VANCOUVER, B.C. - Atlas Cloud Enterprises Inc. has completed build-out and component renovations at its dedicated Bitcoin mining enterprise location in Electric City.
The Canadian company also has received shareholder approval and authorization from the Canadian Securities Exchange allowing a change of business and resumption of trading.
The change was effective June 19.
Atlas Cloud is an information technology service provider focused on becoming the lowest-cost producer in the blockchain and digital currency mining sector. Last winter it purchased a building in Electric City for digital currency mining.
The company has invested approximately $3 million (Canadian) to complete the facility upgrade, it announced last week. The center will benefit initially from three megawatts of low-cost, dedicated electrical power.
A second phase infrastructure upgrade - an additional two megawatts - is planned for completion in 2019.
The regional power utility company has advised it will provide Internet connectivity and a transformer suited to the proposed future needs of the facility, the company said. Leveraging its proximity to Grand Coulee Dam, the company benefits from electrical provisioning rates at approximately 3 cents per kilowatt-hour, one of the most cost-effective commercial rates in the world.
Atlas Cloud’s treasury reports approximately $7.7 million (Canadian) in hand and is fully financed for the acquisition of additional miners to outfit the facility to maximum projected operational demands.
The company continues to mine Bitcoin at its industry partner-operated co-location facility.
Bitcoin is a cyptocurrency and worldwide payment system. It was the first decentralized digital currency to use a network of peer-to-peer transactions between users, without an intermediary.
It can be exchanged for other currencies, products and services.
Bitcoin was classified as a commodity in September 2015 by the U.S. Commodity Futures Trading Commission and, according to the IRS, is taxed as a property. Every digital currency exchange with Washington customers must operate under the state’s money transmitter laws and must be licensed by the state Department of Financial Institutions.
As of Jan 3, the value of a Bitcoin was $15,099 (U.S.). As of June 22, it was $6,147.04.
A blockchain is a publicly distributed ledger in which the transactions are verified.