GD Entertainment and Technology has announced the completion of its inaugural month of full-scale Bitcoin mining operations.
The company said it experienced no downtime, no technical issues, strong performance, and better-than-expected overall results.
GDET further disclosed that a substantial percentage of the Bitmain S9 fleet of rigs was continuously running during the entire inaugural month, which accounts for the exceptional performance the company saw during this period. In addition, the company received delivery last month of a major influx of new machines (in excess of 100 new mining rigs). All new units have already been pre-installed. The next phase of operations includes accessing sufficient energy to power all assets and get the facility working at maximum capacity.
According to GDET CEO, Anil Idnani, the vicissitudes of the market are impossible to predict. All they can do is maintain high standards for operational efficiency and a robust vision.
He added that certainly the company isn’t going to complain about the fact that a potential key bottom and a $20B rally in Bitcoin may have come into place during its inaugural month of major mining operations.
“It certainly gets us off on the right foot! More importantly, our machines have been running 24/7 without fail, we have experienced precisely zero problems or even half-problems, and our principal facility continues to accommodate all of our needs extremely well”,
The company will begin to convert mined coins into fiat currency units at advantageous points, to be determined by the progression of market prices over the remainder of the fiscal quarter, and according to the objective of maximizing shareholder returns.
GDET Management believes that recent enthusiasm voiced by market participants in favor of the establishment of a new Bitcoin ETF (the SEC recently published a request for public commentary, and the response was one-sidedly supportive), when paired with recent clarification statements by the SEC to confirm that Bitcoin would not be treated as a security, pave the way for positive potential in the space.
Among other factors, the combination of a potential ETF as well as the establishment of Bitcoin Futures both work to further construct a platform for new institutional interest in the cryptocurrency complex.
Idnani also said,
“the tone in this space may be on the mend. We have already seen several major prime brokers in the UK sign on to facilitate more services to work as a foundation for crypto-centric hedge funds and high-net-worth money flows. That represents our effective downstream. This next wave of interest could be both much larger and much stickier from an asset management standpoint than what we saw in 2016-17. In any case, we are well-situated to maximize the impact,”
GDET shareholders can continue to expect frequent updates as the company’s operational launch proceeds over the near term.