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BTZI Provides Update on Its Miner Warranties Program
San Juan, Puerto Rico, Oct. 18, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – BOTS, Inc. (OTC: BTZI), ("BOTS" or "The Company"), a global technology company specialized in Blockchain-based solutions including decentralized finance applications, cybersecurity, crypto mining, mining equipment repair and warranties announced today that its subsidiary and an authorized miners repair facility, TekX Mining and Gaming PC Solutions LLC, has launched at their new Parkersburg, West Virginia based TekX Training Academy (TTA) facility. The TekX Training academy will be offering training courses in bitcoin miner operations, maintenance, and repair with activities designed for individuals and employees of North American-based bitcoin mining farms.
BOTS, Inc. will be publishing the related list of training programs for bitcoin mining farms employees soon. The first training will be conducted in the last week of October 2021. However, due to overwhelming interest, BOTS has reported oversubscribed course demand. As a result, training courses will be conducted monthly.
According to a report by Training Magazine, companies in the U.S. spend an average of $4.5 billion on training and development programs for employees.
BTZI is the first public company to offer bitcoin miner warranties to operators in North America.
BOTS, Inc. has built a brand-new approach to the bitcoin miners' extended warranties — providing a cost-effective and efficient way for Bitcoin mining farm operators to buy warranty contracts and file claims against them –which allows Bitcoin miners in North America to take their mining business to the next level. The warranty covers labor on all components of the bitcoin mining rig, including the availability of remote monitoring services, mining rig hardware coverage, and racking systems.
"Same day coverage, buy-now-pay-later, and other tools are now available on our e-commerce site," said Dr. Oleksandr Gordieiev, CEO. "We have introduced the extended service contracts to this industry for the first time in North America, and the industry is just waking up to this. Nobody has seen this before."
The extended miner warranty program will initially be covering Bitmain manufactured miners, and soon, BTZI will add coverage for Canaan Inc miners, MicroBT Whatsminer, and other leading bitcoin miner manufacturers. The Company announced earlier the availability of bitcoin mining repairs through an authorized national bitcoin miners' repair center, which is now fully operational through our new subsidiary.
Around 3,000,000 bitcoin miners are in operation in the U.S. and about 2,000,000 in Canada.
BTZI estimates the extended bitcoin miners' warranty market size could quickly exceed $1.2 billion in the U.S.A.
Being the only provider of extended warranty for the bitcoin miners, BOTS, Inc. is now positioned to capture this unserved market. The Company plans to expand this service to Canada quickly and then worldwide.
Research and Markets estimate the extended warranty segment will reach a staggering $50.2 billion by 2026.
An article recently published by Coindesk entitled Crypto Miners Are ‘Literally Printing Money,’ stated that Wall Street Firm DA Davidson which discusses that the Wall Street investment banking and research firm, launched research coverage of bitcoin mining companies Core Scientific, Marathon Digital, Riot Blockchain and Hut 8 Mining with buy ratings for all these stocks.
D.A. Davidson analyst Christopher Brendler sees a “huge opportunity” for the domestic miners, after bitcoin’s sustained rally and China’s sweeping crypto bans. “Combined with improved access to capital that’s sustaining their lead (and ‘HODL’), we expected these stocks to revalue much higher as earnings estimates crush near-term estimates, even if bitcoin consolidates,” Brendler wrote.
“With U.S. miners gaining market share after China’s bans and with bitcoin above $55,000, the companies are ‘literally printing money.’
“The miners’ stocks, which are highly correlated with the price of bitcoin, have seen a relentless rally this year as the price of the largest cryptocurrency more than doubled. Meanwhile, the Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF, or RIGZ, which has heavy exposure to the miners and was launched in July, has gained 47%.
“Bitcoin mining stocks are highly (~70%) correlated with bitcoin prices with good reason since BTC not only directly drives reported revenue, but all four also try to hold as much newly-minted bitcoin as possible in their balance sheet,” the analyst wrote.
“Brendler expects ‘massive’ earnings upside across the whole mining sector.”
The Company is in the process of bringing its filings current with the Securities and Exchange Commission and expects to complete this process within 30 days.
About BOTS, Inc.
BOTS, Inc. is a global technology company specialized in Blockchain-based solutions, including decentralized finance applications, cybersecurity solutions, and owns a portfolio of digital assets and crypto-related businesses such as BeadSwap, a decentralized crypto exchange, Bitcoin ATM machines and corresponding US patents and Cyber Security Group LLC, an ISO/IEC 27001:2013 Information Security Management System certified company. The Company also provides crypto mining consulting, optimization, and crypto mining equipment repair and insurance.
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Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in the Company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors, including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release, and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's website and filings.