Atlas Closes on Acquisition of Bitcoin Mining Facility
VANCOUVER, British Columbia, March 15, 2018 (GLOBE NEWSWIRE) -- Atlas Cloud Enterprises Inc. (CSE:AKE) (XFRA:A49) (OTC:ATLEF) (the “Company” or “Atlas Cloud”) is pleased to announce the closing of the previously disclosed acquisition of MKH Electric City Holdings LLC, a Washington State company. The transaction includes a 6,600-sq. ft. facility (“The Grant County Data Centre”) which is currently being upgraded to industrial-scale cryptocurrency mining standards. The facility, located in Electric City Washington, is less than five kilometers from the Grand Coulee Dam which impounds a sizable portion of the Columbia River. Due to its location, the facility significantly benefits from electrical provisioning at approximately $0.03/kWh, one of the least expensive commercial rates in the world. Atlas Cloud’s energy consumption dedicated to digital currency mining for this individual location is 3.0 megawatts (“MW”), supplied by the Grant County Public Utility Department with the ability to upgrade to 5.0 MW. The Grant County Data Centre, utilizing 80% of the current 3.0 MW of dedicated power, can host up to 1,700 Application Specific Integrated Circuit (ASIC) mining servers. A second phase (an additional 2.0 MW) is expected to be completed in 2019, increasing total energy dedicated to digital currency mining to 5.0 MW. Atlas Cloud is fully funded to complete Phase 1 and 2 of the Grant County Data Centre. The capital acquisition represents a $300,000 USD investment. Infrastructure costs and related expenses aimed at completing the data centre are budgeted up to $2,600,000 USD. About Atlas Cloud Enterprises Inc. (CSE:AKE) (XFRA:A49) (OTC:ATLEF) On behalf of the Board, “Fred Stearman” Fred Stearman, President & Director Contact 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 |
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