VANCOUVER, British Columbia, July 17, 2018 (GLOBE NEWSWIRE) — GLOBAL BLOCKCHAIN TECHNOLOGIES CORP. (CSE:BLOC) (CSE:BLOC.CN) (CSE:BLOC.CNX) (FSE:BWSP) (OTC:BLKCF) (“BLOC”) is pleased to announce the commencement of trading of Global Blockchain Mining Corp. (“Blockchain Mining” or the “Company”) common shares on the Canadian Securities Exchange (CSE) under the ticker symbol “FORK” effective at the open on July 18, 2018.
The Company is initially focusing on mining Bitcoin utilizing Application Specific Integrated Circuit (ASIC) mining rigs (“Bitcoin Mining Rigs”). The Company currently owns 9,666 Bitcoin Mining Rigs and is currently operating 1,040 of those Bitcoin Mining Rigs. An additional 3,960 Bitcoin Mining Rigs are expected to be installed and operating by the end of July 2018; and the remaining 4,666 Bitcoin Mining Rigs are expected to be installed and operating by September 2018. Blockchain Mining is expecting the delivery of an additional 1,000 Bitcoin Mining Rigs within 30 days, which are expected to be installed and operating by September 2018. The Company has also agreed to purchase an additional 10,000 Bitcoin Mining Rigs which are expected to be received and installed to commence mining in August 2018. With all 20,666 Bitcoin Mining Rigs in full operation, Blockchain Mining’s initial energy consumption dedicated to digital currency mining is approximately 13.5 megawatts.
The Company’s initial mining operations are hosted at a facility in Montreal, Canada and New York, USA. In addition to the full operation of the Company’s 20,666 Bitcoin Mining Rigs by September 2018, Blockchain Mining also owns a 25-per-cent interest in Distributed Consensus Platform (“DISCO”) (Formerly known as Distributed Mining Inc.), a blockchain software company creating software that enables all devices to have the ability to participate in mining cryptocurrency. The software will be available to be downloaded through DISCO or through its partner sites. Connected devices will then be able to activate mining operations through their devices (including, but not limited to, mobile phones and gaming consoles).
DISCO would allow anyone with a connected device to download and install a software packet, giving the user access to optimized cryptocurrency mining. The distributed Consensus Platform will be able to optimize for variable mining requirements, and its design is particularly well suited for gaming consoles, of which there are over 100 million currently connected units. Gaming consoles contain stronger processing power than that found in typical laptop/desktop computers, making them the perfect environment to deploy the distributed consensus platform as individuals are able to put their resting consoles to work, earning them valuable cryptocurrency tokens.
In addition to the 25-per-cent interest in DISCO, Blockchain Mining has access to 50 megawatts of capacity, with 35 megawatts of capacity available immediately, through the Manitoba joint venture and 25 megawatts of capacity, with 10 megawatts of capacity available immediately, through its wholly owned Mozambique facility. The Mozambique facility will host Blockchain Mining machines and/or seek joint ventures for the rapid procurement of cryptocurrency miners. These two facilities have an average power cost of three U.S. cents per kilowatt-hour.
The Company’s $2 mil investment in Spectra7 Microsystems with whom BLOC is in active conversation over collaboration and implementation of the dynamic range of new tools being brought to market with the following benefits to blockchain systems and our mining business including:
- Breakthrough low power: up to 80-per-cent-less power consumption than competing solutions;
- High performance: scalable server and switch line rates from 25 billions of bits per second to 400 billions of bits per second; and
- Low cost: typically 50 per cent the cost of competing solutions
- Development of the world’s first System on a Chip including HVAC units and TV set-top boxes with crypto-mining capabilities, aimed at mass consumer devices, in potential J/V with one of the world’s foremost consumer electronics manufacturers.
On behalf of the Company:
Shidan Gouran, President and CEO
For more information, please contact:
IRTH Communications, LLC
About Global Blockchain Technologies Corp.
BLOC provides investors access to a basket of direct and indirect holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies.
BLOC is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol “BLOC.” Additional information relating to BLOC is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com, as well as on the Company’s website at www.globalblockchain.io.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved”. Forward-looking information includes, but is not limited to the Company’s goal of streamlining the current arduous, lengthy and complicated process that interested investors need to undergo in order to gain exposure to the cryptocurrency space with a view to becoming the first vertically integrated originator and manager of top-tier blockchains and digital currencies. The Company has no assets and its business plan is purely conceptual in nature and there is no assurance that it will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made, including but not limited to: statements and expectations regarding the ability of the Company to (i) successfully engage senior management with appropriate industry experience and expertise, (ii) gain access to and acquire a basket of cryptocurrency assets and pre-ICO and ICO financings on favourable terms or at all, (iii) successfully create its own tokens and ICO’s, and (iv) execute on future M&A opportunities in the cryptocurrency space; receipt of required regulatory approvals; the availability of necessary financing; permitting and such other assumptions and factors as set out herein. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in cryptocurrency prices; the estimation of personnel and operating costs; general global markets and economic conditions; risks associated with uninsurable risks; risks associated with currency fluctuations; competition faced in securing experienced personnel with appropriate industry experience and expertise; risks associated with changes in the financial auditing and corporate governance standards applicable to cryptocurrencies and ICO’s; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued development of the Company’s business plan may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information set out in this presentation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.