CryptoBlox Acquires Turnkey Kaspa Mining Operation by Acquiring Kaspa Miners and Signing Management Services Agreement
Vancouver, B.C., Nov. 14, 2024 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the "Company" or "CryptoBlox") (CSE: BLOX) is pleased to announce, further to its news release dated October 31, 2024, that it has completed the transaction set out in its asset purchase agreement (the "Agreement") with 1001038815 Ontario Inc. (the "Vendor") to purchase five (5) IceRiver KS3 Kaspa mining units (the "Miners"). Following the closing of this transaction on November 13, 2024, the Company and the Vendor have entered into a Management Services Agreement (the "MSA") to provide for the hosting, set up, operations and ongoing maintenance, of the Miners by the Vendor.
"We are very excited to have taken this significant step towards our focus on Kaspa," stated Akshay Sood, CEO of CryptoBlox.
"We believe this is just the beginning of building one of the largest Kaspa focused companies in the industry," boasted Mr. Sood.
By acquiring and deploying the Miners, CryptoBlox hopes to expand its digital asset mining operations beyond Bitcoin, leveraging Kaspa's distinctive blockDAG technology. Kaspa's technology allows it to be a high-performance cryptocurrency that distinguishes itself with its unique consensus algorithm and focus on scalability. Designed to handle high transaction throughput, Kaspa aims to overcome some of the limitations faced by earlier cryptocurrencies like Bitcoin and Ethereum, particularly in terms of speed and scalability. This makes Kaspa an attractive option for miners. As consideration for the Agreement, the Company has issued 11,000,000 common shares of the Company to the Vendor and a finder's fee of 550,000 common shares.
"We are very excited to begin mining Kaspa, as we see enormous potential within its technology," commented Mr. Sood.
"In addition to mining Kaspa, the Company also plans to build out its portfolio centered around Kaspa," concluded Mr. Sood.
On behalf of the Company,
Akshay Sood,
Chief Executive O?cer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. ("CryptoBlox") is a blockchain technology infrastructure company focusing on building out its diversi?ed 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 Company's hope to build the largest Kaspa-focused company in the industry; the Company's outlook on Kaspa; Kaspa's aim to overcome some of the limitations faced by earlier cryptocurrencies like Bitcoin and Ethereum; the Company seeing enormous potential within Kaspa's technology; and the Company's plan to build out its portfolio centered around Kaspa. Although the Company believes that the expectations re?ected 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 re?ect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors a?ecting 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.
