blockchain-based investments will provide explosive revenue opportunities and long-term growth for investors.
We’ve seen from Long Blockchain Corp. that regardless of the industry, senior executives are taking Bitcoin and blockchain technology seriously and are beginning to position themselves for the future decentralized world.
This fundament shift in the way people and business will conduct transactions is a dynamic opportunity and companies at the forefront of this movement have the ability to be rewarded handsomely long-term.
Do you think more companies like Long Blockchain Corp. will change their names and focus to capitalize on the blockchain movement? Let us know.
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