When we last spoke of Vapor Group Inc. (OTC:VPOR) back in December, the company had announced that it would begin to mine cryptocurrencies in the first week of January. Now that the first week of January has just about passed us by, let’s check back in on Vapor and see how it’s doing.
According to its announcement on December 19, 2017, Vapor Group had acquired 25 dedicated mining machines set to start mining in January through its newly formed wholly-owned subsidiary CryptoTechCurrency, Inc. The machines would begin by mining Litecoin and later Bitcoin would be added, followed by several other cryptocurrencies. Over the course of 2018 and beyond, the company would continue to expand its territory in cryptomining, hoping to create its very own crypto farm made up of thousands of mining machines.
So where has this venture into cryptomining taken Vapor thus far? Specific dates for when everything was going to start working were not provided by either Vapor Group or on the CryptoTechCurrency website, so I can only go off of the vague commitment to “the first week of January 2018.” I’m assuming that at this stage, having only just begun its mining process, CryptoTechCurrency is still mining solely Litecoin, according to the plan outlined by Vapor.
At the time of writing, Vapor’s stock is trading at $0.0016, putting it up just $0.0001, or 6.67%, from the previous closing price of $0.0015. This actually puts the stock at a lower level from where it closed on December 19, which closed at $0.0028. So, while Vapor’s stock is up from yesterday, on the whole, it has actually been declining since the initial crypto announcement (although, it did start climbing again by January 4). Litecoin has also begun to rally this week, starting January 2 at about $230 and now going for $246.60, according to CoinMarketCap, so perhaps the two rallies are linked, if indirectly.
All this means for certain is that enough time has yet to pass to truly show the effect of the company’s cryptomining venture. Until the time comes when Vapor makes an official announcement regarding its progress with mining, the stock’s movements will likely be minuscule. Once Vapor does make an announcement about its mining progress, especially one that indicates success, a stock hike will be more likely to occur. However, an announcement like that may not come for months. For now, though, we’ll just have to track its daily movements and see if they correspond to any movements in the cryptocurrencies Vapor is mining.
Featured Image: twitter
