WISeKey (WKEY) to Invest Up to $10M in Bitcoin Mining

WISeKey International Holding Ltd, (Nasdaq: WKEY), a Swiss cybersecurity, AI and IoT company announced today its plan to invest up to $10 million over the next two years, to perform Bitcoin mining from its Geneva datacenter and a former Swiss military bunker located in the Swiss Alps, aiming to adapt cybersecurity technologies to help its customers defend themselves against illicit cryptocurrency mining activities.

WISeKey’s main objective of entering crypto mining operations is to help its clients protect against crypto jacking that occurs when malicious cyber actors effectively hijack the processing power of the devices and systems by exploiting vulnerabilities (in webpages, software, and operating systems), and illicitly install crypto mining software on victim devices and systems.

Crypto jacking involves maliciously installed programs that are persistent or non-persistent. Non-persistent crypto jacking usually occurs only while a user is visiting a particular webpage or has an internet browser open. Persistent crypto jacking continues to occur even after a user has stopped visiting the source that originally caused their system to perform mining activity. It is estimated that fifty out of every 100,000 devices have encountered a cryptocurrency miner.WISeKey’s crypto mining operations will be performed via a Special Purpose vehicle already created in Zoug with the name TrusteCoin AG. The objective will be to gradually acquire and install over one thousand bitcoin mining machines at its secure Swiss Alps bunker facilities that will be connected to a control center at WISeKey bunker in Geneva. WISeKey is also looking at other similar locations offering the same type of bunkers such as in Gibraltar and United States that will be gradually connected to the network taking into consideration regulatory and sustainability aspects. After China’s crypto space crackdown back in mid of 2021, the majority of the world’s bitcoin mining power settled in the United States. The local bitcoin mining industry now dominates the bitcoin mining market and produces over 35% of the world’s bitcoin mining hash rate and there is a great opportunity for cybersecurity companies to jump on this market with their technology. Through TrusteCoin AG, WISeKey is surfing the tide of blockchain and NFT interest through a crypto mining venture. The crypto mining services will be focused on simplifying consumer ownership of secure Bitcoin mining equipment through the integration of cybersecurity offered by WISeKey and smart-contract technologies to simplify the often-intimidating crypto mining process, while providing an affordable entry cost for WISeKey clients.

Since 1999, WISeKey was one of first ever companies to provide trusted, ultra-secure hosting using Swiss Alps bunkers. These ultra-secure bunkers facilities are adequate for critical-mission infrastructures and ideally located to perform Bitcoin mining. The WISeKey mountain bunkers facilities are Swiss military granite bunkers, built in the Swiss Alps to support the data even from nuclear catastrophes. These bunkers have been transformed to provide an ultra-secure environment for bitcoin mining as they have IT security certifications from the ISO 27001 to the impressive EM-SHIELD seal, which certifies protection against electromagnetic pulse.

You May Also Be Interested In

• Marsh McLennan Agency (MMC) to acquire Fisher Brown Bottrell Insurance, Inc.
• Wolfe Research Downgrades Warner Brothers Discovery (WBD) to Underperform, 'out of concern that an incipient advertising downturn put guidance at risk'
• Hibbett (HIBB) soars 18% on deal to sell to JD Sports for $1.08 billion