WISeKey (WKEY) to invest up to $ 10 million in Bitcoin mining


January 3, 2022 4:09 PM EST

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WISeKey International Holding Ltd, (Nasdaq: WKEY), a Swiss cybersecurity, AI and IoT company today announced plans to invest up to $ 10 million over the next two years, to complete mining Bitcoin from its Geneva data center and a former Swiss military bunker located in the Swiss Alps, aimed at adapting cybersecurity technologies to help its customers defend against illicit crypto mining activity -cash.

WISeKey’s primary goal in entering crypto mining operations is to help its customers protect themselves against crypto hijacking that occurs when malicious cyber actors effectively hijack the processing power of devices and systems. by exploiting vulnerabilities (in web pages, software and operating systems) and illegally installing crypto mining software on victimized devices and systems.

Encryption hijacking involves maliciously installed programs that are persistent or non-persistent. Non-persistent cryptojacking typically only occurs when a user visits a particular web page or an Internet browser is opened. Persistent encryption hijacking continues to occur even after a user has stopped visiting the source that caused their system to perform a pull activity. Fifty out of 100,000 devices are estimated to have encountered a cryptocurrency miner. WISeKey’s cryptocurrency mining operations will be carried out via a special purpose vehicle already established in Zug under the name TrusteCoin AG. The objective will be to acquire and gradually install more than a thousand bitcoin mining machines in its secure bunker facilities in the Swiss Alps which will be connected to a control center at the WISeKey bunker in Geneva. WISeKey is also studying other similar sites offering the same type of bunkers, such as in Gibraltar and the United States, which will be gradually connected to the network taking into account regulatory and sustainability aspects. After the crackdown on the crypto space in China in mid-2021, the majority of the world’s bitcoin mining power has settled in the United States. The local bitcoin mining industry now dominates the bitcoin mining market and produces over 35% of the global bitcoin mining hash rate and there is a great opportunity for cybersecurity companies to jump into this market with their technology. . Through TrusteCoin AG, WISeKey is riding the wave of interest in blockchain and NFT through a crypto-mining company. Crypto mining services will focus on making it easier for consumers to own secure Bitcoin mining equipment through the integration of cybersecurity offered by WISeKey and smart contract technologies to simplify the often daunting crypto mining process. , while providing an affordable cost of entry for WISeKey customers.

Since 1999, WISeKey has been one of the very first companies to provide reliable and ultra-secure hosting using bunkers in the Swiss Alps. These ultra-secure bunker facilities are adequate for mission critical infrastructure and ideally located for Bitcoin mining. WISeKey mountain bunker facilities are Swiss military granite bunkers, built in the Swiss Alps to support data even in nuclear disasters. These bunkers have been remodeled to provide an ultra-secure environment for bitcoin mining as they have IT security certifications from ISO 27001 to the impressive EM-SHIELD seal, which certifies protection against electromagnetic pulses.

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