Connect with us

Companies

WRIT Media Group (OTC:WRIT) acquires Bison Crypto Power Corporation

Tony Zerucha

Published

on

  • Addition initially provides natural gas sources the company intends on using to power cryptocurrency mining equipment
  • Will also help companies tokenize projects

Writ Media Group believes a recent acquisition will soon result in wider profit margins for cryptocurrency miners.

On Apr. 13 Writ Media Group (OTC:WRIT) acquired Bison Crypto Power Corporation (“BCP”) in an all-stock transaction. The addition allows Writ Media Group to provide strategic guidance for commodity-based companies interested in tokenizing their projects as an alternate source of funding. BCP will also provide infrastructure and secure locations for people interested in mining cryptocurrency.

 “With the price of commodities back on the rise, people and companies are looking to get back into these markets or restart legacy projects,’ Writ Media Group CEO Eric Mitchell said. “However, traditional funding sources are not as readily available as they once were. As such, there is a growing opportunity for us to consult with these companies and provide guidance through some of the complexities of tokenizing their assets.”

BCP’s initial focus is on locating stranded natural gas projects as a substitute to traditional power sources. The shale oil and natural gas revolution beginning in 2003 caused a supply and demand imbalance, leaving massive quantities of natural gas stranded with no market.

Stranded natural gas reserves are generally located in remote desert and mountain areas of the United States. Such remote locations are long distances away from existing pipelines and power grids, making it less attractive to gas transportation to build pipelines into the stranded natural gas fields.

This creates an opportunity for BCP, the company believes. By concentrating on stranded natural gas projects, BCP can cheaply acquire the natural gas feed stock, with internal projections suggesting that they can deliver the electricity for crypto-currency mining at approximately one-half of average market power costs. In turn this will increase the profitability for crypto miners, while still generating strong returns for BCP.

“The increasing cost of power is a real issue among cryptocurrency miners, so we acquired Bison Crypto Power Corporation to create a solution,” Mr. Mitchell explained. “The goal is on each remote BCP location there will be a ‘mining camp’ for crypto miners to set up their rigs and manage their operations remotely. We are excited to roll out both the consulting and infrastructure portion of this project and look forward to updating the market as opportunities unfold.”

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

Continue Reading

Latest

Companies