Swiss cybersecurity firm WISeKey (WKEY) announced on Jan. 3 that it will be investing $10 million — over two years — to mine Bitcoin from a repurposed Swiss military bunker to safeguard against crypto-jacking. Before market open this morning, WKEY shares gained 3.19% in value.
According to WISeKey, crypto-jacking is a term used to describe the act of hijacking “the processing power of the devices and systems by exploiting vulnerabilities (in webpages, software, and operating systems),” then illicitly installing crypto mining software “on victim devices and systems.”
Swiss Military Bunker Bitcoin Mining
Over two years, WKEY will invest $10 Million to “perform Bitcoin mining from its Geneva datacenter and a former Swiss military bunker located in the Swiss Alps.” The goal of this project is to adapt cybersecurity technologies to help customers defend against illicit cryptocurrency mining activities (like crypto-jacking).
Global Crypto Bunkers
WISeKey is also searching for similar ultra-secure “crypto” bunkers in spots like Gibraltar and the United States that will be increasingly “connected to the network taking into consideration regulatory and sustainability aspects.”