Vancouver, B.C., Aug. 08, 2023 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX) is pleased to provide a corporate update. The Company has recently acquired 100% of Redwater Acquisition Corp. (“Redwater”). Redwater is a modular air-cooled data center facility, equipped with heat recapture capabilities in Sturgeon County, Alberta. With this acquisition, CryptoBlox has made significant strides towards its expansion within the cryptocurrency mining sector. The Company has secured plans to deploy up to 1 megawatt (MW) of capacity within Redwater with potential expansion plans of up to 3 MW over the next 18 to 24 months in collaboration with True North Data Solutions. Furthermore, True North Data Solutions and Redwater have secured an advantageous gas supply agreement (GSA) that is expected to reduce energy costs by 90.91% as compared to average market rates, coming in at $0.015 per kilowatt-hour (kWh). Powering Redwater’s mining operations with flared gas could allow for sustainable and cost-effective mining, which will have a positive impact on profitability, irrespective of market conditions, while showcasing the Company’s commitment to environmental sustainability.
CryptoBlox has also recently partnered with Lavrium LLC (“Lavrium”) to implement Lavrium’s Artificial Intelligence algorithms within the Company’s Redwater facility. Lavrium has also begun optimizing Redwater’s resource utilization and network connectivity – two processes that are expected to have a positive impact on profitability. Lavrium’s algorithms will also enable predictive maintenance, including real-time monitoring to prevent equipment failures and minimize downtime, while also improving energy efficiency through AI-driven adjustments to computing resources and HVAC parameters, provided by the data center's advanced control panel, heat tracing, and fully automated features. The Company’s collaboration with Lavrium aims to set new industry standards for energy efficiency and environmental sustainability. With the acquisition of Redwater and the partnership with Lavrium, the Company hopes to revolutionize the technical and automation aspects of digital asset mining.
As the Company continues to focus on its Crypto Mining Blockchain division, the Company is very pleased to announce the appointment of Akshay Sood as Chief Executive Officer effective August 4, 2023. Mr. Sood is a seasoned leader in the blockchain industry, boasting years of experience within the industry, including advising and incubating early-stage blockchain/web3 based startups. Mr. Sood has been responsible for several early-stage capital raises through his venture incubation and advisory services and has been involved in several high growth blockchain based startups. The Company intends to leverage Mr. Sood's specialty in blockchain-based economies, including blockchain-based network/product design and rollout, as he oversees the continual focus and expansion of the Company’s Crypto Mining Blockchain division while building out other verticals as part of the Company’s diversified portfolio of fintech products/services. Mr. Sood replaces Taryn Stemp, who stepped down as the Company’s interim Chief Executive Officer and Corporate Secretary effective August 4, 2023. The Company thanks Ms. Stemp for her tenure in these roles.
On behalf of the Company,
Akshay Sood,
Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology company with a 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.
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; the Company’s implementation of Lavrium’s alrogithms and the impact of Lavrium’s work optimizing Redwater’s operations; the Company’s commitment to environmental sustainability; and Mr. Sood’s expected contributions to the Company. 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.
