Bitcoin has seen its all-time highs in 2017, and this week approached those levels again, sending stocks like that of Envoy Group Corp. (OTCMKTS:ENVV) for a ride. In fact, the stock has been on continuous rise since seeing a low of .16 near the end of June. Just a few weeks later, shares are changing hands in the upper seventy-cent range.
The company entered the presently popular Bitcoin space just last month with the acquisition of ‘BitReturn’- a blockchain application group.
Shortly thereafter, Envoy Group Corp. (OTCMKTS:ENVV) announced the receipt of its first large block of cryptocurrency mining hardware at its BitReturn Tier 3 Datacenter in British Columbia. In addition to the cryptocurrency mining computers presently operating at the Datacenter, the shipment allowed BitReturn to install 500 additional graphic processor units (GPUs) into the secure operating installation. These advanced GPU cards, produced by NVIDIA, are of the highest quality for currency mining and other applications, and will accommodate the optimized algorithms that our technicians will employ for mining rates far beyond any standard performance.
The 24/7 mining operations at the Datacenter are set to produce significant daily revenue, and function as the foundation of the company’s operating strategy, as Envoy accelerates further in the design, marketing and execution of powerful business applications based on Blockchain technology.
“We see tremendous growth for the adaptation and use of Blockchain applications. Blockchains were originally developed to underpin digital currencies, like Bitcoin, and are rapidly gaining the interest of large players in banking, financial services and other high volume transactional businesses,” stated Matt deFouw, Company President.
CEO Harp Sangha stated, “The Envoy management team has conducted exhaustive research into this burgeoning field, and is convinced of the major growth opportunities in digital currencies as well as the rapid development of new applications and markets for Blockchain technology. The Blockchain format is set to redefine business and the internet. Envoy Group will be well positioned at the core of this revolution.” (Source: Globe Newswire)
This week, an update came down the line regarding the status of the installation of the GPU’s, when they released the results of a two-week test run with several GPU’s equivalent to the new cards that will be installed in the BitReturn subsidiary processing facility by the end of July. The pilot program allowed BitReturn management to test the cost-effectiveness of its planned new hardware.
“We view our operations much like a gold mine, and this test run is the equivalent of a pre-feasibility study that allows us to stress test the hardware and examine critical operating costs and profitability. The results validated our selection of the hardware and design configuration of our new cryptocurrency mining rigs,” commented Matt deFouw, BitReturn President.
The test program rated the GPUs for operational uptime, performance per watt, and profitability in mining a variety of cryptocurrencies. The results demonstrated that revenue performance by the NVIDIA GPUs was exceptional for the mining of Ethereum, a burgeoning cryptocurrency currently on pace to intersect and potentially outpace Bitcoin’s market cap valuation. The highlight was a gross revenue increase of 135% over the current GPUs operating at the Datacenter due to an increase in design efficacy and decreased electrical consumption.
Harp Sangha, Envoy CEO, affirmed the Management Team’s excitement with the results and indicated that a second significant order is planned after the installation of the current shipment. (Source: Accesswire)
We’ll be interested to track ENVV as it upgrades BitReturn’s center of operations, especially with Bitcoin trading near its all-time highs. As stated above, the stock has been on a very impressive run since entering the trendy market space, so stick with us to keep tabs on its activity. Just stay locked to Street Register for updates, and we’ll deliver important developments on ENVV as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in ENVV stock, short or long.