Vapor Group, Inc. (OTC:VPOR) has seen an increase of 40% in its stock since the market last closed. The cause behind this jump may have to do with the company’s most recent announcement that it was getting involved with the cryptocurrency market.
At the time of writing, Vapor stock is at $0.0028, which puts it up $0.0008, or 40%, from its previous close of $0.0020. The stock opened today at $0.0029.
Vapor Group is a company which designs, manufactures, and markets vaporizers, electronic cigarettes, and e-liquids. Now, it seems the company wants to move into the increasingly popular cryptocurrency world. Many companies have seen a jump in stock that is based solely on merely claiming that they’re getting involved with cryptocurrency or blockchain and it looks like Vapor may also be benefitting from this, if on a somewhat smaller scale.
Vapor decided to form a new wholly-owned subsidiary, called CryptoTechCurrency, Inc. This new subsidiary is meant to focus on mining cryptocurrencies, and it will do so with its brand-new purchase of mining machines – 25 new mining machines to be exact. CryptoTechCurrency is prepared to start mining as soon as January hits.
The President of Vapor, Yaniv Nahon, explained what CryptoTechCurrency would be doing:
“Importantly, the subsidiary will start by mining Litecoin on a 24/7 basis in January with 25 ‘high hash rate’ ASIC L3+ AntMiner servers, to which we will add Bitmain ASIC L3+ AntMiner S9’s to mine Bitcoin, and later additional specialized machines to mine other digital cryptocurrencies. Our intent is to develop over time our own cryptomining ‘farm’, or indeed, ‘farms’, with hundreds or thousands of machines that will participate in one or more ‘mining pools’, while we optimize the various mining efficiency factors. The revenue and profit created by this subsidiary will help form a consistent monthly revenue base that will add significantly to our 2018 results.”
The cryptocurrency market is booming right now, so Vapor is right in their belief that jumping into the crypto boat will likely help them to float. Currently, all the cryptocurrencies combined hold a total market cap of over $500 billion, and mining digital currency has proven to be quite lucrative for some companies. Vapor’s most recent stock jump can likely be attributed to its decision to join the cryptocurrency hype. How long Vapor will be able to sustain that hype will depend on how successful CryptoTechCurrency is at mining.
Featured Image: twitter
