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
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
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.
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