From mining copper to mining Bitcoins: Winrock Resources (CSE:C.WR
, Stock Forum
), through its subsidiary Newnote Networks, has announced the launch of a Bitcoin mining collocation center in Vancouver.
Winrock is a mineral exploration company expanding its business concept to engage in the Bitcoin business. It holds a 100% interest in the Horsefly copper, zinc, silver and gold prospect near Kitimat B.C., but has identified an opportunity in the crypto-currency space that is now its primary focus.
The company explains Bitcoin mining as “the mechanism used to introduce Bitcoins into the system.”
‘Miners’ provide computing time to the Bitcoin system “to allow Bitcoin nodes to reach a secure, tamper-resistant consensus” on the legitimacy of transactions between users.
The system is “intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady,” says Newnote Bitcoin Mining Technician Bryan Hellard. “Miners are paid any transaction fees as well as a ‘subsidy’ of newly created coins. These both serve the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.”
"Bitcoin miners have a problem, they need more power than a typical computer; our secure facility is designed to handle the need for power and cooling."
The mining collocation center will be a secured facility that will host “Bitcoin mining machines in addition to offering collocation services to other miners on pay-per-kilowatt basis,” according to a company news release
Winrock shares rose 17.65% to $0.20 per share in Wednesday trading on the news. The company has a market cap of $2.4m with 12m shares outstanding.