As Bitcoin (BTC) Hits All-Time Highs, CryptoBlox Ramps up Mining
Vancouver, B.C., Nov. 08, 2024 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the "Company" or "CryptoBlox") (CSE: BLOX) is pleased to announce that its wholly-owned subsidiary, Red Water Acquisition Corp. ("Redwater"), has commenced operations at its Redwater, Alberta, site after entering into a management services agreement (the "MSA") with True North Data Solutions Ltd. ("TNDS") on October 7, 2024.
Redwater Bitcoin Mining Ramping Up
On October 7, 2024, the date on which the MSA was signed, the Redwater facility operated at an average hashrate of 4PH/s. On November 5 and 6, 2024, the site operated at an average hashrate of 14PH/s, which is more than triple the October 7, 2024 hash rate. In the Company's view, this increase in output reflects the Company's operational excellence in the digital asset mining space.
"We plan on taking the maximum advantage of current Bitcoin prices," said Akshay Sood, the CEO of CryptoBlox.
"With our machines now operating at the higher hash rate, we are setting ourselves up to mine three times as many Bitcoins as when we entered into the MSA," continued Mr. Sood.
A Major Step Forward within Digital Asset Mining & Infrastructure
With operations commencing at Redwater and the Company's agreement to acquire a Kaspa mining operation, CryptoBlox is proud to have established its Digital Asset Mining & Infrastructure Division. With the onboarding process complete at the Redwater site, the Company's 133 S19J Pro miners are performing optimally, contributing to the Company's diversified Blockchain Ecosystem Strategy. This launch signifies CryptoBlox's commitment to leveraging cutting-edge technology to enhance its mining capacity while exploring sustainable mining operations powered by alternate energy sources.
CEO's Outlook on Future Growth
Akshay Sood, CEO of CryptoBlox, commented:
"We are delighted to bring the Redwater site online and more than triple the site's hashrate since signing the MSA. With Bitcoin hitting a new all-time high on November 5, our S19J Pros now operate at an impressive 14 PH/s, strengthening our ability to mine Bitcoin."
"As part of our long-term strategy, we plan to continue to expand by acquiring additional mining assets and sites diversifying our digital asset mining portfolio."
On behalf of the Company,
Akshay Sood,
Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. ("CryptoBlox") is a blockchain technology infrastructure company focusing on building out its diversified Blockchain Ecosystem Strategy that consists of Digital Asset Mining & Infrastructure, Mining Products & Technology, and Structured Blockchain Products & Services.
For further information about the Company, please visit www.cryptoblox.ca or call 236-259-0279.
Forward-Looking Statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: the MSA and the performance thereof; the Company's plans for its Redwater business; the Company's ability to mine Bitcoin; the Company's plan to take maximum advantage of current Bitcoin pricing; the increase in efficiency setting the Company up to mine three times more Bitcoins; the Company's commitment to leveraging cutting-edge technology to enhance its mining capacity while exploring sustainable mining operations powered by alternate energy sources; and the Company's plan to continue to expand by acquiring additional mining assets and sites diversifying our digital asset mining portfolio. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
