Current Machine Inventory Stands at 7,700
TORONTO, Jan. 31, 2018 /CNW/ - CryptoGlobal Corp.
(TSXV:CPTO) is accelerating its pace to build one of Canada's fastest growing blockchain companies
with the announcement of two new Canadian mining centers in
Quebec.
According to CryptoGlobal CEO Rob
Segal, the two new Quebec
facilities provide 65,000 sq ft with the potential for future
expansion — and a reliable source of competitively-priced
power.
"This is an important milestone in CryptoGlobal's diversified
expansion plan to build out multiple locations across Canada – including Quebec, which is well known for offering
attractive power rates," says Segal.
CryptoGlobal Confirms it has Accepted Delivery of 7,700
Machines
Segal says the company has already accepted
delivery of 7,700 mining machines – with a further 900 machines
expected to be delivered in March 2018.
As previously announced, CryptoGlobal is on-track to scale its
operations to 8,600 machines by end of March
31, 2018 and to a total 10,000 operational machines by the
end of April 2018. The company now
has facilities in Ontario and
Quebec.
Building a Diversified Blockchain Company in Canada
CryptoGlobal President
James Millership says the
Quebec deals reflect the company's
commitment to reinvest capital back into building its blockchain
technology base and expertise.
"Our stated vision to shareholders has always been to deliver a
diversified FinTech company with mining operations in multiple
Canadian locations," explains Millership.
"It is very important to CryptoGlobal's founders, our Board and
our investors to locate our mines in Canada, where we are able to access
affordable, reliable power that is sourced as renewably and
sustainably as possible," sums up Segal.
CryptoGlobal – We Power the Blockchain
CryptoGlobal is a leading Canadian blockchain and financial
technology company. Our team mines a diverse portfolio of
cryptocurrencies from one of Canada's largest and most efficient mining
operations. Currently, CryptoGlobal focuses on mining
Bitcoin, DASH, Ether and Litecoin – using a mix of custom-tuned
mining technologies.
Learn more about CryptoGlobal and the future of mining at
www.cryptoglobal.io
Editor's Notes:
About Blockchain and Cryptocurrency
Mining
Think of CryptoGlobal like the utility company for digital
currency transactions. Instead of powering your house, CryptoGlobal
powers the blockchain. For digital currency transactions to
work; every Bitcoin or Ether transaction needs to be validated and
verified by cryptocurrency miners like CryptoGlobal.
CryptoGlobal uses powerful mining machines – super computers –
to solve complex problems that validate Bitcoin and other
cryptocurrency transactions. Every time CryptoGlobal solves a
problem, its computers create a digital seal known as a "block" to
verify the transaction. Each block is saved to the blockchain
– a virtual ledger that records every digital currency
transaction.
CryptoGlobal gives its energy and computing power to the
blockchain and in return, CryptoGlobal gets little pieces of each
transaction (paid in digital currency) as a reward. So far,
the company has a large-scale mining operation up and running in
Canada – with concrete plans to
scale its mining machine hash power in Q1. CryptoGlobal
currently mines a diverse mix of four popular cryptocurrencies:
Bitcoin, Ether, DASH and Litecoin. Learn more at
www.cryptoglobal.io
FORWARD-LOOKING STATEMENTS
This news release contains
certain forward-looking statements, including, but not limited to,
statements about CryptoGlobal's future plans and intentions, the
timing of delivery of mining machines, and the ability of
CryptoGlobal to operationalize its new locations and negotiate
favourable electricity rates in connection with the operation of
its business. Wherever possible, words such as "may", "will",
"should", "could", "expect", "plan", "intend", "anticipate",
"believe", "estimate", "predict" or "potential" or the negative or
other variations of these words, or similar words or phrases, have
been used to identify these forward looking statements. These
statements reflect management's current beliefs and are based on
information currently available to management as at the date
hereof.
Forward-looking statements involve significant risk,
uncertainties and assumptions. Many factors could cause actual
results, performance or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
These factors should be considered carefully and readers should not
place undue reliance on the forward-looking statements. Although
the forward-looking statements contained in this news release are
based upon what management believes to be reasonable assumptions,
the CryptoGlobal cannot assure readers that actual results will be
consistent with these forward-looking statements. These
forward-looking statements are made as of the date of this news
release, and the CryptoGlobal assumes no obligation to update or
revise them to reflect new events or circumstances, except as
required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE CryptoGlobal Corp.