Blockchain
Skychain Provides Update on LOI to Purchase 20 Mw Crypto Hosting Facility in Quebec
Vancouver, British Columbia–(Newsfile Corp. – January 6, 2021) – Skychain Technologies Inc. (TSXV: SCT) announces that, further to the Company’s previous announcement regarding a Letter of Intent (LOI) to acquire an existing 20 Mw crypto mining hosting facility in Sherbrooke, Quebec, SkyChain has provided an update on the facility and confirmed the terms of the LOI dated for reference December 23, 2020 between SkyChain and 1151203 B.C. Ltd (the “Vendor”).
The Sherbrooke facility, currently running at about 70% (14Mw) capacity, covers 40,000 square feet with significant expansion capacity. The site also offers potential electricity cost reductions of approximately 20% compared to electricity costs in BC. The 20Mw capacity can contribute 670Ph/s hashrate to blockchain, and the power capacity can be upgraded to 23Mw without further hardware investment. The Vendor has invested over $8 million to develop the facility.
“We are making very good progress with the transaction,” said SkyChain CEO Bill Zhang. “With its current growth, we expect the site will be loaded at full capacity once the purchase is completed sometime in Q1 2021. With lower operating costs, this revenue stream should contribute to a solid and profitable operation. The site also a holds excellent potential for an internet data center (IDC) and other high density power consumption industries like GPU (graphics card processing unit) gaming and cloud-related industry services.”
Due mostly to clean, efficient hydropower, Quebec offers the second-lowest electricity costs in Canada (behind Manitoba) and some of the lowest in the world. Skychain has relocated all its miners from the Houston BC location to the Quebec site, which will streamline the Company’s business model and lower the cost per Kw to its crypto mining clients.
“With Bitcoin reaching record highs and rapidly gaining worldwide acceptance, we believe SkyChain is in the right place at the right time,” added Zhang. “More and more, Bitcoin is being seen as a hedge against inflation and currency instability, much like gold.”
Under the terms of the Sherbrooke agreement, SkyChain has agreed to purchase the entire facility for total consideration of CDN$5.5 million in cash and shares. The cash portion of the consideration is $3.0 million, of which half is payable upfront and half within 48 months, paid in installments equal to a maximum of 60% of EBITDA until fully paid and any remaining balance payable on the due date. The share portion of the consideration is $2.5 million, or a total of 5 million shares issuable as to 3,000,000 shares upfront and the balance of the shares after certain cash payments are made. A review of the target company’s financial information by our auditors and legal due diligence are nearing completion. Funding is expected to be provided by conventional commercial lending and equity. The facility will immediately boost monthly revenue to $640,000 per month and will be brought up further to capacity within 2 months. The proposed transaction is subject to all necessary Stock exchange and regulatory approvals.
Development of SkyChain’s new crypto hosting site in Birtle, Manitoba continues to progress. A major electrical engineering firm in Winnipeg and Manitoba Hydro International are both overseeing project development.
About Skychain Technologies
Skychain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. To learn more, visit www.skychaintechnologiesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Bill Zhang
President and CEO
Contact: 604-688-5464
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71520
Blockchain
P2 Ventures Commits $50M Via Hadron FC to Startup Founders in Polygon Ecosystem
Last year, P2 Ventures emerged as a distinct entity from Polygon Labs, with a focus on blockchain investments. Now, it’s earmarking funds and providing mentorship to bolster project founders, particularly those concentrated on the Polygon blockchain ecosystem. A contributor from Hadron FC remarked that the community offered the perfect blend of “capital and vibes.”
P2 Ventures, a venture capital firm with a blockchain emphasis, was established late last year as a separate entity from developer Polygon Labs. It has pledged $50 million to support startup founders, potentially igniting fresh initiatives within the Polygon ecosystem.
The investment from P2 Ventures will be channeled to founders via Hadron FC, a program tailored for founders with hubs in Dubai and New York, according to a press release. This program encompasses mentorship, legal and regulatory guidance, networking opportunities, and “comprehensive assistance in navigating the complexities of startup development and fundraising,” the release stated. Among the initial 36 projects onboarded, several participated in a week of collaborative efforts at the Dubai facility. Shreyansh Singh, head of investments at P2 Ventures, expressed confidence in Hadron Club’s unparalleled capacity to nurture the aspirations of forward-thinking founders within the Polygon ecosystem.
Ajit Tripathi, a core contributor at Hadron FC, noted that the community provided the ideal mix of “support, capital, and ambiance.”
Initially part of Polygon Labs, the principal developer of various Polygon layer-2 networks built on Ethereum, P2 Ventures transitioned into an independent unit with its own 10-person team late last year, rebranding itself as P2 Ventures.
Source: coindesk.com
The post P2 Ventures Commits $50M Via Hadron FC to Startup Founders in Polygon Ecosystem appeared first on HIPTHER Alerts.
Blockchain
Blockchain sleuth uncovers identity of PrismaFi’s hacker, who stole $11m
Blockchain investigator ZachXBT uncovered the purported perpetrator behind the PrismaFi breach, which resulted in the protocol losing $11.1 million worth of cryptocurrency. Through a series of posts, ZachXBT disclosed that the individual behind the attack, identified as 0x77 (or Trung), may be connected to several other breaches.
The Prisma team initially detected a sequence of transactions on the MigrateTroveZap contract in March, ultimately resulting in a loss of 3,257 ETH (equivalent to $11.1 million at the time). Initially, the attacker communicated with the Prisma deployer, claiming the attack was a white-hat initiative. However, all funds were subsequently transferred to Tornado Cash, a sanctioned cryptocurrency mixer.
The attacker then made audacious demands, including a $3.8 million (34%) white-hat bounty, significantly higher than the industry standard of 10%, as noted by ZachXBT, who highlighted that this demand was essentially extortion, given the insufficient assets in the treasury to reimburse users.
Further investigation revealed that the attacker’s address received funds via FixedFloat and was subsequently traced to Arbitrum, a layer-2 solution on Ethereum. By analyzing timing, ZachXBT determined that the attacker’s address was linked to withdrawals on TRON, including those from the Bybit cryptocurrency exchange.
The investigation also unveiled connections to prior breaches, such as the Arcade_xyz breach from March 2023 and the Pine Protocol breach from February of the current year. The attacker, utilizing the alias 0x77 on Telegram, remained active and had ties to the deployer of @modulusprotocol, further solidifying the connection between each incident.
Furthermore, the investigator disclosed conducting an analysis of the attacker’s personal information, including phone numbers and emails, which indicated a proficient technical background. All collected personal data has been forwarded to the Prisma team, who are pursuing legal action against the hacker in Vietnam and Australia, ZachXBT added.
Source: crypto.news
The post Blockchain sleuth uncovers identity of PrismaFi’s hacker, who stole $11m appeared first on HIPTHER Alerts.
Blockchain
Bybit CEO: “Institutions Driving Today’s Crypto Bull Market” – At Blockchain Life 2024 Dubai
During a discussion among industry leaders at the Blockchain Life conference in Dubai, Bybit CEO Ben Zhou emphasized the preparedness and sophistication of contemporary cryptocurrency exchanges (CEXs). Zhou, who co-founded Bybit in 2018, now stands at the helm of one of the world’s top three exchanges by trading volume.
At the event, Zhou shed light on various facets that underscore the current era of crypto maturity. “From Bybit’s standpoint, this ongoing bull market has been primarily propelled by institutional involvement… Our collaboration with third-party custodians like Copper and Fireblocks led to a 186% increase in institutional capital flows last year,” Zhou noted. He highlighted the pivotal role of enhanced infrastructure and the approval of Bitcoin spot ETFs in facilitating institutional participation in the crypto market.
Zhou has overseen meticulous upgrades to Bybit since the previous crypto bull run in 2021, enabling institutional investors to deploy larger capital pools. “Bybit boasts a highly versatile trading system that accommodates trading of any token against any other,” Zhou remarked during his live address on the main stage. “This affords our institutional clients a plethora of tools, enabling them to engage in spread trades, arbitrage funding rates, and various sophisticated trading strategies. This capability has facilitated the influx of new capital into the crypto space.”
Furthermore, Zhou highlighted the evolution of service reliability amidst market volatility. “Our risk management and system resilience have undergone continuous enhancements,” he affirmed. “Even during turbulent market conditions, Bybit maintains its stability.” This stability serves as a testament to the advanced infrastructure supporting both institutional investors and the exchange’s 25 million retail users.
Zhou also emphasized Bybit’s efforts to empower retail clients with access to products that simplify sophisticated trading strategies. “We offer a unique product known as perpetual protect, which utilizes options contracts to safeguard perpetual positions from losses,” Zhou explained. “Additionally, our advanced Unified Trading Account (UTA) design provides traders with a competitive edge in the market.” These initiatives aim to demystify derivatives and options, making complex financial instruments more accessible and comprehensible to a broader audience.
As the crypto market continues to mature, Bybit remains at the forefront, spearheading innovations that align with evolving market trends and regulatory standards. This proactive stance not only signifies a significant milestone for Bybit but also underscores the overall advancement of the crypto exchange industry.
Source: prnewswire.com
The post Bybit CEO: “Institutions Driving Today’s Crypto Bull Market” – At Blockchain Life 2024 Dubai appeared first on HIPTHER Alerts.
-
Blockchain Press Releases7 days ago
KuCoin’s Latest Research Report: Bitcoin Reaches Record Highs, $1.16 Billion Poured into 180 Crypto Projects, and Ethereum’s Layer2 TVL Jumps 13.66%
-
Blockchain7 days ago
The SEC is targeting yet another crypto platform
-
Blockchain7 days ago
Partnership between Siren and Chainalysis to trace blockchain transactions and disrupt illicit activities
-
Blockchain6 days ago
THXLAB and IZUTSUYA Announce Strategic Partnership
-
Blockchain7 days ago
Cryfi Blockchain-Verified Signal Trading Platform Releases Alpha Version, Founder Pass NFTs Launching May 3
-
Blockchain3 days ago
Open-Source Intelligence (OSINT) Market is expected to reach a revenue of USD 64.9 Bn by 2033, at 25.6% CAGR: Dimension Market Research
-
Blockchain7 days ago
ATOR joins peaq as a Web3 privacy layer for DePINs
-
Blockchain Press Releases6 days ago
Bitget to Take Center Stage at Blockchain Life and Token2049 Dubai