New Miners to Arrive in New York State Location Via Air Freight
Vancouver British Columbia based Hello Pal International Inc. (CSE:HP Frankfurt:27H OTCQB:HLLPF), a provider of rapidly growing international live-streaming, language learning and social-crypto platform, announced that it has purchased a further 170 L7 miners from the proceeds of the sale of its L3+ model, bringing the total number of L7s to 270 which includes the 100 Antminer L7s announced last month (see October 7 press release). The Company is in the process of acquiring more.
The remaining Antminer L3+ miners, held by the Company’s subsidiary (CPal Technology Limited) have been sold for a total consideration of USDT 3.75 million (approximately CAD 4.7 million), which represents a 100% profit compared to the effective purchase price in June of this year. The sale of the L3+ miners and purchase of L7 miners effectively means that the Company’s Litecoin/Dogecoin mining rigs have been completely upgraded to the latest Litecoin/Dogecoin miners to be released by Bitmain.
Bitmain’s L7 miners are highly sought after and extremely difficult to acquire. Hello Pal’s current understanding is that less than 2500 L7 miners are being produced, with no further production planned by Bitmain in the foreseeable future. The L7 model has a hashrate of 9500 MH/s, which is 19 times more powerful than that of the previous L3+ model. They consume substantially less power and have a stability rate of 98 percent in comparison to the previous stability rate of 70% improving overall profit margins considerably.
The new machines are expected to be delivered in December 2021, upon which they will be delivered by airfreight directly to New York State, where the Company’s new mining facilities are located and announced earlier this month (see November 10 press release).
“We are fortunate to have this opportunity to upgrade all our mining rigs to the latest and greatest Antminer model,” said KL Wong, Founder and Chairman of the Company. “We remain very bullish regarding the future of cryptocurrency and Litecoin and Dogecoin in particular, and look forward to continuing with our plans to integrate cryptocurrency into our product offerings.”
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To download Hello Pal please visit the IOS or Android store. For information with respect to the Company or the contents of this news release, please contact the Company at (604) 683-0911 or visit the website at hellopal.com. