Vinanz Limited - Half-year Report

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 5^th 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."