River, a bitcoin-focused fintech company, has purchased 3,000 application-specific integrated circuit (ASIC) miners which will mostly be wind-powered in West Texas, per a press release.
“While other companies are closing down mining operations, we are expanding and rapidly growing our Bitcoin mining segment,” says Alex Leishman, River CEO.
Truly, the mining industry has suffered at the hands of a bear market which has caused miner capitulations and liquidity concerns for mining services. However, like River, there are many bitcoin mining firms who are thriving in this environment and using the market as a growth opportunity.
“Our clients range from individuals with one miner to family offices and investment funds building mining fleets,” Leishman continued.
Indeed, River allows a high level of accessibility by allowing its users to purchase bitcoin miners directly on its iOS mobile app. Accounts on the River app will also show mining payouts which are deposited daily while also showcasing miner portfolio performance, as well as individual miner output.
Furthermore, the company hosts the miners for those looking to take a more hands-off approach to mining. Thus, while users can purchase and own their own miners, River tries to make the act of mining more accessible.
“River is perfect for anyone who wants exposure to Bitcoin mining without the operational complexities,” says Leishman. “Our mining product is an important step towards our vision of making Bitcoin accessible for everyone.”
In addition, River has “thousands more bitcoin mining machines” which are scheduled for installment throughout the remainder of this year to continue building out its hosting services.