FOUNTAIN HILLS, Ariz., March 23, 2018 /PRNewswire/ -- Fernhill Corporation (OTC PINK: FERN) is pleased to announce the initial results from our experimental crypto mining operation that has provided valuable data for a planned expansion and an increased investment into the crypto mining space.
Over the last several weeks we have acquired and begun testing multiple pieces of crypto mining equipment. The operation is currently testing different hardware and mining pools to establish a configuration that will allow us to achieve the best average mining efficiencies and highest hashrates. Initial corporate revenue is now being generated.
Parallel to the buildout of our test mining location we have been working with the local utility providers to secure a base power price that would give us favorable blended rates. In addition, we have been meeting with advisors from economic development councils and other organizations to help determine location feasibility. Expediting the permitting process is important in order to move forward with a larger scale operation.
With the current cryptocurrency prices being down from the highs earlier, we still anticipate strong returns in the development of a mining facility. As cryptocurrency prices have fluctuated, the development of our experimental farm has provided key proprietary information. Management is reviewing the information for determination of the potential profitability of larger scale farming as the cryptocurrency prices vary.
CEO Adam Kovacevic commented, "Utilizing different hardware will allow us to complete a feasibility study on how to maximize profits from cryptocurrency mining. The biggest most powerful equipment available isn't always the correct answer when trying to maximize profits. Finding the correct balance between price, available power and number of machines that can be deployed will allow us to maximize the return on the assets."
About Fernhill Corporation
Incorporated in Nevada with operations in North America, Fernhill Corporation is currently focused on development, acquisitions and or partnerships in energy based sectored businesses. Fernhill Corporations core products are based in alternative powered products in the renewable energy and technology sectors. The Fernhill corporate asset base will be established by its current and future patent applications.
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SOURCE Fernhill Corporation