The History of VBit Technologies and why they are Reshaping Bitcoin Mining
May 21, 2019 - VBit News
Since its inception, the cryptocurrency scene has grown by leaps and bounds. It has a superior market cap. At $200 billion, it is just $3 billion shy of surpassing Coca Cola and billions ahead of Toyota, Oracle, and other mainstream behemoths.
Even at spot valuations, Bitcoin and other leading projects that are underpinned by Blockchain are said to be grossly undervalued.
Futurists reckon that in a perfect, well-oiled token economy where regulators, government, and corporations work in sync, the valuation of blockchain utility tokens and coins will explode. At the moment, Bitcoin highlights the success of the widely talked about the emergent economy. Its implementation opened doors, and as the market naturally grows, the mining space is getting denser.
Crypto Mining is treated with Caution
Mining is the digital engine that oil algorithms behind Bitcoin and similar applications. With Bitcoin mining heating up and more players flowing in, angling for rewards every 10 minutes, it is quite understandable why the ordinary masses need information on what’s going on. Furthermore, it is crucial for them to grasp the necessary details needed going forward fully. The evolution of ASIC gear, being efficient hardware specifically deployed to mine Bitcoins, means enthusiasts and the mining community at large must not sleep at their laurels. They must keep tabs with development to realize a profit and make better and informed business decisions.
Of the three common modes of crypto mining, cloud mining is the least understood and treated with a lot of skepticism. Past experiences, according to psychologists, tend to influence the reaction to future similar events. For an investor to lose a big chunk of their investment, which then exponentially expands as the technology gains mainstream adoption, is traumatic.
The Bitcoin mining scene has an unfair reputation because of such false narratives. Theft and outright scams are obviously a problem. As well-meaning investors bear the brunt, the review of emerging hardware mining providers, however honest and operating with proper licenses, tends to be negative unless there are irrefutable reassurance and existence of proof of operation.
That is the precise reason why VBit Technologies is in operation, offering a Turnkey solution and striking strategic partnerships with data facilities with cheap power sources from around the US. With Bitcoin presenting a decentralized solution that excludes the middle man, banks and high-charging institutions will have a formidable challenge long-term. It is easy to see why banks and some regulators-who are increasingly thawing and receptive of the technology behind Bitcoin, are literally blocking adoption. Just recently, one of the largest Danish providers, Nordea Bank, won a court case barring their employees from investing in Bitcoin. That is further exacerbated by political rhetoric and sometimes harsh policies that inadvertently scare beginners.
Why VBit Technologies is Shaping Bitcoin Mining
VBit Technologies is rolling out a legitimate, fully operational and licensed, US-based hardware mining facility from where clients can mine Bitcoin and better understand the mechanics behind the tech. The company is a product of demand and employs more than 21 people. It is filling a gap and was founded at the height of last year’s crypto winter in May 2018 by a visionary entrepreneur, Don Vo, who first discovered Bitcoin in 2015.
Assisting Don is an experienced founding team tagging their years of work in Real Estate, Finance, Technology, and Engineering with a crystal objective of positioning VBit Technologies as a leader in this burgeoning and highly competitive Bitcoin mining sector. Other than Don Vo, the CEO, and co-founder, there is Jin Gao—the Director of Sales, Jason Wong—VP of Operations, Katie Vo—the Director of Operations, and Sean Tu, CTO.
For good reasons, in the early stages of implementing VBit Technologies, Don noticed the confusion amid an overwhelming unmet demand from Bitcoin enthusiasts ahead of the great crypto bull run of 2017. Then, while attending a Bitcoin Seminar in November 2017, he realized that many were people willing to take part and contribute. Still, there was a lot of misinformation, and clarity was needed. Besides, scams were rampant, and whenever an opportunity was present for crypto cloud mining, data facilities domiciled outside the US charged high fees while offering a wide array of coins. In short, none were experts in mining one coin.
VBit Technologies is eager to right that wrong and set the record straight, fostering growth and breeding trust in a promising scene shredded by mistrust and marked by fraudulent activities. The objective here is to offer a turn-key solution, opening up the space and allow everyone to take advantage of Bitcoin’s future growth. Aforementioned, VBit Technologies was founded in early 2018, with plans to grow into a fully fledged cryptocurrency financial company while focusing on mining one coin: Bitcoin. The team strongly believes that Bitcoin has what it takes to weather the storm and survive.
Here is what Don VO, the CEO of VBit Technologies, said of Bitcoin and their plans going forward:
“We believe that Bitcoin will become a mainstream asset and will increase substantially in value. VBit offers everyday people a turn-key Bitcoin mining solution, enabling everyone to take advantage of the potential growth of Bitcoin. We sell Bitcoin mining hardware and have partnered with professional data centers across the country to host the hardware. Through our services, everyone can participate in the crypto space regardless of their technical expertise level. We aim to become a full-service crypto-operator.”
But over and above everything, VBit Technologies is offering trust, transparency, accommodation, and legitimacy. The team is launching a transparent platform, ensuring that miners in operation are efficient and profitable.
With around 3000 clients since launching, VBit Technologies aims to generate $2 million in revenue within the first year of operation and exponentially grow month to month, drawing users from different countries. The ultimate short-term goal is to reach a $1 billion valuation in the next five years.
Building Trust and Expansion to Canada
For legitimacy, their data facilities are duly registered by all government agencies and headquartered in Philadelphia, PA. However, in the process of growing and expanding their reach, they did their groundwork, opting to work with hardware mining facilities ind grow together. There, they checked the facility’s capacity, including how much electricity went in and the setup of their transformers.
The first data center was identified and subsequently launched in Colorado. Before this, they had searched at scouted for partners at over 10 locations. They have since spread to Aberta, Canada.
In Alberta, due to an abundance of electricity, VBit Technologies is in a position to expand and use the 200MW of generator power cheap electricity, benefiting clients.
The Blockshow Asia Sponsorship
Last year, VBit Technologies was one of the main sponsors of the Blockshow Asia held in Singapore from November 27 to Dec 1. At the conference, Don Vo was one of the over 100 speakers addressing over 3,000 attendees drawn from 50+ countries. Blockshow Asia is widely-regarded as the best place for blockchain business.
The presence of VBit Technologies and more so, their sponsorship of the event is an indication that they are keen to advance the technology, fast-tracking its maturity, 11 years down the line. It’s a mark of credibility and an objective of the founding team to reassure clients that their facilities will be present over the long haul. Regardless of the bought package, they can at any time log in and check the progress of their purchased hash rate, and whatever they earn is theirs.
It is easy to get started. Registration and set up is fast and free. You can also choose from five different hash rate packages, which are 15% cheaper than what competitors offer. Sign up and start mining Bitcoin today!