BlockMint Signs Agreement to Acquire Clean Energy, Sustainable Cryptocurrency Mining Facility in Canada
- 3MW cryptocurrency mining facility to be powered by clean, sustainable low-cost hydropower.
- BlockMint will now be able to directly mine cryptocurrency and potentially offer other crypto miners a safe, low cost sustainable mining location outside China.
- Allows BlockMint to greatly expand its cryptomining capabilities in a green and sustainable manner.
Vancouver, British Columbia–(Newsfile Corp. – June 17, 2021) – BlockMint Technologies Inc. (TSXV: BKMT) (“BlockMint” or the “Company”) is pleased to announce that it has signed an agreement to acquire a facility for cryptocurrency mining located in Manitoba, Canada, which will be powered by clean, sustainable and low-cost hydropower. The facility is currently configured for approximately 3 MW of power to be sourced from Manitoba Hydro. Until recently, the facility operated as a bitcoin mining operation and is being sold to BlockMint without the bitcoin mining rigs. Power costs are highly competitive and there is potential to further expand available power beyond 3 MW. Following the proposed acquisition, BlockMint intends to install cryptocurreny mining hardware either directly purchased and/or through revenue share arrangements with one or more third parties.
BlockMint’s CEO, Nelson Ijih commented, “The potential acquisition of this mining facility represents a major milestone for BlockMint. It will allow us for the first time to directly mine cryptocurrencies. It also supports our commitment to the sustainable use of blockchain based applications which we first conveyed with the introduction of the carbon offset feature of our Minter cryptomining browser. We have been very deliberate in our search for an acceptable mining facility wanting to ensure that any cryptomining undertaken by the Company is done in an environmentally friendly and responsible manner. It is also timely given the increased scrutiny of cryptocurrency mining by Chinese authorities which is causing many miners to search for new locations outside China to place recently ordered hardware. This facility ticks all the boxes for miners searching for a new facility, i.e. low power costs, clean energy, favorable and safe jurisdiction, etc. It represents a new and exciting chapter for the Company.“
Under the terms of the agreement, the Company would pay CDN$900,000, comprised of CDN$350,000 payable in cash and the balance of CDN$550,000 payable in common shares of the Company (the “Shares”), for the facility. The price of the Shares to be issued to the vendor in settlement of the purchase price is to be calculated as the volume weighted average price of BlockMint’s common shares on the TSX Venture Exchange (“TSXV”) for the ten trading days immediately preceding the closing date of the transaction. Closing of the proposed acquisition is conditional upon approval by the TSXV, final due diligence and inspection of the facility and other closing conditions typical for the acquisition of an industrial facility. The Shares to be issued to the vendor upon closing of the transaction will be subject to a hold period expiring four months and a day after their date of issuance.
About BlockMint Technologies Inc.
BlockMint, through its wholly owned subsidiary, Blockmint (USA) Technologies Inc., develops distributed systems and networks that enable a more decentralized deployment of blockchain based applications such as cryptocurrency mining. The Company’s Minter browser allows users to use their spare computing power to mine cryptocurrencies to earn either: (i) carbon credits to help offset their carbon footprint; or (ii) fractional ownership in a NFT. The current version of Minter is for use on desktops and laptops with a Windows operating system and is available at getminter.com.
On behalf of
BLOCKMINT TECHNOLOGIES INC.
Nelson Ijih, CEO
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 includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the closing of the transaction to acquire the facility for cryptocurrency mining, purchase and installation of mining equipment in the facility, potential arrangements with third parties, power costs, and the business strategy and objectives of BlockMint. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. There is further no assurance that the Company will be successful in developing, commercializing or profitably operating its new business in the manner described. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87821
Washington, DC, June 17, 2021 – (ACN Newswire) – September 27- October 2, Washington DC. The Government Blockchain Association (GBA) will host a week-long live event, Government Blockchain Week.
Blockchain leaders, government policymakers, and more will converge on Washington DC for GBA’s Government Blockchain Week. This week-long, live event will feature 6 days of blockchain conferences with flair. Blockchain is gaining momentum in multiple fields, inspiring topics such as cybersecurity & cryptocurrency, International Trade & Aid, NFTs, Legal & Law Enforcement, and more. On Thursday and Friday, the entire conference will converge on the Congressional Auditorium of the US Capitol. This two-day conference is GBA’s flagship event, ‘The Future of Money, Governance, & The Law’.
– Network with government leaders and blockchain innovators from around the world.
– One of the founding fathers of blockchain technology, Scott Stornetta,
– Australian Trade & Investment Commission
– Blockchain Architect from the London Stock Exchange
– Head of Tax Risk Analysis from the Croatian Ministry of Finance,
– Our speaker line up is a global powerhouse…Plus many more.
And these speakers are attracting an audience of investors, policymakers, media, and VIPs that will make the networking newsworthy.
Come to Washington DC for this live experience. Held in iconic venues throughout the city, Government Blockchain Week will utilize The DC Attorney General’s Office, The British Embassy, The Embassy of Bahrain, and the US Capitol Congressional Auditorium. In the evenings, GBW will host 3 Evening Receptions, channeling a long-ago Kennedy era of elegance and intrigue. Washington DC in September will be the perfect setting to meet and greet the reigning and future leaders in blockchain and government.
Blockchain technology continues to disrupt, reroute, and upend our existing systems. Those who understand how to navigate this new terrain will be the victors in the emerging blockchain century.