Blockchain
SATO Technologies Corp. Announcing Financial Results for Q2 2022 Including Revenue Growth of 66% Compared to Six Months Ended June 30, 2021
Also announcing Bitcoin Mining Center Two in Québec with 100% renewable energy.
Toronto, Ontario–(Newsfile Corp. – August 24, 2022) – SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the “Company”, or “SATO”, formerly known as Canada Computational Unlimited Corp.) is pleased to announce that it has filed its Q2 2022 financial results for June 30, 2022 (“2022”). All amounts in this news release are in Canadian dollars.
SATO is also pleased to announce the start of Center Two, with the signing of a lease agreement for 1,800 square feet of additional space starting with 0.5 MW available for crypto mining and up to 2 MW+ of renewable energy available for future expansion, which will allow the Company to expand its overall Bitcoin mining capacity.
Q2 – 2022 Highlights
- Total revenue of $2,021,642 in Q2 2022 which represents growth of 18% compared to Q1 2022 and 77% when compared to the three month period ended June, 30 2021.
- Steady increase in revenues despite the fact that the BTC price went from $US 35,041 to $US 19,785 respectively at June 30, 2021 and 2022.
- Revenue from hosting in Q2 2022 grew 1,154% compared to Q2 2021
- Gross profit excluding depreciation was $864,447 (43%) in Q2 2022
- Fair value of Digital assets held at June 30, 2022 was $2,035,385 compared to $1,056,570 at June 30, 2021
Center Two Highlights
- 1,800 sq ft, at $2.78 per square foot, with the potential for increasing the square footage;
- Immediate access to 496kW for Crypto Mining pre-moratorium (HQ A/P 2019-01) and 1.5 MW for traditional computing;
- 100% renewable energy, with potential for increase;
- 5-year term, renewable lease.
As consideration for providing the lease of Center Two, SATO will grant the landlord, upon the closing, 520,000 warrants in the capital of the Company (the “Warrants”), subject to acceptance by the TSX Venture Exchange. Each Warrant will be exercisable into one common share of SATO for a period of 5 years, at an exercise price of $0.25.
The above terms are subject to TSX Venture Exchange approval under TSXV Policy 5.1.
“The addition of Center Two to our existing 20 MW of Bitcoin mining power from Center One proves our commitment to increasing our hashrate as fast as possible, responsibly. This new center, in the vicinity of Center One in Québec, will be a great way to expand our operations while confirming our commitment to using 100% green energy to secure the network,” says Romain Nouzareth, CEO and Chairman of SATO. “We are looking for other places around the world with sustainable energy available for crypto mining and computing operations. Get in touch!” he added.
On behalf of the board,
Romain Nouzareth,
SATO CEO and Chairman
Consolidated Financial Statements and MD&A
A complete financial reporting package, including the Consolidated Financial Statements and Notes and MD&A, is available on SEDAR at www.sedar.com under SATO’s profile and on the Company’s website at https://bysato.com/.
About SATO
SATO operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract of 20 MW of stable, eco-friendly energy. The company’s high-density calculation centers are built for high-grade cryptocurrency mining, AI, Data processing, and fintech infrastructure.
Founded at block 494673 in 2017, SATO is led by technology entrepreneurs, finance, electricity and ventilation experts, network specialists, and Canadian industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The excess supply of renewable energy in the province of Québec has made this endeavor feasible and a great base for growth.
For additional information, please contact:
Romain Nouzareth
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements, including statements relating to the future performance of the Company, and other statements that are not historical facts. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as of the date hereof.
Forward-looking statements involve significant risks, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134655
Blockchain
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
The post Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins appeared first on HIPTHER Alerts.
Blockchain
Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests
Binance has rolled out Binance Megadrop, a novel token launch platform that blends airdrops with Web3 quests. This platform enables users to engage in BNB Locked Products subscriptions and complete tasks within their Web3 Wallet to earn early rewards from chosen Web3 projects, even before their tokens hit the Binance Exchange.
The inaugural project featured on Binance Megadrop is BounceBit (BB), a BTC restaking chain. Here are the token specifics for BounceBit: Max Token Supply: 2,100,000,000 BB, Megadrop Token Rewards: 168,000,000 BB (8% of max token supply), Initial Circulating Supply: 409,500,000 BB (19.5% of max token supply).
To kickstart their journey with Binance Megadrop, users must log into their Binance account and ensure they possess an active Binance Web3 Wallet. From there, they can subscribe to BNB Locked Products and/or fulfill Web3 Quests to accumulate scores. These scores dictate the rewards received through the Megadrop program.
