HyperBlock Takes Delivery of Next Generation Bitmain Servers and Places New Order for $2.9M Additional Next Generation Servers
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New Servers Set to Increase Computational Power at US Datacenter
TORONTO, July 19, 2019 /CNW/ - 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.
About HyperBlock Inc.
HyperBlock is a leading publicly traded crypto-asset enterprise. The Company operates one of North America's most efficient cryptocurrency datacenters and provides complementary product offerings, which include cryptocurrency mining, Mining-as-a-Service (MAAS), server hosting and server hardware sales, depending on market conditions. HyperBlock is committed to operating as sustainably as possible, purchasing electricity from a hydro-electric source for its current 20MW US datacenter — and employing advanced recycling technology to minimize environmental impact. Learn more at www.hyperblock.co
Cautionary Note Regarding Forward Looking Information and Future-Orientated Financial Information
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "plan", "believe", "may", "should", "anticipate", "expect", "intend", "forecast" and similar expressions. The forward-looking information contained in this press release includes, but is not limited to, statements related to: the deployment of new Bitmain servers this month and by calendar year-end, the profitability and growth of the Company as a result of the deployment of the Bitmain servers, the future status of the Company's current power contracts, the anticipated completion date of the work conducted by its auditors on the Company and the anticipated filing date of the 2018 Annual Filings. These forward-looking statements contained herein are made as of the date of this press release and are based on assumptions and estimates of management, which management considers reasonable, based on information available on the date hereof. Such assumptions may be incorrect. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors, among other things, include: general economic, market and business conditions will be consistent with expectations, fluctuations in general macroeconomic conditions; fluctuations in securities markets; risks relating to the Company's ability to execute its business strategy and the benefits realizable therefrom, the ability to retain personnel to execute the Company's business plans and strategies; the ability to retain auditors to perform an audit of the Company's financial statements; the presence of laws and regulations that may impose restrictions on the ability of the Company to operate its business, including securities laws applicable to the Company; the speculative nature of cryptocurrency mining and blockchain operations including but not limited to cryptocurrency prices and mining difficulties; and those factors described under the heading "Risks Factors" in the Company's listing statement dated July 10, 2018 and the risks described in the Company's Management's Discussion & Analysis for the nine months ended September 30, 2018 dated November 29, 2018, each of which is available on the Company's issuer profile on SEDAR. There may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.
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