Blockchain
HyperBlock Takes Delivery of Next Generation Bitmain Servers and Places New Order for $2.9M Additional Next Generation Servers
HyperBlock Inc. (“HyperBlock” or the “Company“) (CSE: HYPR) confirmed today that the first batch of a US $1.1M shipment of Bitmain’s new 7nm Bitcoin mining servers has arrived on North American shores. HyperBlock expects to fully deploy the new servers this month, boosting its Bitcoin computational power and better positioning the Company for future growth and improved profitability.
Additional Order for US $2.9M of 7nm Servers Placed
HyperBlock Inc. also announced that it has placed an additional US $2.9M order with Bitmain for additional 7nm servers. The Company expects delivery to occur prior to calendar year-end and anticipates deployment of those servers to increase its datacenter hashrate, with significantly more efficient electricity consumption.
Servers Financed by US $2M CEO Loan and Cash on-Hand
The Company financed its new server investment through a US $2M loan from CEO Sean Walsh that was previously announced and completed in June 2019, along with cash on-hand from cryptocurrency mining operations and additional internal cash resources.
In the meantime, normal operations continue at the Company’s 20MW US datacenter, where it currently operates at an average electricity price below US $0.04 per kWh. Current power contracts are expected to be active into Q3 2022 and HyperBlock expects to continue to grow profitability as it focuses on replacing older Bitmain S9 servers with new, more efficient servers.
Update on Audit Status
While the Company continues to work diligently with its recently appointed auditors so that it may complete the filing of its financial statements, management’s discussion and analysis and related officer certifications for the financial year ended December 31, 2018 (the “2018 Annual Filings”), the complexity of providing consolidating financial statements and other information has delayed the Company from completing its 2018 Annual Filings by July 31, 2019 as previously announced. The Company now anticipates its auditors may not complete their work until September — and will continue to provide further updates as the audit process progresses.
SOURCE HyperBlock
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