Codebase Receives Confirmation of Mining Rigs

Rhea-AI Summary

Codebase Ventures Inc. (OTCQB: BKLLF) has confirmed the processing of its bitcoin mining rigs following a $2.5 million acquisition announced on January 15, 2021. The company will operate 115 Canaan A1246 miners, delivering a combined hash power of 10,350 TH/s. Additionally, Codebase secured a first right of refusal on 5 MW capacity at a green hydroelectric facility in New York State. This move aims to leverage cost-effective renewable energy for mining operations, marking a significant step in Codebase's expansion into the bitcoin mining sector.

Positive

• Acquisition of 115 Canaan A1246 bitcoin mining rigs with a total hash power of 10,350 TH/s.
• Secured first right of refusal on 5 MW capacity at a green hydroelectric facility in New York.

Negative

• None.

Pursuant to Bitcoin Mining Infrastructure Announcement, First Set of Mining Rigs Secured

VANCOUVER, BC / ACCESSWIRE / February 11, 2021 / Codebase Ventures Inc. ("Codebase" or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) pursuant to the Company's January 15, 2021 announcement of its $2.5 million (USD) bit mining infrastructure acquisition, Codebase has received confirmation that the bitcoin mining rigs the Company has ordered have been processed and will commence shipping in the coming weeks to the Company's designated North American based mining facility.

Highlights

• Codebase's Bitcoin mining rigs secured
• Company will operate first tranche of 115 state of the art Canaan A1246 miners
• Codebase has secured first right of refusal on 5 MW of capacity at green powered hydroelectric facility in New York State

The Company will operate its first tranche of 115 state of the art Canaan A1246 miners with an aggregate hash power of 10,350 Terahash per second (TH/s). Codebase's bit mining infrastructure consists of the newest generation of Canaan bitcoin mining rigs, with significant ability to expand and increase the capacity of rigs being operated by the company.

The Company has also secured the first right of refusal on 5 MW of capacity at a forward-looking green powered hydroelectric hosting facility in Upstate New York where it plans to build out its Bitcoin mining operation. The Bitcoin mining rigs will be using some of the most cost-effective renewable energy in North America.

About Codebase Ventures Inc.

Codebase Ventures Inc. seeks early-stage investments in sectors that have significant upside. We seek innovators who are establishing tomorrow's standards. We support those innovators and help take their ideas to market.

For further information, please contact:

George Tsafalas - Ivy Lu
Investor Relations
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: IR@codebase.ventures

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

SOURCE: Codebase Ventures Inc.

View source version on accesswire.com:
https://www.accesswire.com/629230/Codebase-Receives-Confirmation-of-Mining-Rigs

FAQ

What is the significance of Codebase Ventures securing bitcoin mining rigs?

The acquisition allows Codebase to enhance its operational capabilities in bitcoin mining, potentially increasing revenue.

What is the hash power of the mining rigs Codebase Ventures has acquired?

The acquired rigs have a combined hash power of 10,350 Terahash per second (TH/s).

How does Codebase Ventures plan to utilize renewable energy in its mining operations?

Codebase has secured the first right of refusal on 5 MW of capacity at a green powered hydroelectric facility in New York.

What was the cost of Codebase Ventures' bitcoin mining infrastructure acquisition?

The acquisition cost was $2.5 million USD.

When will the bitcoin mining rigs be operational?

The mining rigs are expected to commence shipping in the coming weeks.