Deep-sea mining company Green Minerals has revealed its strategy to build a Bitcoin treasury, purchasing 4 BTC for $420,000.
Bitcoin Accumulation Strategy
Green Minerals is adopting a Bitcoin treasury strategy to mitigate risks associated with fiat currencies, which are susceptible to inflation and geopolitical risks. Stale Rodahl, executive chairman of the company, stated that Bitcoin acts as a hedge against inflation and can support the company during uncertain economic times.
Market Reaction and Stock Performance
Following the announcement of its Bitcoin accumulation plans, Green Minerals' stock dropped by 20%. However, the company reassures investors that its Bitcoin strategy will enhance technological efficiency while maintaining regular business operations.
Regulatory Changes in Norway
The Norwegian government recently announced a temporary ban on Bitcoin mining centers to prioritize energy levels and meet environmental targets. The government emphasizes the need for a balanced approach to energy use and perceives proof-of-work mechanisms as obstacles to its climate strategies. However, it expresses support for blockchain and AI innovations.
Green Minerals continues to advance its operations, recognizing the importance of blockchain technology integration and Bitcoin accumulation to maintain its competitiveness amidst evolving regulatory frameworks.
