FORT LEE, NJ, July 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – GD Entertainment And Technology (GDET) (“GDET” or the “Company”) is excited to announce that the Company has engaged a third-party broker who was able to provide multiple offers from major electricity providers with savings as high as +21% off the current kWh rate.
Management is currently finalizing the terms of the contract with the provider and is looking to secure the new discounted rates immediately in order to be in effect for the next billing cycle. This news comes shortly after GDET announced the expansion of their mining facilities with the integration of additional ASIC units and upgraded ventilation systems.
GDET CEO, Anil Idnani, commented, “My team is extremely pleased with the new electricity rates and are looking to sign a long-term contract to secure our discount. Our commitment to regularly operate and upgrade the facility is a reflection of the company’s core belief in the longevity of cryptocurrency. These savings will reflect in the decrease of our overhead expenses and we hope to further maximize the operation’s profitability.”
With the price of Bitcoin up more than 170% this year(1), mining rig prices continue to increase in value as well. According to an article posted by, Yahoo Finance(2), official websites are out of stock and second-hand mining machines are increasingly expensive. Due to the limited capacity of chipmakers, the stalled production of these miners result in a short supply. Chief Technology Officer Kristy-Leigh Minehan quotes in the article that “the effect of rigs being in short supply means that new entrants that come into the market will not be able to participate.”
The Company’s current upgrade of the cryptocurrency mining facility will involve the installation of brand-new ASIC units to increase the operation’s overall hashrate.
GDET shareholders can expect new updates very soon as the Company continues to execute an aggressive phase of operational development and expansion.
Sources
(1) https://www.cnbc.com/2019/06/24/bitcoin-price-rises-above-11000-for-the-first-time-in-15-months.html
(2) https://finance.yahoo.com/news/bitcoin-mining-rig-prices-soaring-185612850.html
About GDET
GD Entertainment & Technology, also known as GDET, focuses on high growth industries to fulfill a diverse selection of premium products nationwide. The company currently manufactures, wholesales, and markets a portfolio of blockchain/financial service-based products. GDET strives to become one of the premier Cryptocurrency mining facilities that is client-focused and dedicated to creating a new standard in the Blockchain space based on security and transparency. GDET has also developed a strong relationship with suppliers worldwide to ensure future purchasing. The company currently has two subsidiaries, DreamCard and HyperDigital Technologies, which both offer a selection of transactional-based products and services. DreamCard allows users to create a customizable debit or credit card using its state of the art online platform. HyperDigital Technologies is the Cryptocurrency ATM sector of GDET and aims to secure multiple MSB, money services business, licenses in order to host ATM units throughout the country.
Safe Harbor Provision Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review GD Entertainment and Technology annual and quarterly financials for a more complete discussion of risk factors. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.