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This arrangement would make OFB a global leader in clean energy-powered Bitcoin mining

Vancouver, British Columbia–(Newsfile Corp. – March 7, 2022) – Ocean Falls Blockchain Corp. (“OFB” or the “Company”) is pleased to announce a Letter of Intent signed with West Coast Marine Terminals (WCMT). This potential partnership would enable Ocean Falls to increase its mining capacity up to 80 megawatts (MW) by the end of 2024, starting with an initial phase one expansion at the start of next year.

Ocean Falls is moving to acquire roughly 21,780 sq. ft. of outdoor container space fully powered by renewable energy resources. Ocean Falls purchased two prototype container units and have been running viability tests since January, in advance of any larger-scale expansion.

“The initial results from the viability tests look great,” said Oded Orgil, CEO at Ocean Falls Blockchain. “We are very excited for this partnership, it would mean a milestone achievement for Ocean Falls’ pursuit of clean energy solutions to support the backbone of decentralized networks like Bitcoin.”

In the last couple of years, the balance of hashing power has slowly shifted toward North American miners. Hydroelectricity is a big part of this, according to Orgil, as it’s an attractive source of energy for bitcoin miners in the face of today’s environmental realities.

Ocean Falls currently operates a 2 MW-plus, clean energy-powered cryptocurrency mining farm in historic Ocean Falls, B.C.

“We believe this potential partnership is a pivotal opportunity for West Coast Terminals to bridge our strategic interests and access to infrastructure in Gold River with the growing Canadian blockchain technology sector,” said Kent O’Neill, General Manager at WCMT.

West Coast Terminal has 240 acres (100 hectares) of usable industrial zoned land, including storage facilities with over 350,000 sq. ft. (32,500 m2) of covered warehouse buildings.

Visit oceanfalls.com for more information on OFB.

About West Coast Marine Terminals
West Coast Marine Terminals is a deep sea port that presents numerous opportunities to support established industry as well as pose as a significant resource to commercial activities. West Coast Marine Terminals is located in a protected inlet on the west coast of Vancouver Island in Nootka Sound and is central to both the Northwest and USA border.

About Ocean Falls Blockchain
Ocean Falls is a Canadian blockchain technology company that operates a 2MW-plus, clean energy-powered cryptocurrency mining farm in historic Ocean Falls, B.C. Ocean Falls is also creating a new sustainable solution for the captive insurance industry.

Media Contact
Oded Orgil, CEO (Ocean Falls Blockchain)
[email protected]

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. Additionally, there are known and unknown risk factors which could cause Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/115572

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