Global Blockchain Secures 100MW of Power in North America; Sets Date for Spinout of Mining Division
January 25, 2018 (Source) — This power supply and infrastructure will create efficient aggregated Cryptomining Operations in North America; The spinout will be on a 1 for 1 basis – every share held of Global Blockchain Technologies Corp., entitles the holder to one share of Global Blockchain Mining Corp.
GLOBAL BLOCKCHAIN TECHNOLOGIES CORP. (CSE: BLOC) (FSE: BWSP) (OTC Pink: BLKCF) (“GBT” or the “Company”)today announced that it has entered into an agreement with a turnkey mining operator (“Montana Agreement”) to operate Global Blockchain’s 6,666 Antminer S9 bitcoin miners, with anticipated delivery commencing in March 2018. (Please refer to the press release dated Dec, 27, 2017.)
“According to industry information this operation should rank very well across competing operations in North-America, once complete,” stated Shidan Gouran, President of Global Blockchain. “We are extremely pleased to have been able to find the right partner to operate and monetize our machines and to provide us with the ability to grow into an existing first-rate facility at a large scale of 100 MW.”
The Company’s industry-leading energy and mining partner has already made 64MW available, the balance available in early Q2. The facilities are located in Anaconda and Butte, Montana, taking advantage of its cool climate, and include a world-class secure data center facility utilizing best of breed technology. Discrete hot and cold aisles support cooling infrastructure with forced air intake along with custom racking designed for maximum density and reducing overall PUE for the facility. Custom software monitors the miners’ operating statistics and automatically detects and diagnoses problems in real-time. The facility has exclusive access to an on-site substation allowing for reliable power.
BLOC is examining the purchase of additional Antminer S9s to be delivered in the second quarter of 2018. On site technicians will accommodate the immediate set-up of machines to begin mining upon arrival in late Q1 and early Q2. The Company intends to occupy the entire 100MW of mining capacity.
The Antminer S9 mining rigs being delivered to BLOC include Bitmain’s BM1387 chips that are built using TSMC’s 16nm FinFET technology. Each chip delivers an impressive 0.098 J/GHs, making it the world’s most efficient bitcoin mining chip in the consumer market. Each Antminer S9 employs 189 such chips to deliver higher hashrate and efficiency than any previous bitcoin miner. The Antminer S9 is able to mine any cryptocurrency using the SHA256 algorithm, including Bitcoin and Bitcoin Cash.
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SPINOUT OF GLOBAL BLOCKCHAIN MINING AS STAND-ALONE PUBLICLY LISTED ENTITY
“With all the existing investments such as Kodak, Millenial, Breaking Data, Spectra7 and our intention to create and tokenize these and other brands together with their substantial active user communities within GBT, Global Blockchain Mining Corp. represents an independent, highly viable pure play cryptocurrency mining Company with a unique business model differentiated from the other verticals and focuses within Global Blockchain Technologies Corp.”, stated Shidan Gouran.
The Company intends to pursue a plan of arrangement to liberate the value in its mining division. Through the arrangement the Company intends to list Global Blockchain Mining Corp, along with all of its mining interests, as a publicly listed Canadian entity.
The spinout will be on a one-for-one basis with every share held of Global Blockchain Technologies Corp., entitling the holder to one share of Global Blockchain Mining Corp.
The Company has set the annual general and special meeting (the “Meeting”) at April 10, 2018. All shareholders as of the record date, March 1, 2018 will be entitled to vote at the Meeting, as well as to the spinout share.
The completion of the arrangement and the listing of Global Blockchain Mining will be subject to regulatory approval of this transaction, the approval of shareholders, the Supreme Court of British Columbia, and the CSE, which is not guaranteed.
The anticipated assets of Global Blockchain Mining Corp. would include as constituted at present:
A) 6,666 machines and 100 mw of power as per above
B) The proposed acquisition of Coinstream (Please refer to press release dated November 7, 2017 and December 12, 2017)
C) Coinstream’s additional assets including its stake in Distributed Mining (Please refer to press release dated November 15, 2017)
TERMS OF THE MONTANA AGREEMENT
Under the terms of the agreement, the mining operator will provide a “turnkey” solution to BLOC at a total all-in operating cost of 10c per kWh, and 20% of coins mined from the Company’s 6,666 Antminer S9s.
About Global Blockchain Technologies Corp.
Global Blockchain Technologies Corp. provides investors access to a basket of direct and indirect holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies.
GBT is listed on the CSE and its common shares trade under the ticker symbol “BLOC.” Other information relating to GBT is available on SEDAR at www.sedar.com as well as on the Company’s website at www.globalblockchain.io.
On behalf of:
GLOBAL BLOCKCHAIN TECHNOLOGIES CORP.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved”. Forward-looking information includes, but is not limited to the Company’s goal of streamlining the current arduous, lengthy and complicated process that interested investors need to undergo in order to gain exposure to the cryptocurrency space with a view to becoming the first vertically integrated originator and manager of top-tier blockchains and digital currencies. The Company has no assets and its business plan is purely conceptual in nature and there is no assurance that it will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made, including but not limited to: statements and expectations regarding the ability of the Company to (i) successfully engage senior management with appropriate industry experience and expertise, (ii) gain access to and acquire a basket of cryptocurrency assets and pre-ICO and ICO financings on favourable terms or at all, (iii) successfully create its own tokens and ICO’s, and (iv) execute on future M&A opportunities in the cryptocurrency space; receipt of required regulatory approvals; the availability of necessary financing; permitting and such other assumptions and factors as set out herein. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in cryptocurrency prices; the estimation of personnel and operating costs; general global markets and economic conditions; risks associated with uninsurable risks; risks associated with currency fluctuations; competition faced in securing experienced personnel with appropriate industry experience and expertise; risks associated with changes in the financial auditing and corporate governance standards applicable to cryptocurrencies and ICO’s; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued development of the Company’s business plan may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information set out in this presentation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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