Global technology company BOTS Inc (OTCMKTS:BTZI) has not had a particularly great time in the markets in the past weeks and has seen its stock decline by as much as 24% amidst a steady selloff.
Trading Data
On Monday, BTZI stock surged 0.68% at $0.1037 with more than 3.38 million shares, compared to its average volume of 5.21 million shares. The stock has moved within a range of $0.0993 – 0.1145 after opening the trade at $0.1080.
Major Development
The company, which is primarily involved in blockchain, cryptocurrency, mining equipment repair and decentralised finance among others, made a key announcement yesterday. It announced that it submitted a provisional blockchain related provisional patent application to the United States Patent Office. While it did not do much for the BOTS stock, it should be noted that the filing of a provisional patent application is a significant development nonetheless.
In this context, it might be a good idea to perhaps take a closer look at the nature of the patent. The patent is related to a method by way of which proof of power source can be determined by miners.
Considering the current clamour about the environmental impact of cryptocurrency mining, the patent could prove to be a significant one for the company. The Chief Executive Officer of the company, Mr Gordiev said as much when speaking about the matter. He stated that if the patent is granted BOTS could become the global certifying body for ‘Green Bitcoin’.
Key Quote
After conducting extensive technology and market research, BOTS, INC. found that developing this technology and obtaining patent protection would be a “tremendous opportunity since this technology could become a standard and viable method to certify Bitcoin and other cryptocurrencies mined on non-fossil energy sources,” stated Mr. Gordiev, BOTS, Inc. CEO. He added, “BTZI could become the worldwide “Green Bitcoin” certifying body for carbon-neutral bitcoin miners, while device and technology could be sold and licensed to the miners.” BTZI intends to help make cryptocurrencies more environmentally sustainable through this method.
Technical Data
BTZI stock is trading above the 20-Day and 50-Day Moving averages of $0.10 and $0.07 respectively. Moreover, the stock is trading above 200-Day moving average of $0.08. The stock is up 110% in the past month.
