Vancouver, B.C, Aug. 03, 2023 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX), is pleased to announce that AI technology that will be developed by Lavrium LLC (“Lavrium”) will be integrated into the modular data centre (the “Data Centre”) optioned by the Company’s wholly owned subsidiary, Red Water Acquisition Corp. (“Redwater”). This strategic collaboration, coupled with the installation of 133 Bitmain S19J Pro 104/TH ASIC miners at Redwater’s facility, is intended to further enhance the Data Centre’s operational efficiency, cost-effectiveness, and environmental sustainability.
With the recent installation of 133 Bitmain S19J Pro 104/TH ASIC miners, Redwater has significantly boosted its mining capacity. These high-performance miners deliver a maximum total hash rate of 13,182 TH/s or 1.3 PH/s, representing a substantial increase in Redwater’s computational power and mining capabilities. This expanded capacity positions Redwater to capitalize on the growing demand1 for cryptocurrency mining.
By integrating Lavrium's AI technology with the newly installed miners, Redwater will further optimize utilization of computing resources. AI algorithms dynamically manage and allocate workloads, maximizing mining performance while minimizing energy waste. This intelligent workload optimization is expected to not only enhance profitability but also reduces operational costs, further contributing to the economic benefits derived from the installation of these high-performance miners.
Furthermore, Lavrium's AI capabilities, combined with Redwater's advanced data analytics, will enable predictive maintenance strategies that minimize downtime and optimize operational efficiency. Real-time monitoring and analysis of the miners' systems will also proactively detect patterns and anomalies that may indicate potential equipment failures. By addressing these issues proactively, Redwater will be able to decrease interruptions to its mining operations.
By analyzing real-time data on power usage, temperature, and workload patterns, the Data Centre will dynamically allocate computing resources and adjust HVAC parameters for optimal energy efficiency without compromising mining performance. This data-driven approach will not only reduce operational costs but also support CryptoBlox in its efforts to become a leader in sustainable mining practices, driving economic benefits while prioritizing environmental responsibility.
“The convergence of cutting-edge AI technology and the integration of 133 high-performance Bitmain ASIC miners marks an significant moment for CryptoBlox” commented CryptoBlox Interim CEO, Taryn Stemp. “We stand poised to establish fresh benchmarks for operational efficiency, energy optimization, and profitability. This strategic alliance, coupled with augmented mining capabilities, reinforces our commitment to ushering exceptional economic benefits for the Company”.
On behalf of the Company,
Taryn Stemp,
Interim Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology company with diversified portfolio of fintech blockchain services, blockchain battery technologies and applications, and crypto mining facilities under development. The Company’s acquisition of Redwater marks a significant milestone in its plan to meet the fast-growing demand for cost-effective cryptocurrency infrastructure in North America. By integrating its mining facilities into power generation facilities in Alberta, and using state-of-the-art operations techniques, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty that can deliver some of the cleanest and lowest-cost mining operations in the world. The Company recently acquired a 100% interest in Redwater Acquisition Corp. which is a company specializing in air-cooled data centers and advanced heat recapture products. Committed to environmental sustainability, Redwater Acquisition Corp aims to revolutionize the crypto mining sector through innovative technologies that enhance efficiency and reduce the industry's carbon footprint.
For further information about the Company, please visit https://www.cryptoblox.ca or call 236-259- 0279.
Forward-Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: the future plans and operations of the Company and Redwater; Redwater’s partnership with Lavrium and the benefits thereof, including to the cost-effectiveness of Redwater’s mining operations; the effectiveness of Lavrium’s AI algorithms and their impact on Redwater’s efficiency and profitability and the sustainability of its operations; the features of the Data Centre; and the future performance of the Data Centre. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes 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 such forward-looking statements, or otherwise.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
1 The global cryptocurrency mining market size was exhibited at USD 1.92 billion in 2022 and is expected to attain around USD 7 billion by 2032, poised to grow at a CAGR of 12.90% from 2023 to 2032: https://www.precedenceresearch.com/cryptocurrency-mining-market/amp
