CryptoBlox Provides Update Respecting Optimal Power Generation and Crypto Mining Project

Rhea-AI Summary

CryptoBlox Technologies (OTCQB: CRYBF) announces its subsidiary, Optimal CP, has secured development rights for a crypto mining facility in Athabasca County, Alberta. This venture will utilize flared natural gas as a low-cost, environmentally friendly energy source for mining operations. Initial capacity is planned at 3.5 to 5.0 MW, supporting 1,000 to 1,500 ASIC miners within six months. The company aims to expand capacity to over 10 MW in 18 to 24 months, potentially contributing to the Alberta grid. CEO Bryson Goodwin expressed optimism about upcoming cash flows in the next quarter.

Positive

• Secured development rights for a crypto mining facility, indicating growth potential.
• Utilizing previously flared natural gas provides a low-cost and eco-friendly energy source.
• Initial mining capacity planned at 3.5 to 5.0 MW, with plans to expand to over 10 MW.
• Projected commencement of cash flows in the upcoming quarter.

Negative

• None.

Vancouver, B.C., April 15, 2022 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX) (OTCQB: CRYBF) is pleased to announce that its wholly owned subsidiary, Optimal CP Inc. (“Optimal”), has secured development rights to a site located in the southern portion of Athabasca County, Alberta, Canada where it intends to develop its crypto mining facilities.

The transaction was facilitated by OJF Capital Ltd (“OJF”), of Calgary, Alberta, which is representing the site owner, an oil producer seeking to make use of natural gas associated with oil production that is currently flared. Optimal intends to use the waste gas to fuel its mining operations in a cost-effective and environmentally friendly manner.

“Making use of gas that has no market and must be flared offers an ideal low-cost fuel source for mining operations” noted Kevin Gilchrist, Optimal’s President.  

OJF’s CEO, Alex O’Rourke, added “By creating value for gas that has no other market, Optimal is providing a valuable economic benefit to the producer while helping it responsibly manage on-site flaring emissions”.

Optimal intends to enter into a long-term gas supply agreement (“GSA”) and site lease with the producer that will allow Optimal to develop generation assets to power mining operations at the site. The initial planned capacity at the site will be 3.5 to 5.0 MW of generation capacity and mining enclosures, which Optimal intends to permit and commission in the next 60 to 90 days in order to support the installation of 1,000 to 1,500 high-speed application specific integrated circuit (ASIC) miners at the site over the following six months.

Working with the producer, Optimal intends to build on the initial generation and mining footprint with the potential to increase this overall capacity to 10 MW or more over the next 18 to 24 months. During this time, Optimal plans to investigate the potential to provide peak demand capacity to the Alberta grid.

“The most recent addition to our blockchain portfolio (Optimal) is making tremendous progress and is on track to commence cash flows in the coming quarter.  We are excited to continue to build this vertical throughout 2022,” commented CryptoBlox CEO, Bryson Goodwin.

The establishment of a significant generation and mining facility in Alberta would allow CryptoBlox to leverage its purchase of Optimal to help fulfill its vision and expand its reach in the blockchain space.

On behalf of the Company,

Bryson Goodwin,
Chief Executive Officer

About CryptoBlox Technologies Inc.

CryptoBlox Technologies Inc. is a blockchain and battery technology company with revolutionary, patented battery management systems (BMS) designed to meet the growing demand for scalable, smart solutions for the rapidly growing electric vehicle (EV) and energy storage solution (ESS) markets. The company has committed to assisting global recycling solutions by offering recycling initiatives using their technology to analyze and fully refurbish used batteries.

About Optimal CP Inc.

Optimal CP Inc. is a company focused on meeting the fast-growing demand for cost-effective cryptocurrency infrastructure in North America. Optimal CP’s focus on integrating its mining facilities into power generation facilities in Alberta, and using state-of-the-art operations techniques, will allow it to achieve a high degree of financial optionality and long-term operational certainty that can deliver some of the cleanest and lowest-cost mining operations in the world.

Contact Numbers and Emails

For further information about the Company, please visit https://wwwcryptoblox.ca
For Investor Inquiries, please contact (236) 259-0279 or email info@cryptoblox.ca
All communications are managed by AlphaOne Media Group Inc.

Forward Looking Statements

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward looking statements in this news release include, but are not limited to, Optimal developing its crypto mining facility at the new site, Optimal’s intention to use waste gas to fuel its mining operation, Optimal entering into the GSA and site lease, the initial planned capacity, Optimal’s timeline for permits, commission and installation, and Optimal’s intention to provide peak demand capacity. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

FAQ

What is the significance of the crypto mining facility secured by CryptoBlox Technologies?

The facility will utilize flared natural gas as a cost-effective energy source, enhancing profitability and sustainability.

What is the expected capacity of the new mining facility developed by Optimal CP?

Initial capacity is planned at 3.5 to 5.0 MW, with potential to expand to over 10 MW.

When is CryptoBlox Technologies expected to commence cash flows from the new mining facility?

The company anticipates beginning cash flows in the upcoming quarter.

How will the new mining facility impact CryptoBlox Technologies' business operations?

The facility is expected to enhance revenue and operational efficiency by using low-cost energy and scaling operations.