VANCOUVER, British Columbia, April 10, 2018 (GLOBE NEWSWIRE) -- Atlas Cloud Enterprises Inc. (CSE:AKE) (XFRA:A49) (OTCPINK:ATLEF) (the “Company” or “Atlas Cloud”), an experienced IT service provider focused on becoming the lowest cost producer in the blockchain and digital currency mining sector, is pleased to advise that facility upgrades at its Washington State Grant County Data Center are advancing as scheduled.
As previously reported, Atlas Cloud’s five-megawatt (5.0 MW) Grant County Data Centre is undergoing renovations to become a dedicated Bitcoin mining facility. The Company is fully funded to complete its facility refit and has engaged an electrical engineering firm. Major distribution components have been sourced, and the utility company will provide a transformer suited to the proposed needs of the facility. At this time, electrical and mechanical contractors are onsite, and the project is proceeding as planned with anticipated completion scheduled for Q2/18.
Upon completion of the facility upgrade, the Grant County Data Center is expected to commence operations utilizing 80% of the currently dedicated 3.0 MW of available power with a potential to host up to 1,700 ASIC S9 Antminer machines. A second phase infrastructure upgrade (an additional 2.0 MW) is planned for completion in 2019. Leveraging its proximity to Washington State’s Grand Coulee Dam on the Columbia River, the Company benefits from electrical provisioning rates at approximately $0.03/kWh, one of the most cost-effective commercial rates in the world. With a target capacity of 5.0 MW at the current electrical provisioning rates, Atlas Cloud aims to position itself as a top performer in the cryptocurrency mining sector.
“Outright ownership of the Grant County Data Centre provides Atlas Cloud competitive differentiators in the cryptocurrency mining sector including reduced and more predictable overhead costs, and the ability to undertake technical and related facility upgrades free from interference, unnecessary cost or complications from 3rd party property owners or leaseholders,” Fred Stearman, Atlas Cloud’s CEO notes. “The Company is employing innovative designs throughout the current modernization effort with plans for enhanced energy efficiency through electrical load balancing automation, high volume ventilation, and software-based switching systems designed to reactively manage mining operations between Bitcoin and Bitcoin Cash depending upon gross mining profitability. These and other concepts are being positioned for future implementation to create a reproduceable model of efficiency, productivity and profitability as part of our long-term strategic planning.”
In the interim, Atlas Cloud continues installation activities at an industry-partner operated co-location hosting facility to commence immediate near-term mining operations. At the partner operation, the previously announced $2.38 million USD order of ASIC S9 miners are operational and have a computing capacity of 13.5 petahashes per second (PH/s) with a mining capacity of approximately 1.01 BTC/per day, based on current parameters.
The development of the Company’s business to digital currency mining has been deemed a fundamental change under the policies of the Canadian Securities Exchange. As a result, the Company’s expansion of its business remains subject to the approval of the Company shareholders and the Exchange.
About Atlas Cloud Enterprises Inc.
Atlas Cloud Enterprises Inc. is a growth oriented, CSE-listed company focusing on the business of providing co-location and backup/redundancy IT, telecom equipment and cloud computing. Atlas Cloud will provide customers with secure power access, cooling and bandwidth to ensure co-located, back-up or Cloud systems offer minimum risk of failure. Furthermore, Atlas is focused on the blockchain sector and digital currency mining. Atlas Cloud aims to become the lowest-cost producer of digital currency mining and blockchain infrastructure. Atlas Cloud owns a facility currently undergoing preparations for use as a digital currency mining operation located in Electric City, WA. This location currently benefits from a dedicated low-cost energy source of 3.0 MW and the Company is seeking to significantly expand its operations with the development of additional facilities offering economical, high-yield energy infrastructure opportunities.
On behalf of the Board,
“Fred Stearman”
Fred Stearman, President & Director
Contact
Atlas Cloud Investor Relations
+1(778) 871-0357
info@atlascloud.ca
www.atlascloud.ca
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
FORWARD LOOKING INFORMATION
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. 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 future business operations of Atlas Cloud. 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. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in the news release are made as of the date of this news release, and the Company does not undertake any obligations to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.