In a recent press release, Mansfield-Martin reveals that it has sealed a deal with Westgrove Partners, LLC, to fund what is dubbed as the Tombstone Mining Program.
Through the funding, Westgrove Partners will provide up to $3 million for the construction of processing facilities, including crushers and wash plants. Additionally, the funding will be used to harvest precious metals like silver. The Tombstone Mining Program will provide Mansfield-Martin access to mine over 165,000 tons of unprocessed materials from mine sites such as the Solstice and Ace in the Hole.
With the funding it received from Westgrove Partners, Mansfield-Martin’s production rate could get a little boost up considering as there are now more areas for the company to mine. This means a lot for the company’s investors as Mansfield-Martin can meet the demand for raw materials such as silver a lot easier.
Other than the expansion of its production rate, the mining company also recently got into cryptos with the reveal of Silverback.IO in partnership with Qu Ltd. The price of the new crypto is based on two metrics—the price of silver on the market, and the price of the leading altcoin, Ethereum. These two factors for the price of Silverback make it a formidable coin.
Its recent venture into cryptocurrency is turning a few heads, but that was just the beginning of what could be a stellar year for the mining company.
Mansfield-Martin is following in the footsteps of other companies who have forayed into cryptocurrency, and it hopes to have a successful venture too.
Cryptos becoming more common among sectors
Cryptocurrencies have come a long way ever since Bitcoin was introduced way back in 2009. What was once a risky investment plan for the vast majority is now an emerging sector that everyone—individuals, business moguls, and corporations included—are looking to get into. Even the most unlikely businesses are getting into cryptocurrencies now and coins are popping up left and right.
Earlier thisyear, Kodak, a company that’s primarily focused on photography ventured into the crypto boom with the reveal of KODAKOne, and the new coin, KODAKCoin. The new venture of the company allows photographers to partake in the crypto boom through the use of their photographs. For every licensed photo, they will be rewarded in the form of a KODAKCoin, which is processed through the blockchain technology.
Then earlier this month, the diamond-based crypto called Carats.io was introduced at the Israeli Diamond Exchange. Prices of the coin are partly based on the price of diamond, and it is a good investment plan for diamond traders who are looking to capitalize on the crypto boom.
With several cryptos now being introduced, it is becoming harder to find the coin that could beat the stellar growth of currencies like Bitcoin and Ethereum. Without enough support through initial coin offerings (ICO), startup cryptocurrencies become obsolete in a few months or so. There have been countless dead coins, says Bitcoin Exchange Guide. Over 600 coins have fallen to be precise.
Perhaps the wisest way to become a part of the crypto boom without the risk of the coin eventually falling is by investing in currencies like CARATS.io and Silverback.io, both of which base their pricing on necessities like raw materials. It would also be a good move to invest in companies with coins that are derived from leading cryptos like Ethereum and Bitcoin.
(Featured image via Pixabay)