Vancouver, B.C, July 25, 2023 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX), is pleased to announce that its wholly-owned subsidiary, Redwater Acquisition Corp. (“Redwater”), has partnered with Lavrium LLC (“Lavrium”) to integrate Lavrium’s machines and implement AI algorithms at Redwater's Alberta Project (managed by True North Data Systems Ltd.), with the overarching goal of scaling and optimizing the site’s Bitcoin mining operations to drive increased profitability.
Lavrium has gained recognition in the industry for its deployment of cutting-edge technologies and its strategic approach to ASIC mining operations. Lavrium currently hosts 350 miners in a Nebraska facility. Lavrium’s founders, who have deep expertise in machine learning (ML) and artificial intelligence (AI), met during their doctoral studies at MIT and recognized the potential of AI/ML to drive energy efficiency and enhance Bitcoin mining profitability. For example, AI algorithms can analyze a wide range of data, including past transaction volumes, power usage effectiveness (PUE), and hash rates, to optimize mining operations. Lavrium’s AI driven approach is intended to maximize profitability and energy efficiency in Bitcoin mining.
CryptoBlox Interim CEO, Tayrn Stemp, comments, “Investors must diligently consider both Lavrium's data-driven approach and the vital role of miner fees when assessing transaction costs and evaluating blockchain projects or cryptocurrencies. Lavrium's commitment to leveraging AI and optimizing energy efficiency contributes to their cost-effective and environmentally friendly mining practices.”
CryptoBlox director, Akshay Sood, also expressed his excitement about the partnership with Redwater. “As a leading blockchain technology company, Lavrium utilizes cutting-edge technologies and industry expertise to drive innovation and maximize returns for investors”. With his background in advising and incubating early-stage blockchain startups, Mr. Sood believes that combining his expertise with Lavrium's proficiency in optimizing Bitcoin mining operations will create a powerful synergy. Lavrium's extensive experience in various blockchain-based businesses positions them to contribute to Redwater’s success in this rapidly evolving market.
The partnership between Lavrium and Redwater will capitalize on the success of True North Data Systems Ltd. and Redwater's recent collaboration. By leveraging Redwater's Alberta Project, the strategic partnership between Lavrium and Redwater aims to scale and optimize Redwater’s Bitcoin mining operations, ultimately driving profitability for both companies.
Lavrium has established a track record of consistent profitability, showcasing the strength of their infrastructure and strategic partnerships. With a robust foundation in place, Lavrium anticipates sustained success in the future.
On behalf of the Company,
Taryn Stemp,
Interim Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology company with diversified portfolio of fintech blockchain services, blockchain battery technologies and applications, and crypto mining facilities under development. The Company’s acquisition of Redwater marks a significant milestone in its plan to meet the fast-growing demand for cost-effective cryptocurrency infrastructure in North America. By integrating its mining facilities into power generation facilities in Alberta, and using state-of-the-art operations techniques, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty that can deliver some of the cleanest and lowest-cost mining operations in the world. The Company recently acquired a 100% interest in Redwater Acquisition Corp. which is a company specializing in air-cooled data centers and advanced heat recapture products. Committed to environmental sustainability, Redwater Acquisition Corp aims to revolutionize the crypto mining sector through innovative technologies that enhance efficiency and reduce the industry's carbon footprint.
For further information about the Company, please visit https://www.cryptoblox.ca or call 236-259- 0279.
Forward-Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: the future plans and operations of the Company and Redwater; Redwater’s partnership with Lavrium and the benefits thereof, including to the cost-effectiveness of Redwater’s mining operations; synergies between Mr. Sood’s and Lavrium’s expertise; future profitability of Lavrium and Redwater; and Lavrium’s strategic goals and outlook. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.
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