BOWLING GREEN, Ky. — BlueCotton, a front-runner in the custom apparel industry, has a pioneering Bitcoin Initiative designed as a unique employee benefits program in addition to traditional offerings like a 401k and health insurance.
Aiming to provide something different and unique for its employee benefits program, Bowling Green-based BlueCotton is actively engaged in Bitcoin mining. They have invested $120,000 in Bitcoin mining equipment, and are contributing to the most secure computing network in the world by verifying transactions and updating the blockchain.
Founded in 1991, BlueCotton is a provider of custom-printed products known for its innovative approach to manufacturing processes and a commitment to a family-like environment. It handles all custom T-shirt printing and embroidery in-house and ships directly to consumers nationwide, guaranteeing on-time delivery of quality products.
The BlueCotton Bitcoin Initiative began in June 2022. So far, it has mined nearly 4 Bitcoins and expects its equipment to mine between six and nine coins before the end of 2029. The value of the mined Bitcoin is displayed on a monitor in the company’s production warehouse, allowing employees to see the amount mined each day, the current value of Bitcoin, and their personal benefit. Prices are updated every 15 minutes, keeping employees abreast of their investment performance.
Bitcoin hit a new record price of more than $70,000 apiece Friday, March 8.
“We wanted to do something unique and significant for our team,” said Mike Coffey, founder and CEO of BlueCotton. “Bitcoin was a perfect solution because it’s truly scarce and decentralized, and it gives our employees a fighting chance against inflation.”
The company has structured a five-year vestment plan. Payouts will be made to employees in Bitcoin after a minimum of five years of employment, delivered to a hardware wallet of their choice. Importantly, this initiative was paid for by BlueCotton and given, completely, to their employees at no cost.
This initiative aligns with the type of employees BlueCotton seeks to attract: long-term thinkers and those interested in innovative technologies. Logan Thomason, a screen printer at BlueCotton and participant in the program, explained, “The company views this as an opportunity to teach and educate us about long-term investing and digital assets. We get to learn about and be part of the Bitcoin network, which is both fascinating and promising. It’s an excellent incentive for employees to join us and stay for the long run.”
BlueCotton calls its Bitcoin Initiative an example of the company’s forward-thinking approach and commitment to delivering long-term value to its employees. The company strongly believes in the potential of Bitcoin and is determined to ensure its employees benefit from its growth.
