US-based Bitcoin (BTC) mining company Vortex Mining is doubling its mining capacity to combat global inflation.
Vortex said inflation has been increasing around the globe, which is creating a demand for BTC. Vortex Mining’s CEO, Todd Higley, commented on the increasing mining power and stated:
“We are very excited about the opportunities that bitcoin mining presents in this current economic climate. Our expansion plans reflect our confidence in the future of digital assets and our commitment to providing our shareholders with strong returns.”
Vortex Mining launched in August 2021 and currently holds less than 1 BTC in its public wallet.
For the nine-month period ending Nov. 30, 2022, the company reported net revenues of C$10,792 and a net loss of C$104,855.
While doubling its mining capacity, Vortex Mining also announced that it is committing to reducing its carbon footprint, and all the new expansion operations “will be done in an environmentally responsible manner.
Increasing fees
Vortex Mining’s desire to double its mining power resides in a gap it pinpointed between inflation and BTC demand. However, a recent CryptoSlate insight revealed that BTC miners have been earning more than the block reward.
Last time miners earned more than the block rewards was in 2017. On May 8, 2023, block 788695’s reward was 6.25 BTC. However, the block paid 6.701 BTC in fees, which equates to over $190,000 at the time of writing. The numbers also reveal that over 30% of miner revenue has come from the fees in the last 24 hours.
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