Mr. Bryson Goodwin reports
CRYPTOBLOX PROVIDES UPDATE RESPECTING OPTIMAL POWER GENERATION AND CRYPTO MINING PROJECT
Cryptoblox Technologies Inc.'s wholly owned subsidiary, Optimal CP Inc., has secured development rights to a site located in the southern portion of Athabasca county, Alberta, Canada, where it intends to develop its crypto mining facilities.
The transaction was facilitated by OJF Capital Ltd., of Calgary, Alta., which is representing the site owner, an oil producer seeking to make use of natural gas associated with oil production that is currently flared. Optimal intends to use the waste gas to fuel its mining operations in a cost-effective and environmentally friendly manner.
"Making use of gas that has no market and must be flared offers an ideal
source for mining operations," noted Kevin Gilchrist, Optimal's president.
OJF's chief executive officer, Alex O'Rourke, added: "By creating value for gas that has no other market, Optimal is providing a valuable economic benefit to the producer while helping it responsibly manage on-site flaring emissions."
Optimal intends to enter into a long-term gas supply agreement (GSA) and site lease with the producer that will allow Optimal to develop generation assets to power mining operations at the site. The initial planned capacity at the site will be 3.5 megawatts to 5.0 megawatts of generation capacity and mining enclosures, which Optimal intends to permit and commission in the next 60 to 90 days to support the installation of 1,000 to 1,500 high-speed application-specific integrated circuit (ASIC) miners at the site over the following six months.
Working with the producer, Optimal intends to build on the initial generation and mining footprint with the potential to increase this overall capacity to 10 megawatts or more over the next 18 to 24 months. During this time, Optimal plans to investigate the potential to provide peak demand capacity to the Alberta grid.
"The most recent addition to our blockchain portfolio (Optimal) is making tremendous progress and is on track to commence cash flows in the coming quarter. We are excited to continue to build this vertical throughout 2022," commented Cryptoblox chief executive officer, Bryson Goodwin.
The establishment of a significant generation and mining facility in Alberta would allow Cryptoblox to leverage its purchase of Optimal to help fulfill its vision and expand its reach in the blockchain space.
Cryptoblox is a blockchain and battery technology company with revolutionary, patented battery management systems (BMS) designed to meet the growing demand for scalable, smart solutions for the rapidly growing electric vehicle (EV) and energy storage solution (ESS) markets. The company has committed to assisting global recycling solutions by offering recycling initiatives using its technology to analyze and fully refurbish used batteries.
About Optimal CP
Optimal is a company focused on meeting the fast-growing demand for cost-effective cryptocurrency infrastructure in North America. Optimal's focus on integrating its mining facilities into power generation facilities in Alberta and using state-of-the-art operations techniques will allow it 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.
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