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Hello Pal acquires 100 Antminer L7 mining rigs

2021-10-07 12:17 ET - News Release

Mr. K.L. Wong reports

HELLO PAL ANNOUNCES UPGRADE OF LITECOIN/DOGECOIN MINING RIGS TO LATEST ANTMINER L7 MODEL

Hello Pal International Inc. has upgraded approximately one-third of its litecoin/dogecoin mining rigs to the latest miners released by Bitmain.

The company, via its subsidiary CPal Technology Ltd. (formerly Crypto Pal Technology Ltd.), sold 4,500 of its existing Antminer L3+ mining rigs for a consideration of 2.1 million tether (approximately $2.67-million). Compared with the effective purchase price of those mining rigs when 12,500 mining rigs were purchased for $3.5-million earlier in June this year, this represents a profit of over 100 per cent for this sale.

Using those proceeds, the company has purchased 100 units of Antminer L7 mining rigs, which are the latest Litecoin/Dogecoin mining rigs to be released by Bitmain. L7 mining rigs have a hashrate of 9,500 megahashes per second, which is 19 times more than that of the existing L3+.

The company expects to receive these new mining rigs in November this year and has arrangements to purchase more, as these mining rigs bring numerous advantages. Apart from the increased mining power, it will also require less maintenance, and will be easier to house in mining facilities due to the reduced space it will require compared with the electricity fees received by the mining facilities. These advantages in turn mean that the company will have a lot more flexibility in terms of where its mining rigs can be housed. As mentioned in Hello Pal's press release on Oct. 5, the company continues to expand its business on an international level to diversify risk for its shareholders.

"We are very thankful to our partner Yitang in helping us sell a part of our existing mining rigs at double our cost, and in being able to get hold of the new miners which are in very short supply," said K.L. Wong, founder and chairman of the company. "We remain committed to our crypto mining strategy and the implementation of cryptocurrency within our social platform, so this upgrade will help us achieve this goal."

About the Hello Pal platform

The Hello Pal platform is a proprietary suite of mobile applications built on a user-friendly messaging interface that focuses on social interaction, language learning and travel. Hello Pal has been designed from the ground up to be easy to use and enables users the freedom to speak in their own language regardless of the other person's language they are speaking to. Hello Pal's overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, Hello Pal hopes to do its part (however small) in fostering understanding and tolerance between all citizens of the world.

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