For immediate release. Skychain Technologies Inc. (TSXV-SCT) is pleased to announce its sales in the third quarter of $518,177 from hosting revenue is a 14% increase from previous quarters for total revenue of $1,653,318 for the nine months ended December 31, 2019. EBITDA remains consistently positive and for the three quarters is at $130,489.
SkyChain Technologies Inc. operates through a wholly owned subsidiary Company, MiningSky Technology Ltd. that operates Internet Data Centers which host our clients’ mining computers (ASIC and GPU) used for Blockchain data processing. Currently MiningSky is running and maintaining a 9MW site in Houston BC and using some capacity on a short term basis from a facility in Quebec while work is being carried out to increase capacity at the BC site. The Company is reviewing a number of proposed acquisitions to expand its data mining sites.
The Company is negotiating and assessing a 1.6 acre site in Manitoba which is permitted for a crypto hosting facility. It is currently establishing the construction and equipment budget for a 10 Mega Watt (MW) facility to start. The substation build out project is estimated at $1,800,000 and configured for 25 Kilo Volts to serve as a data mining site. Manitoba has competitive electricity rates for North American power generation and the land owner of the proposed site is contributing financing and assisting with permitting for the project. The Company is determining its total financing needs to build the facility and subject to securing the finance plan, will make further announcements on this project and additional sites that are under review ad assessment.
MiningSky had developed a complete data mining construction solution based on delivery of its customized full service containers or Hosting Pods for rapid setup of large scale miners operating within North American electrical standards. With the MiningSky electricity solution, a site with 1MW (1000KiloWatt) electricity supply can be efficiently connected and setup with a $250,000 budget. This data mining site solution may be as much as half of the traditional electricity setup cost due to saving on construction and electrical installation cost, and completed within 60 days.
ON BEHALF OF THE BOARD OF DIRECTORS
“Bill Zhang”
President and CEO
About Skychain Technologies Inc. – Skychain is a Vancouver based company that provides Blockchain Infrastructure services and power solutions to its clients working within this disruptive Industry space. For further information about Skychain Technologies Inc please visit the Company’s website at https://skychaintechnologiesinc.com or by contacting the Company directly at 604-306-7159 or by email at bill@miningsky.com.
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