Bitcoin company acquires mining servers

— Atlas Cloud Enterprises Inc. has acquired 1,000 application-specific integrated circuit mining servers, which are slated for immediate mining deployment.

The company recently purchased a building in Electric City for use as a dedicated Bitcoin mining facility.

The 3.0-megawatt Grant County Data Centre is nearly refurbished into a dedicated Bitcoin mining facility, the company said. In the interim, Atlas Cloud has entered into a private co-located hosting arrangement with an industry partner to begin immediate near-term mining operations.

The Antminer S9 miners have arrived at the partner location, with the first units scheduled to come online on or around Feb. 1. Activation and implementation of the entire 1,000-machine order is scheduled for no later than Feb. 15.

Atlas Cloud’s initial hardware acquisition comes from Bitmain Technologies Ltd. The Antminer S9 is considered to be the most powerful, power-efficient and first-ever consumer-grade Bitcoin miner in the world, the company said.

Bitmain, founded in 2013, was established to develop and sell industry-leading Bitcoin miners using specialized ASIC chip technology.

When updates to the Grant County Data Centre are completed, the 1,000 miners will be directly transferred to the newly outfitted subsidiary location to leverage electrical provisioning at approximately 3 cents per kilowatt-hour, one of the least expensive commercial rates in the world.

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, expansion of the business remains subject to the approval of company shareholders and the exchange.


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