Vancouver, B.C., Nov. 11, 2024 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the "Company" or "CryptoBlox") (CSE: BLOX) is pleased to comment on its recent strategic bet on Kaspa, with the Company's pending acquisition of Kaspa miners, as further described in the Company's news release dated October 31, 2024. The Company expects to close the acquisition this week and the timing is looking great amidst Kaspa's rising market price.
Why Kaspa?
Kaspa's utilizes innovative technology within the Proof-of-Work (PoW) landscape. This will allow CryptoBlox to concentrate on mining Kaspa at a much more efficient rate and theoretically more profitably than other cryptocurrencies1. By mining and holding Kaspa, the Company hopes to not only strengthen its position within the growing Kaspa ecosystem, but also deliver superior returns to shareholders through exposure to Kaspa.
What Sets Kaspa Apart in the PoW Ecosystem?
Unlike traditional blockchain-based digital assets, Kaspa leverages a cutting-edge blockDAG architecture, a highly efficient version of PoW designed to process transactions with unparalleled speed and security. As the digital asset market evolves, the Company believes that these advantages will position Kaspa as a highly scalable and versatile asset, suited to outperform traditional PoW assets such as Bitcoin in terms of both usability and transactional speed.
Why CryptoBlox is Bullish on Kaspa
The recent surge in Kaspa's (KAS) market price suggests that the overall market is becoming increasingly optimistic about the long-term growth potential of KAS. It is the Company's opinion that KAS will outperform the other PoW cryptocurrencies as investors seek alternative assets that are based around sustainable mining practices and reduced operational costs.
CryptoBlox's CEO, Akshay Sood comments:
"Kaspa presents a compelling opportunity within the PoW digital asset space, boasting technological advantages that we believe will translate to long-term value appreciation. As we expand our Kaspa mining capabilities, we are positioning CryptoBlox to become a leader within this rapidly growing ecosystem."
"Bitcoin has been setting record highs, which is great for the Company's Redwater site, but in the most recent weeks Kaspa has outperformed Bitcoin significantly and we expect this trend to continue as cryptocurrencies continue to rally."
Leveraging Efficient, Cost-Effective Mining Operations for Kaspa
On October 31, 2024 the Company announced the acquisition of a turn key Kaspa mining operation. Once closed, the Company believes this acquisition will optimize CryptoBlox's operational efficiency (and therefore profitability), based on the economics of the management services agreement that will underpin the Company's Kaspa mining operation and serves as a critical part of the deal. The Company hopes to close this acquisition this week.
On behalf of the Company,
Akshay Sood,
Chief Executive Officer
About CryptoBlox Technologies Inc.
Cryptoblox Technologies Inc. is a blockchain technology infrastructure company focusing on building out its diversified blockchain ecosystem strategy that consists of digital asset mining and infrastructure, mining products and technology, and structured blockchain products and 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: completion of the Kaspa miners acquisition and the timing thereof; the impact of Kaspa's PoW architecture on the Company's efficiency and profitability; the Company's hope to strengthen its position within the growing Kaspa ecosystem and deliver superior returns to shareholders through exposure to Kaspa; Kaspa's advantages positioning it as a highly scalable and versatile asset, suited to outperform traditional PoW assets; optimism with respect to cryptocurrencies; Kaspa outperforming other cryptocurrencies; investors seeking alternative PoW assets that are based around sustainable mining practices and reduced operational costs; Kaspa's advantages translating into long-term value appreciation; and the Company being positioned to become a leader in the Kaspa ecosystem. 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.
1 Based on the following assumptions: i) CryptoBlox acquiring the most advanced Kaspa mining machines, ii) CryptoBlox securing competitive electricity prices to power its Kaspa mining operations, and iii) the Kaspa price continuing to outperform other major assets such as Bitcoin.
