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Blockchain Power Trust (OTC:TNSTF) expands cryptocurrency mining capacity

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  • Aggregate 21.7 PH/s at $81,000/PH
  • Equipment to be activated in Romania

Blockchain Power Trust (TSXV:BPWR.UN) (OTC:TNSTF) recently acquired 1,550 cryptocurrency mining units from a major cryptocurrency chip manufacturer.

This represents an aggregate of 21.7 petahash per second (PH/s) of combined hashing power at a net purchase price of $81,000 US per petahash.

The new equipment has arrived in Romania and was expected to be commissioned at the beginning of May. In addition, the previously acquired Hashtank H40 is currently undergoing testing by the manufacturer and is expected to be delivered to Romania and fully commissioned by the end of the second quarter of 2018, bringing Blockchain Power Trust’s aggregate installed petahash to 27.8 PH/s.

“We are very pleased with the progress we have made so far to expand into the cryptocurrency mining space and look forward to integrating cryptocurrency mining operations with our existing renewable power generation platform to further diversify the Trust’s revenues,” said J. Colter Eadie, chief executive officer of Blockchain Power Trust.

Blockchain Power Trust also reported that production of its renewable energy projects for the year ended Dec. 31, 2017 was an aggregate 71,849 MWh, representing an increase of 61% and 146%, respectively, over the 44,560 MWh produced in 2016 and 29,178 MWh produced in 2015. Production for the first quarter of 2018 was 45,353 MWh compared to 19,570 MWh in the same period of 2017, an increase of 132%.

“We are also pleased with the energy production achieved in 2017 and the first quarter of 2018, which is in line with our expectations for our portfolio of green energy assets. We look forward to leveraging our knowledge of renewable energy operations and experience with delivering large scale infrastructure projects to continue to execute our leading-edge cryptocurrency strategy. The Trust continues to survey the market for accretive acquisition opportunities for both energy and cryptocurrency assets,” Mr. Coulter commented.

Blockchain Power Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. Blockchain Power Trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power.

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