San Juan, Puerto Rico, December 02, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – BOTS, Inc. (OTC: BTZI), (“BOTS” or “The Company”), a global technology conglomerate specializing in blockchain-based solutions, including decentralized financial applications, cybersecurity, crypto generation, mining equipment repair and warranties, today announced that TekX Mining and Gaming PC Solutions, LLC begins offering Testing, Inspection and Certification (TIC) services as a value-added set of procedures which is now provided to ensure that used Bitcoin miners and other related products meet mandatory regulations and manufacturing standards for quality and safety. These services include optional on-site or remote diagnostic testing, document checks, data processing consistency verification, business process audits and inspections throughout the supply chain. In addition, TekX will provide repairs and extended 12-month renewable warranties for Bitcoin miners in the United States exclusively. Tests and commissions will be provided to institutional buyers of Bitcoin miners as well as small miners or at the request of the manufacturer. TekX is Bitmain certified and currently only uses Bitmain approved parts and methods.
TheBlockCrypto.com recently reported that wholesale pre-orders for the latest Bitcoin ASIC miners are sold out until next spring. Wholesale pre-orders for the most powerful Bitcoin mining hardware from major manufacturers are already on hold until May of next year, suggesting a growing level of institutionalized demand for such equipment.
Bitmain’s official website shows that pre-orders for its flagship AntMiner S19 Pro, S19 and T19 will have to wait until May 2022 for delivery, which means pre-orders with shipments before that have already sold out at the giant. Bitcoin hardware.
Traditionally, institutional investors in Bitcoin hardware did not invest or buy second-hand miners due to the higher risks of repeated malfunctions. TekX has developed extensive service guarantees and extensive repair capacities of up to 1,000 miners per day. The Company offers and believes that this service will open up a new market and new sources of income for years to come.
Hundreds of thousands of second-hand miners migrate to the United States. Buyers report a high percentage of defective used miners and a lack of established quality control measures available in China or the United States. Some buyers report that up to 30% of minors bought overseas arrive in non-functioning condition. TekX service will include shipping all miners to our facility in the United States, testing, repairing and certification in America. Potential revenue is expected to be $ 20-30 million in 2022.
As recently reported by CNBC: The United States is officially the number one destination for Bitcoin miners, beating China for the first time. One-third of Bitcoin’s hash rate is in the United States, according to the Cambridge Center for Alternative Finance, an increase of 428% from September 2020. The United States is now the number one destination for Bitcoin miners, eclipsing China for the first time. While the trend was already in that direction, new data from the University of Cambridge released Wednesday morning make it official. As of July, 35.4% of Bitcoin’s hash rate – an industry term used to describe the collective computing power of miners – is in the United States, according to the Cambridge Center for Alternative Finance. This is an increase of 428% from September 2020.
America partly owes China for its new dominance in the mining industry.
Miners began to flee China in droves, heading for the cheapest energy sources on the planet in what has been dubbed “the great mining migration”. Many of them ended up in America.
“The whole narrative of China controlling Bitcoin is now completely destroyed,” said Boaz Sobrado, a London-based fintech data analyst.
The United States ticks a lot of the boxes for migrant Bitcoin miners looking for a new home.
On the one hand, states like Texas have the lowest energy prices in the world, which is a major incentive for miners who compete in a low-margin industry where their only variable cost is usually l ‘energy.
The United States is also rich in renewable energy sources.
Washington State is the Mecca of hydroelectric mining farms. New York produces more hydroelectric power than any other state east of the Rocky Mountains and counts its nuclear power plants toward its 100% carbon-free electricity target. Meanwhile, Texas’ share of renewables is increasing over time, with 20% of its electricity coming from wind in 2019. The Texas grid also continues to rapidly add more wind and solar power. Miners across the country have also harnessed nuclear power. Some are locking their rigs to otherwise stranded energy, like wasted natural gas in Texas oil fields. This reduces greenhouse gas emissions and generates money for gas suppliers and miners.
“If you are looking to move hundreds of millions of dollars of miners out of China, you want to make sure you have geographic, political and jurisdictional stability. You also want to make sure that there are private property rights protections for the assets that you move, ”said Darin Feinstein, co-founder of Core Scientific.
Before Bitcoin miners started coming to America, businesses across the country were betting that, if the proper infrastructure was in place, they would move to the United States.
In recent years, the globalization of trade has led to the emergence of complex supply chains impacting product quality, which has created an increased demand for improved testing and commissioning processes.
BOTS, Inc. announced earlier that the company will be offering its TekX Crash Training at its Parkersburg campus. These advanced 2-week programs already provide students with knowledge of Bitcoin mining repair technology and cutting-edge miner, electrical, and mining diagnostic technologies.
In addition to providing high-tech training, TekX conducts research on advanced mining technologies in immersion cooling. Immersion cooling is a revolutionary technology in which Bitcoin mining rigs are submerged in a specialized liquid that circulates, keeping the integrated circuits of hash cards cooler and operating at lower temperatures. Based on the results of industry data immersion cooling tests, an estimated 25-30% increase in chopping rate is achieved from lower temperatures.
TekX uses the most advanced technologies such as ultrasonic cleaners, clean rooms, automated welding equipment and other advanced equipment to ensure that customer platforms operate without disruption and generate maximum return on investment. .
Cryptocurrency mining has become very popular in recent years as investors embrace the crypto asset to diversify their wealth in addition to the traditional stock market.
As previously announced, BTZI is the first public company to offer Bitcoin miner guarantees to operators in North America. The extended miners warranty program will initially cover miners manufactured by Bitmain, but soon BTZI will add coverage for miners from Canaan Inc, MicroBT Whatsminer, and other major Bitcoin miner manufacturers. The company earlier announced the availability of Bitcoin mining repairs through a nationwide authorized Bitcoin miner repair center, which is now fully operational through our new subsidiary.
About 3,000,000 Bitcoin miners are active in the United States and about 2,000,000 in Canada.
BTZI estimates that the size of the Bitcoin miner extended warranty market could quickly exceed $ 1.2 billion in the United States.
BOTS, Inc. is the first to develop an approach to extended Bitcoin miner warranties – providing a cost effective and efficient way for Bitcoin mining farm operators to purchase warranty contracts and file claims against them – which enables Bitcoin miners in North America to take their mining business to the next level. The warranty covers labor on all components of the Bitcoin mining platform, including the availability of remote monitoring services, mining platform hardware coverage, and rack systems.
About BOTS, Inc.
BOTS, Inc. is a global technology company specializing in Blockchain-based solutions, including decentralized financial applications, cybersecurity solutions, and has a portfolio of digital assets and crypto-related businesses such as BeadSwap, a decentralized crypto exchange, Bitcoin ATMs and corresponding US patents and Cyber Security Group LLC, an ISO / IEC 27001: 2013 Information Security Management System certified company. The Company also provides consulting, optimization and repair and insurance services for crypto-mining equipment.
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Certain statements contained in this press release may constitute “forward-looking statements”. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to historical or current fact. Actual results may differ materially from those indicated in these forward-looking statements due to various important factors as may be disclosed in the documents filed by the Company. In addition to these factors, actual performance, results and future results may differ materially due to more general factors including (but not limited to) general industry and market conditions and growth rates. , economic conditions and changes in government and public policy. The forward-looking statements included in this press release represent the opinions of the Company as of the date of this press release, and such opinions could change. However, although the Company may choose to update these forward-looking statements at some time in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be taken as representing the views of the Company as of a date subsequent to the date of the press release. These forward-looking statements are risks which are detailed on the Company’s website and documents.