Bitech to collaborate with major crypto miners.
Tesdison designed for 99% energy efficiency to replace ASICs.
This comes a few weeks after the MedTech company completed its acquisition of Bitech Mining Corporation, a revolutionary renewable energy technology solution provider for the cryptocurrency mining industry.
The change of name is part of the companys planned expansion of its business to focus on the introduction of its Tesdison technology, a patented self-charging technology to provide a green energy solution to the cryptocurrency mining sector.
Spine said the new name was approved by its Board of Directors last Thursday, adding that it plans to file a notice regarding the change and a request for a symbol change with the Financial Industry Regulatory Authority.
It noted that Tesdison was validated by National Technical Systems, a global provider of testing, inspection and certification services, in September 2019.
The Tesdison Technology
Spine said Tesdison, a high-efficiency electric power generation and charging system, is a US-patented technology named by combining 'Tesla' and 'Edison'.
“This system is expected to result in a power-savings solution with up to a 99% energy efficiency to replace costly application specific integrated circuits (ASICs) used to mine cryptocurrencies and significantly reduce exorbitant electricity bills,” Spine said in a statement.
Additionally, the MedTech firm explained that its long-term vision is to globalize the commercialization of Tesdison in the cryptocurrency mining sector as its core business model.
“We also plan to seek technology partnerships with energy providers, envisioning the technological impact of the current market landscape today. The Tesdison technology has international protections in many countries of the world including the U.S., Canada, European Union, Japan, South Korea, China, Australia and all Association of Southeast Asian Nations (ASEAN) countries except Brunei and Myanmar,” it added.
Improving Power Generation in Crypto Mining
Explaining the features of Tesdison, Spine said the tech product can generate up to twice an original energy output, can function off-grid without a utility connection, has no discharge limit as the renewable energy is continuously delivered, and provides a constant uninterrupted supply of electricity every day at any desired voltage.
The company added that the new product offers several benefits such as low maintenance cost with less mechanical wear and tear, no fuel or supply issues, and no dangerous by-products and waste, among others.
“We are planning to deploy the Tesdison technology to existing battery storage facilities regardless of the type of batteries being used,” Spine said.
It added: “While we expect new revenue to be created with a limited increase in overhead costs for infrastructure development, we also expect to rapidly deploy our battery power technology to the grid when needed which is expected to result in more power being generated using less resources.”
Spine also “plans to take a strategic expansion approach by collaborating with major cryptocurrency miners to accelerate revenue generation, aiming to quickly obtain a sizable market share where there is a win-win revenue sharing model which could be substantial to the company in the long run.”
