November 27, 2024
Volato announced ‘patent-pending technology…repurposing underutilized aircraft resources for cryptocurrency mining’.
Former fractional and jet card private jet operator Volato, which exited the space in September, has announced “new patent-pending technology that advances how aircraft generate revenue by repurposing underutilized aircraft resources for cryptocurrency mining.”
A press release states it “has already benefited from significant Bitcoin price appreciation, reinforcing its potential to turn aviation’s untapped resources into valuable digital assets.”
It continues, “By default, the system operates using excess electricity generated during normal flight operations, ensuring seamless integration with no additional costs or resource demands. However, the system is designed to dynamically scale up and utilize additional onboard electricity when spoiled capacity—such as unoccupied seats or unused cargo space—occurs. This flexibility allows operators to transform inefficiencies into valuable Bitcoin assets, maximizing revenue potential while maintaining operational integrity.”
Volato says its invention is “the patented use of specialty mining hardware, optimized to achieve peak performance at high altitudes.”
The company says, “By operating in the cool and energy-rich environment of cruising aircraft, the system delivers superior efficiency compared to ground-based mining setups. Aircraft operators can seamlessly integrate this technology into standard operations, turning inefficiencies into opportunities without impacting the aircraft’s primary function.”
Volato, Founder and CEO says, “Our technology secures a future where aircraft don’t just move people or goods—they actively create value through advanced computing.”
He adds, “As Bitcoin adoption continues to accelerate, this innovation ensures that aviation can participate in its evolution while leveraging its unique operating environment.”
The formerly fast-growing operator says, “Revenue generated from Bitcoin mining can support the purchase of Sustainable Aviation Fuel or fund carbon offset programs, offering a pathway to enhance profitability while reducing environmental impact. This dual benefit positions Volato’s technology as an attractive tool for forward-thinking aircraft operators.”
It is “actively seeking partners across the aviation and cryptocurrency sectors to refine and scale this innovation.”
Volato says, “Partnership opportunities include validating operational performance, tailoring the system for specific fleet needs, and exploring broader applications beyond Bitcoin mining.”
Liotta says, “Collaboration will be key to unlocking the full potential of this invention. We welcome partners who see the opportunity to shape the future of aviation and cryptocurrency together.”
Applications range from private aviation to commercial and cargo operations.
“Whether deployed on a smaller jet or a large transport aircraft, the system adapts to maximize value generation in every flight scenario,” per the press release.
As of several weeks ago, about one-third of Volato’s jet card customers were still seeking refunds, having declined an offer to move their flight balances to FlyExclusive.
Volato had previously warned the clients that they may be unable to refund the money.
The 2021 start-up hopes to continue operations as a technology provider.
It is also continuing its Vaunt empty-leg program.
After the announcement earlier this week, the price of SOAR shares increased from 22 cents to 37 cents.
As of early afternoon today, its share price was back down to 27 cents.
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