Hello Pal Announces Commencement of Mining Operations in Australia

Rhea-AI Summary

Hello Pal International Inc. (CSE:HP OTC:HLLPF) has announced the start of its cryptocurrency mining operations in Australia, with 100 Bitmain Antminer L7 rigs now fully operational, mining Litecoin and Dogecoin. The L7 model offers a hashrate of 9500 MH/s, significantly improving efficiency and profit margins compared to the previous models. The Australian facility can expand to accommodate up to 20,000 mining rigs in total. Additionally, 75% of the rigs are owned by CPal Technology Limited, a subsidiary of Hello Pal.

Positive

• 100 Bitmain Antminer L7 rigs operational, mining LTC and DOGE.
• L7 model has a hashrate of 9500 MH/s, improving efficiency.
• Facility can accommodate up to 20,000 mining rigs for future expansion.

Negative

• Hello Pal is still in the growth stage; current revenues are not yet profitable.

100 L7 Mining Rigs in Operation

VANCOUVER, British Columbia, April 19, 2022 /PRNewswire/ -- Hello Pal International Inc. ("Hello Pal" or the "Company") (CSE:HP Frankfurt:27H OTC:HLLPF), a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce the commencement of it's cryptocurrency mining operations in Australia.

100 Bitmain Antminer L7 Mining Rigs housed in an undisclosed location in Victoria, Australia are fully operational and have commenced mining Litecoin and Dogecoin (LTC, DOGE).  The L7 model has a hashrate of 9500 MH/s, which is 19 times more powerful than that of the previous L3+ model. They consume substantially less power and have a stability rate of 98 percent in comparison to the previous stability rate of 70% improving overall profit margins considerably.

Of the 100 mining rigs located in Victoria, 75 are owned by the Company's subsidiary, CPal Technology Limited, with the remaining 25 belonging to wholly owned subsidiary Hello Pal Asia Limited.

"We are excited for our mining operations to resume again, and pleased that we have been able to diversify the location of our rigs with this Australian mining facility," said KL Wong, Founder and Chairman of the Company. "We look forward to the remaining 300 mining rigs in North America to also commence operations soon."

The data centre in Australia is capable of housing up to 20,000 Mining Rigs providing sufficient room for Hello Pal to expand its cryptocurrency mining capabilities onsite down the track.

To download Hello Pal, Language Pal, Travel Pal or the proprietary Phrasebooks please visit the IOS or Android store. For information with respect to the Company or the contents of this news release, please contact the Company at (604) 683-0911 or visit the website at hellopal.com. Email inquiries can be directed to: investors@hellopal.com.

About the Hello Pal Platform

The Hello Pal Platform is a proprietary suite of mobile applications built on a user-friendly messaging interface that focus on social interaction, language learning and travel. Hello Pal, has been designed from the ground up to be easy to use and enables users' the freedom to speak in their own language regardless of the other person's language they are speaking to. Hello Pal's overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in fostering understanding and tolerance between all citizens of the world.

Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Hello Pal cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hello Pal's control. Such risks and uncertainties are described in Hello Pal's annual and interim financial statements available on www.sedar.com. Although Hello Pal is currently generating revenues, Hello Pal remains in the growth stage and such revenues are yet to be profitable.  Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information.

THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Hello Pal International
200 – 500 Denman Street
Vancouver, BC, V6G 3H1, Canada
p 604-683-0911

View original content to download multimedia:https://www.prnewswire.com/news-releases/hello-pal-announces-commencement-of-mining-operations-in-australia-301526511.html

SOURCE Hello Pal International Inc.

FAQ

What recent developments has Hello Pal International announced regarding cryptocurrency mining?

Hello Pal has commenced cryptocurrency mining operations in Australia with 100 operational Antminer L7 rigs.

What cryptocurrencies are being mined by Hello Pal's new operations?

Hello Pal is mining Litecoin (LTC) and Dogecoin (DOGE) with its Antminer L7 rigs.

What is the hashrate of the Antminer L7 rigs used by Hello Pal?

The Antminer L7 rigs have a hashrate of 9500 MH/s, which is 19 times more powerful than the previous L3+ model.

How many mining rigs does Hello Pal plan to operate in total?

Hello Pal plans to operate a total of 400 mining rigs, with 100 currently in Australia and 300 expected to commence operations in North America.

Is Hello Pal's mining operation currently profitable?

No, Hello Pal is still in the growth stage and its current revenues are not yet profitable.