BlockMint to acquire cryptocurrency mining facility in Manitoba

BlockMint to acquire cryptocurrency mining facility in Manitoba
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VANCOUVER – BlockMint Technologies Inc. (TSXV: BKMT) announced that it has signed an agreement to acquire a facility for cryptocurrency mining located in Manitoba, Canada, which will be powered by clean, sustainable and low-cost hydropower. The facility is currently configured for approximately 3 MW of power to be sourced from Manitoba Hydro. Until recently, the facility operated as a bitcoin mining operation and is being sold to BlockMint without the bitcoin mining rigs. Power costs are highly competitive and there is potential to further expand available power beyond 3 MW. Following the proposed acquisition, BlockMint intends to install cryptocurreny mining hardware either directly purchased and/or through revenue share arrangements with one or more third parties.

BlockMint’s CEO, Nelson Ijih commented, “The potential acquisition of this mining facility represents a major milestone for BlockMint. It will allow us for the first time to directly mine cryptocurrencies. It also supports our commitment to the sustainable use of blockchain based applications which we first conveyed with the introduction of the carbon offset feature of our Minter cryptomining browser. We have been very deliberate in our search for an acceptable mining facility wanting to ensure that any cryptomining undertaken by the Company is done in an environmentally friendly and responsible manner. It is also timely given the increased scrutiny of cryptocurrency mining by Chinese authorities which is causing many miners to search for new locations outside China to place recently ordered hardware. This facility ticks all the boxes for miners searching for a new facility, i.e. low power costs, clean energy, favorable and safe jurisdiction, etc. It represents a new and exciting chapter for the Company.”

BlockMint, through its wholly owned subsidiary, Blockmint (USA) Technologies Inc., develops distributed systems and networks that enable a more decentralized deployment of blockchain based applications such as cryptocurrency mining.

 

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