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Clear Leisure bitcoin mining set to commence in Serbia
Clear Leisure PLC announced on Friday that its 50% owned joint venture Miner One has completed testing on a newly operational bitcoin mining mobile unit.
The MMU is now ready to be shipped to its permanent home in Serbia after the last order of miners is fulfilled in the next 10 days, and negotiations with a low-cost energy provider in the country are now nearing completion.
Francesco Gardin, chief executive of Clear Leisure PLC, said: "We are very pleased with the rapid progress made by Miner One, following a successful test phase on the first mining mobile unit, which is now ready to become operational. Although not yet at full power, it is already generating, indirectly, revenues for the company."
The AIM-traded investment company confirmed that fractions of bitcoins have "already been extracted in 'mining pool mode', where the available Miner One computing power has been pooled with other cryptocurrency miners and taken a portion of the mining results".
Results so far indicate that the joint venture will be capable of producing more bitcoins at a lower cost than expected, leading to a five year valuation of 389,000 compared to an initial investment of 200,000.
Miner One has also placed an order for several Baikal Giant X10 Units, Antminer S9 units and L3+ high performing machines, which will allow for easier extraction and conversion of bitcoins.
Furthermore, Clear Leisure also announced an agreement with a lender to settle half of a 0.5m loan through the issue of 22.3m ordinary shares at 1p per share, a 31.6% premium on yesterday's closing share price of 0.76p.
Following the conversion, Clear Leisure's enlarged issued share capital will comprise 390.95m ordinary shares.
As of 1141 GMT, Clear Leisure PLC's shares were up 4.93% at 0.80p.