Newgen Concepts Inc (OTCMKTS:VPOR) reported that the company has established a new 100% owned subsidiary named CryptoTechCurrency, Inc. to mine different cryptocurrencies. It has already bought 25 dedicated mining machines to start operations in the next month.

The details

Yaniv Nahon, the President of Newgen, reported that this is extremely thrilling for them to be able to establish a subsidiary unit that will mine different cryptocurrencies. Most importantly, the subsidiary will commence by mining Litecoin in January and that too on a 24/7 basis. The company’s intent is to advance over time its own cryptomining ‘farm’, or certainly, ‘farms’, with several advanced machines that will take part in one or more mining pools, while they enhance the different mining efficiency factors. The profit and revenue generated by this subsidiary will help establish a consistent monthly revenue source that will add considerably to company’s 2018 results.

Nahon added that figuratively 2018 will showcase their reinvention of Newgen Concepts, provided the pending asset sale reported, for which company shareholders will get registered shares of a reporting firm, the reduction of their debt linked with it, and the progress of their other businesses.

Led by the explosive growth of digital cryptocurrencies worldwide that identify no geopolitical limits, which cryptocurrencies currently have a total market capitalization of more than $500 billion, opportunities for profit and revenue abound in the specialized sector of cryptocurrency mining. It should be noted that Cryptomining marks as the fundamental procedure of earning and/or establishing digital currencies such as Litecoin, Bitcoin and others, via the application of dedicated, specialized mining machines. These machines work 24-hours per day, seven-days per week within mining-based, temperature-controlled server centers.

In the last trading session, the stock price of Newgen Concepts declined more than 3% to close the day at $0.0026. The stock has recorded gains of over 333% so far in this year.