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Codebase Ventures Inc (2)
Symbol CODE
Shares Issued 46,123,011
Close 2021-08-31 C$ 0.125
Market Cap C$ 5,765,376
Recent Sedar Documents

Codebase's bit miners delivered to N.Y. facility

2021-09-01 10:11 ET - News Release

Mr. George Tsafalas reports

CODEBASE'S BIT MINING RIGS DELIVERED AND OPERATING

Codebase Ventures Inc. has received confirmation of the completed delivery of all 115 Antminer S17+ 76Th bit mining units to the hosting facility in New York.

The company's bit mining infrastructure is currently on-line and are generating revenue on a continuing basis. In addition to the previously announced terms of acquiring the bit mining infrastructure, Codebase has the first right of refusal on an additional five-megawatt capacity, should the company choose to expand its bit mining operations.

Highlights

  • Codebase has received confirmation of delivery of 115 Antminer S17+ 76Th bit mining units;
  • The company amended its previous supply agreement to expedite delivery of bit mining infrastructure in the face of global microchip shortages;
  • All 115 units are on-line and earning revenue for Codebase.

"As previously announced, under mounting pressure resulting from microchip shortages across the industry, Codebase took steps to put new supply in place and on-line, avoiding extreme delays," said Jake Chernoff, Codebase strategic adviser. "Codebase remains confident in their long-term thesis surrounding BTC and the continued disruption blockchain technology will have on our world in the coming years."

Bitcoin has seen a resurgence in price since hitting a low of $37,656 last month before rebounding to over $59,000. This move came shortly after famed investor Elon Musk publicly disclosed that he held bitcoin both in his personal investment portfolio as well as on SpaceX's balance sheet. This positive sentiment was again echoed as the $45-billion asset manager GoldenTree announced that it has been adding bitcoin to its balance sheet as a means of diversification. This comes only days after one of the top asset management groups, State Street Corp., announced that it would "start offering crypto reporting, reconciliation and processing services to its private-fund clients."

Given the current macro events impacting the global hash rate on the BTC network, Codebase has positioned itself at the ideal time to benefit from this renewed attention. The company continues to be an avid investor and participant within the sector as it continues to gain widespread acceptance from high-profile investment firms and their investors.

About Codebase Ventures Inc.

Codebase Ventures seeks early stage investments in emerging technology sectors, including the blockchain ecosystem and fintech. The company identifies such opportunities, and applies its relationships and capital to advance its interests.

We seek Safe Harbor.

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