WATERLOO, ON, Feb. 15, 2022 – Ctrl V® today announced the addition of a cryptocurrency mining program to its franchise offering, giving franchisees and arcade owners an opportunity to participate in the blockchain and earn additional revenue. This will make Ctrl V® the first company to franchise cryptocurrency mining.
Nearly 6 years after the opening of its first location in Waterloo, Ontario, Ctrl V® has seen a massive uptick in users & adopters of the groundbreaking VR technology across its system. In addition, there has also been a large shift of virtual reality, otherwise known as the “Metaverse”, into the algorithmic blockchain platform. A platform that utilizes cryptocurrency as its medium of exchange. Furthermore, with growing distress in the financial markets and a large exodus from traditional financial markets and into cryptocurrency, the world is experiencing the largest wealth transfer in generations. As a result, part of Ctrl V®‘s recent growth efforts involves deploying a program across franchise owner locations to mine cryptocurrency.
The mining of cryptocurrency at Ctrl V® is done through allocating unused bandwidth, which otherwise gets wasted, across owner locations, to verify public transactions taking place on the blockchain. Through the process of this verification, each verifier is rewarded with a coin or token for their efforts (otherwise known as “proof of work”).
Ctrl V® locations use top-of-the-line GPUs within their VR systems, which allows them to mine cryptocurrency while keeping energy costs low enough to stay profitable in the endeavor (with newer GPUs the cost of energy becomes almost a rounding error). This, as compared to ASIC miners typically spoken about as energy hogs, is in line with Ctrl V®‘s efforts to always stay as efficient and ethical as possible.
Ctrl V®‘s CEO, Robert Bruski, says “This was a very easy decision to make as it is the natural evolution of virtual reality and the metaverse. With so many new developers in the metaverse space focusing on decentralization and the blockchain, it only makes sense for Ctrl V® to be at the forefront of this innovation. Providing our franchisees with the opportunity to dip their toes into this world through some simple transaction verification, allows us to further build on the education and infrastructure to continue with growth. Though the mining will by no means outpace the revenue earned by the virtual reality arcades, and it is not our primary business, it’s a nice additional source of revenue that can be earned when our facilities are closed.”
To facilitate this growth, Ctrl V® has built out an infrastructure to help its franchisees navigate this world of cryptocurrency. The focal point is with the hiring of a Head of Crypto Operations role. This individual (known affectionately by the pseudonym of “Satoshi Nakamoto” as a homage to the mysterious founder of Bitcoin) has been deploying the systems across the network. Ctrl V® monitors the systems live, configures their overclocking on behalf of the franchisees to ensure optimal longevity, decides on the most profitable coin/token to mine, provides training & coaching, and takes care of all accounting in accordance with IRS and CRA guidelines. It is essentially a hands-off process for the owners.
As a franchisor, Ctrl V® is committed to working with its franchisees to ensure they are happy business owners. In addition to this support, training, and hyper-focused business coaching, Ctrl V® ensures that innovation is cutting edge within the business model. The cryptocurrency program was tested, vetted, and verified by incumbent franchisees as part of the regular Franchise Advisory Council program.
If you are interested in franchising with Ctrl V® in Canada, please send an email to franchising@ctrlvarcade.com.
About Ctrl V®
Ctrl V® Inc. (“Ctrl V®“) is Canada’s first virtual reality (“VR”) arcade, offering experiences in the newest frontier of entertainment and gaming. With custom-designed VR stations featuring the HTC Vive, each Ctrl V® location offers high-end commercial VR experiences and a variety of different games. Visit us on our website www.ctrlvarcade.com for more information.
SOURCE Ctrl V®
For further information: Marketing and Communications Manager, Ctrl V®, marketing@ctrlv.ca