CryptoBlox provides an update respecting the optimal power
Vancouver, BC, April 15, 2022 (GLOBE NEWSWIRE) — CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CST: BLOX) (OTCQB: CRYBF) is pleased to announce that its wholly-owned subsidiary, Optimal CP inc. (“optimal”), has been granted development rights to a site located in the southern part of Athabasca County, Alberta, Canada, where it intends to develop its crypto-mining facilities.
The transaction was facilitated by OJF Capital Ltd (“JOF”), of Calgary, Alberta, who represents the owner of the site, an oil producer seeking to use natural gas associated with oil production that is currently being flared. Optimal intends to use waste gas to power its mining operations in a cost-effective and environmentally responsible manner.
“Using a gas that has no market and needs to be flared offers an ideal solution cheap fuel source for mining operations » noted Kevin Gilchrist, president of Optimal.
OJF CEO Alex O’Rourke added, “By creating value for a gas that has no other market, Optimal provides a valuable economic benefit to the producer while helping to responsibly manage on-site flaring emissions.”.
Optimal intends to enter into a long-term gas supply contract (“GSA”) and lease of the site with the producer which will allow Optimal to develop production assets to supply mining operations on the site. The initial planned capacity at the site will be 3.5 to 5.0 MW of production capacity and mining enclosures, which Optimal intends to license and commission within the next 60 to 90 days to support the installation of 1,000 to 1,500 application-specific high-speed embedded systems. circuit miners (ASIC) on site over the next six months.
Working with the producer, Optimal intends to build on the initial production and mining footprint with the potential to increase this overall capacity to 10 MW or more over the next 18-24 months. During this time, Optimal plans to explore the possibility of providing peak demand capacity to the Alberta grid.
“The newest addition to our blockchain portfolio (Optimal) is making tremendous progress and is on track to begin cash flow in the next quarter. We are excited to continue building this vertical throughout from 2022,” commented CryptoBlox CEO Bryson Goodwin.
Establishing a major production and mining facility in Alberta would allow CryptoBlox to leverage its purchase of Optimal to help realize its vision and expand its reach in the blockchain space.
On behalf of the company,
Chief executive officer
On CryptoBlox Technologies inc.
CryptoBlox Technologies Inc. is a blockchain and battery technology company with revolutionary, patented Battery Management Systems (BMS) designed to meet the growing demand for scalable and intelligent solutions for the rapidly growing electric vehicle (EV) markets. ) and energy storage solutions (ESS). The company is committed to helping global recycling solutions by providing recycling initiatives using their technology to analyze and fully refurbish used batteries.
About Optimal CP Inc.
Optimal CP Inc. is a company that aims to meet the growing demand for profitable cryptocurrency infrastructure in North America. Optimal CP’s focus on integrating its mining facilities with power generation facilities in Alberta and using state-of-the-art mining techniques will allow it to achieve a high degree of financial and long-term operational certainty that can deliver some of the cleanest and lowest cost mining operations in the world.
Contact numbers and emails
For more information about the company, please visit https://wwwcryptoblox.ca
For investor inquiries, please contact (236) 259-0279 or email [email protected]
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The information in this press release includes certain information and statements about management’s views on future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based on assumptions subject to risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, Optimal developing its crypto-mining facility at the new site, Optimal’s intention to use waste gas to power its mining operation, Optimal entering into the GSA and site lease, the initial capacity plan, Optimal’s schedule for permits, commissioning and installation, and Optimal’s intention to provide peak demand capacity. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and undertakes 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 these forward-looking statements. statements or otherwise.
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