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.”
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