The scoring mechanism for Megadrop relies on the Locked BNB Score, determined by the quantity of BNB subscribed and the subscription period’s duration. Users also earn a Web3 Quest Bonus and a Web3 Quest Multiplier upon completion of designated Web3 Quests. The total score is computed by applying the Web3 Quest Multiplier to the Locked BNB Score and adding the Web3 Quest Bonus.
Importantly, only wallets created within the Binance Web3 Wallet and not external wallets will count towards Megadrop participation. Megadrop rewards will be airdropped to users’ Binance Spot Wallets.
Users must undergo identity verification and maintain at least one active Binance Web3 Wallet to qualify for Megadrop rewards. Additionally, certain jurisdiction-based eligibility criteria apply. Users from Australia, Canada, Cuba, Crimea Region, Hong Kong, Iran, Japan, New Zealand, Netherlands, North Korea, Russia, Singapore, Syria, United Kingdom, United States of America, and its territories are presently ineligible to participate in BB Megadrop.
Binance Megadrop is aimed at offering users an interactive and rewarding experience within the crypto realm. Further details regarding the Megadrop amount, Web3 Quests, and the comprehensive listing plan will be disclosed separately.
Source: blockchain.news
The post Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests appeared first on HIPTHER Alerts.
Blockchain
Quantum eMotion Files a Patent for Quantum-based Blockchain Wallet Under the Patent Cooperation Treaty (PCT)
Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF) (“QeM” or the “Company”) is pleased to announce the submission of a PCT patent application for an innovative approach to operating Blockchain Wallet, harnessing the unmatched security provided by the QeM Quantum Random Number Generator (QRNG2).
Hardware wallets stand as robust physical fortresses, safeguarding the private keys essential for accessing and managing cryptocurrencies such as Bitcoin or Ethereum. By storing private keys offline, these devices fortify themselves against cyber threats and hacking attempts, presenting a notable advantage over internet-connected software wallets.
Cryptocurrency wallets, including blockchain wallets, heavily rely on large series of numbers known as keys. Various schemes exist for generating these keys, such as ND and HD, each with its own advantages and drawbacks. However, when providing a blockchain wallet to an unfamiliar user, adapting the key generation scheme to the user’s specific usage type becomes challenging, often resulting in mismatches between the key generation schemes and the users. Quantum eMotion’s technology addresses these challenges by offering a wallet that intelligently selects the key generation scheme based on a comparison of cost values of different key generation schemes. Furthermore, by leveraging Quantum eMotion’s QRNG technologies, a blockchain wallet that combines the benefits of true random number generation with intelligent key generation scheme selection can now be made accessible to consumers, offering an unprecedented level of functionality.
Quantum eMotion’s technology, developed in collaboration with Dr. Kaiwen Zhang at ETS (École de technologie supérieure, Montreal, Canada), is now patent pending globally. Specifically, the patent application has been submitted under the Patent Cooperation Treaty, with March 30, 2023, as the priority date. The Patent Cooperation Treaty serves as an international agreement enabling the reservation of international patent protection in over 150 member states for 30 months from the priority date. Consequently, Quantum eMotion’s international patent application for this technology will remain pending until September 30, 2025, following which the application process will continue nationally in selected countries and regions.
Francis Bellido, CEO of Quantum eMotion, commented, “The recent resurgence of interest in cryptocurrencies motivates us to deploy our patented technology, grounded in quantum electron tunneling, across blockchain applications. However, as cryptocurrencies regain popularity, ensuring their security remains of utmost importance.”
Source: finance.yahoo.com
The post Quantum eMotion Files a Patent for Quantum-based Blockchain Wallet Under the Patent Cooperation Treaty (PCT) appeared first on HIPTHER Alerts.
-
Blockchain6 days ago
THXLAB and IZUTSUYA Announce Strategic Partnership
-
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
-
Blockchain Press Releases6 days ago
Bitget to Take Center Stage at Blockchain Life and Token2049 Dubai
-
Blockchain7 days ago
OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure
-
Blockchain Press Releases6 days ago
Bitrue Gears Up for 2024 Bitcoin Halving with Trading Competition
-
Blockchain Press Releases1 day ago
Bybit and Franck Muller Partner with Sidus Heroes to Launch Cosmic Gears: A Pioneering Web3 Game with a $250,000 Prize Pool and Exclusive Watch Collection
-
Blockchain Press Releases6 days ago
aelf Leads the Fusion of AI and Blockchain to Shape the Future of Technology
-
Blockchain2 days ago
Evolution of the Blockchain World: Doric Blockchain Drives Education and Adoption of Blockchain Technology and Tokenization in Latin America