STOCKHOLM, Aug. 9, 2018 /PRNewswire/ -- Stockholm IT Ventures AB (Frankfurt Stock Exchange: SVAB), a Swedish technology company specialising in cryptocurrency production and blockchain technology, today announced that the company has officially commenced with crypto mining and production through its first mining unit, Cryptoplants, a subsidiary of Stockholm IT Ventures.
The unit will serve as a demonstration of the MMC capability and its ability to scale in preparation for a more upscaled production funded by the Bytemine (BYTM) token. The fully operational, secured facility utilizes a technology that incorporates real-time information on market fluctuations to automatically switch the coins being mined to ensure the highest profitability of the tokens.
"A very exciting day for our Bytemine team and all of our shareholders," said Anthony Norman, CEO of Stockholm IT Ventures. "This is one significant piece of the pie in our new strategy to drive more revenue and profits through a more dynamic and diversified business model while ensuring we are tracking towards our larger vision. While modest in numbers, it's an important step in demonstrating our mining capability. Our intention is to hold the yield as we believe in the market's development in the near future."
Stockholm IT Ventures will increase the number of mining containers with advanced, next generation mining units that will deliver more power in the coming months. It is anticipated that up to 20 units could be deployed on a monthly basis in Stockholm IT Ventures existing hosting locations.
"This is just the beginning of big things to come from our team," said Phillip Nunn, Managing Director of the Crypto Division for Stockholm IT Ventures. "I could not be prouder and more excited for what lies ahead. Together we are changing the name and the game at Stockholm IT Ventures."
About Stockholm IT Ventures AB
Stockholm IT Ventures AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The company specialises in cryptocurrency mining and production, and in blockchain related technology. For more information, visit www.stockholmit.co. You can also find them on Facebook, Twitter and LinkedIn. Details on the company's Bytemine (BYTM) token and White Paper can be found here: www.bytemine.io.
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