NMEX will start mining bitcoin

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SALT LAKE CITY, UT / ACCESSWIRE / July 8, 2021 / Northern Minerals & Exploration Ltd. (OTC PINK: NMEX) is pleased to announce that the Company plans to begin mining Bitcoin through the management and direction of Ricardo Esparza recently hired by the Company as announced on June 21, 2021.

NMEX uses a method of using natural gas wells to power the computers that mine Bitcoin.

The Company is taking a natural resource from natural gas wells that are currently closed or that do not have access to a collection system or that do not produce and commercially use this natural gas to transform it into energy. inexpensive for power generation. .

Bitcoin “mining” is a complex process that requires huge amounts of electricity. On-premise computers require a 24-hour process in which specialized computers solve math puzzles and verify transactions. The process allows miners to add “blocks” to the blockchain, on which transactions are recorded. These closed wells will provide the power source for the on-site computers needed to mine the cryptocurrency.

Bitcoin mining is the process of verifying bitcoin transactions and recording them in the blockchain’s public ledger through which new bitcoins are issued. In the blockchain, transactions are verified by bitcoin users, so basically transactions need to be verified by network participants. Those who, in addition to verifying transactions, have the hardware and computing power to add new blocks are called miners.

In the bitcoin network, as mentioned, users called miners are trying to solve a math puzzle. The puzzle is solved by varying a nonce that produces a hash value less than a predefined condition, called a target. A miner verifies a transaction by solving the puzzle and adding the block to the blockchain when it is confirmed and verified by other users. As of today, Bitcoin miners who solve a puzzle receive a reward of 6.25 bitcoins.

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Once a block is added to the blockchain, bitcoins associated with transactions can be spent and the transfer from one account to another can be done.

Cryptocurrency is taking the world by storm. Investors, entrepreneurs and the public are engaging in its market despite its volatility.

As cryptocurrency continues to gain popularity, more and more users around the world are looking to invest. And among those who show a keen interest in cryptocurrency are Latin Americans.

Countries like Mexico, Argentina, Venezuela or Brazil encourage the use of virtual currencies because they are aware of their multiple advantages.

We are in a great technological revolution and cryptocurrencies are one of the new technologies that exist. They emerge as an alternative to conventional currency which, in times of crisis and distrust of banks and / or governments, find their place in the world.

Ricardo Esparza Hired by NMEX to Mining Bitcoin On Monday, June 21, NMEX announced that the company had hired Ricardo Esparza. Ricardo is a civil and environmental engineer who worked in the Office of the Chief Economist of the Environmental Defense Fund to perform quantitative analyzes of energy markets and oil and gas policies. He holds a BA from Tecnologico de Monterrey and an MSc from Columbia University.

He has experience in research to inform policy makers and perform techno-economic analyzes using tools such as econometrics, machine learning, remote sensing and GIS. He is passionate about the intersection of energy and new technologies such as cloud computing and cryptocurrency.

About NMEX: Northern Minerals & Exploration (“NMEX”) is an emerging, publicly traded company focused on cryptocurrency mining, oil and gas exploration and production, and real estate development in Mexico.

Management is very optimistic about the future of NMEX as they assess many opportunities for growth and expansion of the Company.

Contact: Noel Schaefer Phone: 801-885-9260 Email: [email protected]

Forward-looking statements: Statements that are not historical facts contained in this press release are forward-looking statements that involve risks and uncertainties, including, but not limited to, the effect of economic conditions, the impact of competition, the results of funding efforts, changes in consumer preferences and trends. The words “estimate”, “possible”, “research” and similar expressions identify forward-looking statements, which only relate to the date on which the statement was made. The Company assumes no obligation to publicly update or revise any forward-looking statements, as a result of new information, future events or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated or underlying any forward-looking statements. The information contained in this document is subject to change without notice. Northern Minerals & Exploration Ltd. will not be responsible for any technical or editorial errors or omissions contained in this document.

SOURCE: Northern Minerals & Exploration Ltd.

See the source version on accesswire.com: https://www.accesswire.com/654640/NMEX-to-Begin-Mining-Bitcoin

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