Applied Blockchain, Inc. Launches Mining Operations

Rhea-AI Summary

Applied Blockchain, Inc. (PINK: APLD) has launched its Ethereum/Altcoin mining operations with a $5 million investment in mining hardware, now installed in North America. This decision follows a pivot from an initial plan to deploy in China. The mining operation commenced on June 24, 2021, and is expected to reach over 200,000 MH/s in hash power, utilizing renewable energy. CEO Wes Cummins emphasized the importance of this transition in response to current market conditions and operational challenges.

Positive

• Investment of $5 million in mining hardware to enhance operations.
• Expected hash power exceeding 200,000 MH/s will boost mining efficiency.
• Operations powered entirely by low-cost renewable energy.

Negative

• Operational challenges led to a pivot from China to North America.
• Potential risks associated with the volatility of the crypto asset industry.

DALLAS, Texas, June 25, 2021 /PRNewswire/ -- Applied Blockchain, Inc. ("Applied Blockchain" or the "Company") (PINK: APLD), has announced the commencement of its Ethereum/ Altcoin mining operation. The $5 million in mining hardware acquired by the Company has been installed at a facility in North America. This arrangement is a result of the Company's pivot from its originally planned deployment set to launch in China.

"Despite the logistical and operational challenges it created, pivoting our installation from Asia to North America mid-course was the right decision given current market conditions," said Applied Blockchain, Inc.'s CEO and Chairman, Wes Cummins. "We are now in a solid position to leverage our supply chain and partners to scale hash power rapidly."

Mining operations commenced on June 24, 2021 and once fully ramped, hash power will exceed 200,000 MH/s. The Company's mining assets are powered entirely by low-cost renewable energy and will be managed and optimized by its strategic partners.

Find the latest video message from CEO and Chairman Wes Cummins at https://appliedblockchaininc.com/events-presentations/.

Follow us on Twitter at @APLDBlockchain.

About Applied Blockchain
Applied Blockchain, Inc. is an Ethereum-focused company that is seeking to quickly scale a large Ethereum/Altcoin mining operation through strategic partnerships with two of the world's largest and most experienced Ethereum companies. 
www.appliedblockchaininc.com  

Forward-Looking Statements
This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as "continue," "build," "future," "increase," "drive," "believe," "look," "ahead," "confident," "deliver," "outlook," "expect," and "predict." Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including our evolving business model, or estimates or predictions of actions by suppliers, (ii) statements of future economic performance, and (iii) statements of assumptions underlying other statements and statements about the Company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. These risks, uncertainties, and other factors include: decline in demand for our products and services; the volatility of the crypto asset industry; the inability to comply with developments and changes in regulation; cash flow and access to capital; and maintenance of third party relationships. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.

Investor Relations Contacts

Brett Maas • Managing Partner, Hayden IR
brett@haydenir.com • (646) 536-7331

Wes Cummins • Chief Executive Officer, Applied Blockchain
(214) 427-1704

View original content:http://www.prnewswire.com/news-releases/applied-blockchain-inc-launches-mining-operations-301320048.html

SOURCE Applied Blockchain, Inc.

FAQ

What is the significance of Applied Blockchain's $5 million investment in mining hardware?

The $5 million investment aims to establish a robust Ethereum/Altcoin mining operation, enhancing their competitive position.

When did Applied Blockchain commence its mining operations?

Applied Blockchain began its mining operations on June 24, 2021.

What is the expected hash power of Applied Blockchain's mining operation?

The company expects its mining operation to exceed 200,000 MH/s in hash power.

Why did Applied Blockchain pivot from China to North America for its mining operations?

The pivot was made in response to logistical and operational challenges and current market conditions.