Hello Pal To Relocate Crypto Mining Rigs to North America
Hello Pal International announced plans to relocate its crypto-mining operations to North America, securing hydro-powered facilities primarily in New York State. This strategic move aims to enhance stability in its mining operations and integrate crypto into its social networking business. The company is also selling existing Antminer L3+ rigs in China to fund the new Antminer L7 models, expected to arrive in late 2021. Despite generating revenues, Hello Pal is still in the growth stage, and profitability remains uncertain.
- Secured hydro-powered mining facilities in North America to enhance operational stability.
- Integration of crypto mining with social networking business to drive long-term growth.
- Current revenues are not yet profitable, indicating ongoing financial challenges.
VANCOUVER, B.C., Nov. 10, 2021 /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 it has proactively secured locations in North America for the new Bitmain Antminer L7 Machines to be housed.
Through its partner Shanghai Yitang Data, the Company carried out a thorough review of optimal global mining locations. As a result of this diligence, the Company secured mining facilities in North America for the location of its mining rigs, with the majority of the rigs to be located in New York State. All locations are hydro-powered, in line with the Company's policy of only relying on clean renewable energy. All new mining rigs will be shipped directly to these North American facilities upon taking delivery from Bitmain, which is expected to be in November and/or December this year.
"We expect that the relocation of our mining operations to North America will set us up for long term stability in our crypto-mining operations. In turn, this will provide us a solid base to execute our plans of integrating crypto into our social networking core business," said KL Wong, Founder and Chairman of the Company.
The Company is also continuing to sell its existing Antminer L3+ mining rigs in China and using the proceeds to purchase brand new Antminer L7 models, which will be housed in North America.
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
p 604-683-0911
www.hellopal.com
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SOURCE Hello Pal International Inc.
FAQ
What is Hello Pal International's latest announcement regarding crypto mining operations?
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