01:59:45 EST Wed 28 Feb 2024
Enter Symbol
or Name
USA
CA



Cryptoblox Technologies Inc (2)
Symbol BLOX
Shares Issued 66,405,509
Close 2023-11-20 C$ 0.025
Market Cap C$ 1,660,138
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Cryptoblox licenses renewable energy crypto mining tech

2023-11-20 09:38 ET - News Release

Mr. Akshay Sood reports

CRYPTOBLOX SIGNS DEFINITIVE AGREEMENT TO LICENSE MODULAR RENEWABLE ENERGY POWERED MINING INFRASTRUCTURE PATENT RIGHTS FOR FOUR YEARS

Cryptoblox Technologies Inc. has entered into a patent licence agreement with Crypto Green Tech Inc., an Ontario corporation, whereby Cryptoblox has acquired a four-year, royalty-free, assignable, worldwide licence to develop and distribute products based on Crypto Green's crypto-mining hybrid solar and wind tree with water reservoir system (the renewable-energy-powered crypto mining technology). Crypto Green holds the rights to a patent application submitted with the International Bureau of WIPO (the patent rights) respecting the renewable-energy-powered crypto mining technology. The licence is a significant step toward further expanding Cryptoblox's off-grid, alternative-energy-powered digital asset mining infrastructure.

Terms of the licence

In consideration for the licence, Cryptoblox has agreed to issue an aggregate of 40 million common shares in the capital of the company at a deemed price of five cents per common share to the shareholders of Crypto Green, for a deemed transaction value of $2-million. The licence was negotiated at arm's-length and is not expected to result in a change of control of Cryptoblox. A finder's fee of 2.8 million common shares, representing 7 per cent of the number of common shares issuable pursuant to the licence, will be payable to the party that introduced Crypto Green to the company. All common shares issued pursuant to the licence and the finder's fee will be subject to a hold period of four months and one day under applicable securities laws.

The closing of the licence with Crypto Green is subject to the satisfaction of customary closing conditions for a transaction of this nature, the approval of the Canadian Securities Exchange, and the approval of the boards of directors of both Cryptoblox and Crypto Green.

About Crypto Green

Crypto Green is a technology company focused on merging state-of-the-art technology with eco-friendly practices. By embedding renewable energy at the core of its innovations, Crypto Green is part of a global transition toward environmentally conscious digital solutions. Its patent-pending renewable-energy-powered crypto mining technology uses a modular renewable-energy-powered device that allows users to mine digital assets by generating electricity through a series of solar panels and wind turbines, all built in a way that maximizes efficiency in a fusion of sustainable green energy and decentralized finance.

In addition to digital asset mining, the renewable-energy-powered crypto mining technology can extend out to additional utilities such as charging electric cars and back-up power for residential housing. However, the company believes that mining efficient crypto-mining algorithms will likely be the most profitable use of energy generated via the technology's innovative combination of wind turbines and solar panels. Subject to applicable regulatory regimes, as the renewable-energy-powered crypto mining technology generates energy via renewables, users may also be able to accrue carbon credits, which, when monetized, could another revenue stream, thus further increasing bottom-line profitability.

Strategy overview

Cryptoblox's recent acquisition of Redwater Acquisition Corp., a modular air-cooled data centre facility powered by flared gas in Sturgeon county, Alberta, kick-started the company's alternative-energy-powered off-grid digital asset mining strategy. Flaring is the process of taking gas that is either unsuitable for commercial-grade operations and/or gas used in oil and gas operations and using it to generate electricity. This process reduces methane leakage into the atmosphere, which is a significant concern for sites that have trapped untapped natural gas, given methane is over 80 times more harmful to the atmosphere than carbon dioxide. By tapping into these otherwise wasted resources, a significant amount of power can be generated inexpensively (compared with on-grid power). Such power, when used in digital asset mining, can enhance profitability. Using power from flared gas also ensures that digital asset mining can occur on site, which can further save on infrastructure costs (as compared with on-grid power).

Cryptoblox's acquisition of the licence represents an effort to further diversify and scale its off-grid energy asset infrastructure, potentially enter the retail market and further develop hyper-modular digital asset mining farms where the company could self-mine various digital assets using the renewable-energy-powered crypto mining technology. In addition, the company intends to further optimize the technology to make it more efficient and profitable through the implementation of alternative crypto mining algorithms.

"Taking this next step with Crypto Green comes at a pivotal moment for us as we look to revamp our off-grid mining capabilities to go beyond flared gas sites. We hope the licence will mark the beginning of an incredible journey, one where we bring Crypto Green's technology to as many people as possible in our journey towards a greener future," says Akshay Sood, chief executive officer of Cryptoblox.

Cryptoblox's investment into alternative-energy-powered off-grid mining infrastructure underlines its commitment to acquiring cheap energy for digital asset mining operations. Given the global energy crises and recent United States emergency grid mandates, the company also plans to scale through other acquisitions of stranded energy assets that provide cheap energy, reduce methane emissions, and provide an alternative to on-grid energy and the associated intermediary risks.

"We at Crypto Green are extremely thrilled to announce this strategic partnership with Cryptoblox as we take our eco-conscious technology to market. We look forward to Cryptoblox providing fuel for the fire in our overarching commercialization strategy and subsequent rollout," states Mike Chow, chief executive officer of Crypto Green.

"Expanding our alternate energy infrastructure is one of our main focuses as we head into the next phase of digital asset adoption, with the speculated launch of Bitcoin Spot ETFs [exchange-traded funds] being a front-running catalyst, along with the anticipated bitcoin halving event that is coming up in April, 2024.

"We are betting on being in control of inexpensive power such that our digital asset mining operations remain profitable, irrespective of market conditions and the reduced rewards that we expect to follow the halving," says Mr. Sood.

About Cryptoblox Technologies Inc.

Cryptoblox is a blockchain technology company focusing on building out clean-energy-powered digital asset mining infrastructure enhanced with artificial intelligence, along with a diversified portfolio of fintech blockchain products and services. The company will be focused on powering digital asset mining operations through flare gas operations throughout North America, with the first acquisition being in Redwater, Alta. By using alternative energy sources and state-of-the-art operations techniques powered by AI (artificial intelligence), the company will be positioned to achieve a high degree of financial optionality and long-term operational certainty, which can result in some of the cleanest and lowest-cost digital asset mining operations in the world.

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