[2018-01-06] Former Iced Tea Firm Plans to Mine Bitcoin in the Nordic Region

[Terraformer]

Just recently we reported on the beverage firm Long Island Iced Tea Corp and its share price increase by more than 400% immediately after it rebranded to “Long Blockchain Corporation.” On January 4, the company filed with the U.S. Securities and Exchange Commission (SEC), stating its intentions to mine bitcoins and purchase 1,000 Bitmain manufactured Antminer S9 mining rigs.

The Iced Tea Company Is Shifting Gears With Plans to Mine Bitcoin

The specialized drink company, ‘Long Island Iced Tea Corp,’ is now known as the ‘Long Blockchain Corporation’ (LBC), and it seems the firm had other intentions for changing its name. The company made headlines all over the world when it rebranded, and its shares spiked by 432 percent in a single day. The latest business move shows LBC is planning to operate a mining facility located in the Nordic country, as the delivery of miners shows an Iceland destination. However, it’s unconfirmed at the moment precisely where the mining facility will be located.  

“The mining equipment will be installed in a world-class third-party data center experienced in cryptocurrency mining and located in a Nordic country — Long Blockchain expects to benefit from an established infrastructure and competitive energy costs using geothermal and hydro-electric power sources,” explains the firm’s announcement.

Generating Revenue Through the Accumulation of Bitcoin

The firm’s CEO, Philip Thomas, explained the company’s business transition in a statement saying, “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 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."

Continue reading: https://news.bitcoin.com/former-iced-tea-firm-plans-to-mine-bitcoin-in-the-nordic-region/

[vit05]

This is funny but shows how capitalism should work. If they have the money to invest in something that will be way more profitable, they should. We see tons of Silicon Valley VCs that have just stop talking about other business and just talk about Bitcoin.

[darkangel11]

This is funny but shows how capitalism should work. If they have the money to invest in something that will be way more profitable, they should. We see tons of Silicon Valley VCs that have just stop talking about other business and just talk about Bitcoin.

But let's not forget that mining cryptocurrency is more risky than making ice tea. They're switching from a steady income business to a volatile all or nothing market and they're late for the party because there's still a lot of competition in there. Surely not as much as on the tea market with giants like lipton flooding market with their stuff, but still there are some crypto mines in Iceland and Finland already. To give a name, KNC mining have been there for years.

[cryptoflip.it]

This is funny but shows how capitalism should work. If they have the money to invest in something that will be way more profitable, they should. We see tons of Silicon Valley VCs that have just stop talking about other business and just talk about Bitcoin.

But let's not forget that mining cryptocurrency is more risky than making ice tea. They're switching from a steady income business to a volatile all or nothing market and they're late for the party because there's still a lot of competition in there. Surely not as much as on the tea market with giants like lipton flooding market with their stuff, but still there are some crypto mines in Iceland and Finland already. To give a name, KNC mining have been there for years.

I agree entirely. They've got a lot of catching up to do.

[jseverson]

Well that's um...interesting, to say the least. I have no idea how they decided to go from an iced tea business to a cryptocurrency mining business, but completely shifting industries isn't unheard of in the business world. This reminds me of Nokia, which shifted from being a paper mill business to telecommunications. Weird, but whatever makes money right?

It's crazy how their stock surged after the shift though. I think that could only mean that even traditional stock investors are bullish on cryptocurrency. We'll have a good year ahead of us.

[richardsNY]

It's crazy how their stock surged after the shift though. I think that could only mean that even traditional stock investors are bullish on cryptocurrency. We'll have a good year ahead of us.

If we look back, the value of a certain stock (don't remember its name) exploded significantly once they added the term blockchain to their company name. And yes, it indirectly indicates how much global demand there is for anything that's crypto related. This is the big thing after the internet that will transform the way we maintain wealth, transact, store data, etc. Anyone with even a mild understanding of how everything works knows that accumulating and holding Bitcoin is the only right thing to do. Altcoins will continue to grow alongside Bitcoin as well, but that's for others to mess around with, I am just interested in Bitcoin.

[J. Cooper]

Well that's um...interesting, to say the least. I have no idea how they decided to go from an iced tea business to a cryptocurrency mining business, but completely shifting industries isn't unheard of in the business world. This reminds me of Nokia, which shifted from being a paper mill business to telecommunications. Weird, but whatever makes money right?

The shift from producing Ice Tea drinks to mining bitcoin is certainly not one we are seeing on a daily basis. But I suppose they will have a solid foundation from their ice tea day to cover any losses if the markets swing against them.

It's crazy how their stock surged after the shift though. I think that could only mean that even traditional stock investors are bullish on cryptocurrency. We'll have a good year ahead of us.

This demonstrates that even stubborn stock traders who refuse to enter the crypto market still are extremely interested in crypto and blockchain solutions.