31 May 2024
This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public
domain.
Vinanz
Limited
("Vinanz"
or "the Company")
Half-Year
Report
Vinanz Limited (London AQSE: BTC and
US OTCQB: VINZF), the London listed Bitcoin
mining company focusing on decentralised deployment of Bitcoin
mining clusters in multiple data facilities throughout the US and
Canada, is pleased to announce its half year unaudited results for
the 6 month period to 29 February 2024.
A copy of the Half-Year Report will
be available to view and download from the Investor section of the
Company's website at https://vinanz.co.uk.
About Vinanz
Vinanz is listed on the London Aquis
markets and is building out a fully-fledged Bitcoin mining company
initially focusing on installing clusters of Bitcoin miners within
multiple facilities throughout the US and Canada through
third-party cryptocurrency mining providers. Whilst the Company
will focus initially on BTC mining, it will also consider the
mining of other cryptocurrencies, and operations in the DeFi and
Big Data space in the future. The Company intends to be able to
provide a listed UK platform to offer entry to the technology and
cryptocurrency business.
The Company's admission document is
available to view on its website www.vinanz.co.uk
The directors of Vinanz Limited
accept responsibility for this announcement.
For further information please
contact:
Vinanz Limited
David
Lenigas
david@vinanz.co.uk
Jeremy
Edelman
jeremy@vinanz.co.uk
First Sentinel (Corporate Adviser and
Broker)
Brian
Stockbridge
brian@first-sentinel.com
+44 (0) 20 3855 5551
Clear Capital Markets (Broker)
Bob
Roberts
bobroberts@clear-cm.co.uk
+44 (0) 20 3869 6080
Chairman Statement
David Lenigas, Chairman of Vinanz Limited, said:
"Vinanz has had an excellent
6 months as a start-up business, recording its maiden profit for a
6 month period reporting a net profit for the period of
£174,859.
A great deal of groundwork was accomplished operationally with
building out our North American bitcoin mining fleet and milking
the best out of the assets.
We have taken our bitcoin mining fleet from 120 ASIC miners to 300
miners, as at the date of this report, and seen our processing
power dramatically increase from 12 Petahash per second ("PH/s") to
around 32 PH/s across our miners in Nebraska USA and Labrador in
Canada.
As part of our fleet optimisation, the Company also undertook a
program of software updates on our Canadian fleet that saw hashrate
increases of around 12% across the 270 miners there. This
overclocking took our average 104 TH S19J Pro miner to around 120
TH. This was done just prior to the Bitcoin halving in mid-April so
that we could maximise each miner's performance through the
halving.
To keep up with the latest technology advances, we also ordered our
first 10 of the fastest ASIC Antminers that came to the market in
February to trial the units at our hosting centre at BlockLABS in
Canada. These S21 Bitmain Antminer 200 Terahash/second ("TH/s")
miners became fully operational in April and we are very pleased
with their overall performance with all S21's spinning at better
than 200 TH/s.
Our Bitcoin increased from 7.14 BTC to 13.85 BTC or 23.52 with
financings (gross)/cash and inventory equivalent during the
period.
On the corporate side, Vinanz has made enormous strides in getting
our US listing functioning to complement our London Aquis listing.
The Company sees an active and properly functioning dual trading
platform in the US as being vital in achieving ultimate shareholder
value.
On the 5th September last year, Vinanz's shares were
approved for trading on the OTCQB Venture Market ("OTC")
in the United States under the ticker VINZF. Joining the
OTCQB market provides us with access to many more investors in a
major market with minimal ongoing associated costs and
significantly increasing the Company's exposure and trading
liquidity with no additional reporting requirements.
In February of this year, Vinanz applied to have its shares US
traded made DTC eligible. Being DTC eligible in the US will make
the trading of our shares on the OTCQB much easier, faster, and
cheaper for a wider array of investors not only in the US but also
for overseas trading platforms that trade shares on the OTC Market.
Being DTC eligible would dramatically enhance the tradability and
trading volume of our shares in the US.
And in early April of this year, the Company received The
Depository Trust Company (the "DTC") full-service eligibility
in the United States, making the Company's shares more
accessible to U.S. retail and institutional
investors.
The DTC is the largest securities depository in the world and
facilitates electronic settlement of stock certificate transfers
in the United States. The shares of the Company, trading under
the symbol "VINZF" in the United States, are now eligible to
be electronically cleared and settled through the DTC and are
therefore considered "DTC eligible". This electronic method of
clearing securities offers a more efficient, lower-cost settlement
process for investors and brokers and allows more US market makers
to trade in the US shares.
During the period, the Company also completed two successful
capital raises. The first being a raise of £350,000 in November of
last year at 3 pence per share (being at a premium price to the
previous trading day's stock price close) and a second in late
February of this year for £447,750 at 12 pence per share (also done
at a premium to the previous trading day's closing price). These
financing were used primarily to increase the number of ASIC miners
in the Vinanz Bitcoin mining fleet and bolster the Company's cash
on the balance sheet.
With the Bitcoin we have at book and cash we have at bank, we are
in a solid position to advance the Company forward on its way to
growing out a much bigger decentralised deployment of Bitcoin
mining clusters in multiple data facilities throughout the US
and Canada.
With the Bitcoin halving in April of this year, where the amount of
Bitcoin available of a daily basis halved from 900 a day to 450 a
day, a lot of Bitcoin miners will be facing new challenges with
respect to operating costs and profitability. Companies running old
machines will find it difficult to make money even at US$70,000 per
Bitcoin. Vinanz has an amazing electricity power supply price for
its fleet, at slightly less than US 6 cents per kilo watt hour,
with the power doming predominately from Green hydro power. This
combined with the fact that we are mainly running newish 120 TH and
very new 200 TH ASIC miners puts us in a great position going into
2024 and towards the next halving in 2028, during which period we
are expecting to see a very robust increase in the Bitcoin price -
if history has anything to go by.
Onwards and upward is our plan for 2024."
Vinanz Limited
|
Statement of profit or loss and other
comprehensive income
|
For the half-year ended 29 February
2024
|
|
|
|
Note
|
|
6 months ended 29 Feb 2024
|
|
6 months ended 28 Feb 2023
|
From continuing
activities
|
|
|
|
£
|
|
£
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
Other
income
|
|
|
|
200,378
|
|
-
|
Revaluation
gain
|
|
|
|
309,732
|
|
-
|
Gain on disposal of
BTC
|
|
|
|
81,026
|
|
-
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
Administration
expenses
|
|
|
|
(265,930)
|
|
-
|
Professional
fees
|
|
|
|
(52,352)
|
|
4,808
|
Directors
remuneration
|
|
|
|
(46,000)
|
|
-
|
Depreciation and
amortisation expense
|
|
3
|
|
(51,995)
|
|
-
|
|
|
|
|
|
|
|
Profit before income tax expense
|
|
|
|
174,859
|
|
4,808
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Profit after income tax expense for the
half-year attributable to the owners of Vinanz Limited
|
|
|
|
174,859
|
|
4,808
|
|
|
|
|
|
|
|
Other comprehensive
income for the half-year, net of tax
|
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Total comprehensive income for the half-year
attributable to the owners of Vinanz Limited
|
|
|
|
174,859
|
|
4,808
|
|
|
|
|
|
|
|