Tobacco company makes a hard pivot to cryptocurrency mining

Rich Cigars just made the ultimate pivot: from high-end cigars and tobacco products to cryptocurrency.

The Miami-based company announced Thursday it had become Intercontinental Technology, Inc., and was phasing out the cigar part of the business — aka its entire premise.

Instead the company is jumping into two very not tobacco-related industries: patents and “aggressive cryptocurrency mining.” And it initially seems to be paying off.

With Bitcoin, Ethereum, LiteCoin and other cryptocurrencies rallying like crazy in the past few days this seems like a smart move. Who needs a fancy cigar when there’s Bitcoin to be mined at nearly $17,000 per coin? Read more…

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