FORT LEE, NJ, Sept. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – GD Entertainment And Technology (GDET) (“GDET” or the “Company”) is excited to announce that the Company is officially set up for the month of September to receive the new, discounted electricity rates it secured with a major electricity provider early this year.
Management recently announced that after bidding amongst several electricity providers, they were able to secure a long-term contract with new rates that will provide an annual savings upwards of 41%. The Company's cryptocurrency mining facility has also undergone several upgrades to the building’s ventilation system in order to support the operation as well as the future expansion that is currently underway. This expansion will include the installation of brand new ASIC miners in order to increase the overall hashrate and ultimately produce more Bitcoin.
At the time of writing, Bitcoin is currently up over $3,000 in just one year, trading at $10,600 with a dominance of over 70% of the cryptocurrency market cap. According to Yahoo Finance, Bitcoin mining revenue has peaked at $14 billion and "...took eight years to first break $5 billion, only needing an additional eight months to do it again- reaching $10 billion around August, 2018."
GDET CEO, Anil Idnani, commented, "My goal is to both increase shareholder value and maximize the company's revenues, this energy contract will be able to lower one of our main expenses as well as help provide a more consistent revenue stream. The cryptocurrency market is showing the stability that we have all been waiting for and based on Bitcoin's market cap, the Company now has the factors needed to determine the right strategies to expand."
GDET shareholders can expect new updates very soon as the Company continues to execute an aggressive phase of operational development and expansion.
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.