Blockchain innovator confirms it will have 8600 machines operational by March 31, 2018; and will invest 50% of earnings back into scaling infrastructure
TORONTO, Jan. 29, 2018 /CNW/ - One of Canada's newest publicly traded blockchain technology companies — CryptoGlobal Corp (TSXV:CPTO) which begins trading today on the TSX Venture Exchange under the ticker symbol "CPTO" — confirmed it will have 8600 cryptocurrency mining machines operating at its Canadian data centre by March 31, 2018.
On Track to Operationalize 10,000 Cryptocurrency Mining Machines in Canada
CryptoGlobal CEO Rob Segal says the company expects to add an additional 1400 machines to its Canadian mining operations by the end of April 2018. "We're building a Canadian blockchain technology company for the long-term and are on track to meet our goal of operationalizing 10,000 machines by the end of April," says Segal adding that the company is currently mining four of the world's most popular coins: Bitcoin, DASH, Litecoin and Ether.
Segal calls cryptocurrency mining "the future of mining in Canada." He explains that Canada's access to affordable renewable power, high speed internet, cold climate and well-regulated, stable financial markets make it an ideal location to build out large-scale cryptocurrency mining and FinTech operations. "Our team is in Canada. Our engineers are in Canada. And most important of all, our mines are in Canada," says Segal.
CryptoGlobal to Invest 50% of Earnings in Scaling Technology / Blockchain R&D
CryptoGlobal expects to invest 50% of total earnings back into cryptocurrency mining infrastructure and blockchain R&D. "Investing in scale and the ability to be agile and flexible enough to shift our hash power as the cryptocurrency and FinTech markets develop will be a critical part of our ability to deliver value to our shareholders and be successful over the long-term," explains CryptoGlobal President James Millership.
CryptoGlobal – We Power the Blockchain
CryptoGlobal is a 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 cryptoglobal.io
What is 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 Ethereum 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 2018. 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 addition and operationalization of new mining machines, and the Company's reinvestment plan of its earnings. 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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