Vancouver, BC, Canada, July 28, 2020 – Skychain Technologies Inc. (TSXV-SCT) reports today that the Company is temporarily relocating 4 Mw of its clients’ crypto miners from SkyChain’s Northern BC location to an existing, 20 Mw hosting facility in Quebec. The Quebec facility, where SkyChain has had an additional 4 Mw of client mining equipment operating since early 2020, is expected to offer electricity cost reductions of approximately 20%. Power costs constitute the largest portion of operating expenses for crypto hosting facilities.
“This is a short-term relocation for us,” said SkyChain President and CEO Bill Zhang. “Having calculated the cost benefits of the move, we see significant savings for the company, well above the expense of moving the equipment. Once our new facility in Birtle, Manitoba is up and running, we expect to consolidate the 8 Mw from Quebec to the new Manitoba location.”
The Birtle site is progressing with the finalization of the substation equipment procurement. SkyChain has completed agreements with a major electrical engineering firm in Winnipeg and with Manitoba Hydro International to oversee project development.
Skychain is also pleased to announce that it has closed an amount of $250,000 of the private placement announced April 6, 2020 as updated June 22, 2020. The placement consists of the issuance of 1,250,000 units at price of $.20 per unit with each unit consisting of a common SkyChain share and a half warrant. Two warrants will entitle the unit holder to acquire an additional Skychain share at an exercise price of $0.30 for an exercise term of six months ending January 22, 2021 in respect of 287,500 warrants and a term of one year ending May 24, 2021 in respect of 25,000 warrants.
About Skychain Technologies
Skychain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. To learn more, visit www.skychaintechnologies.com.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.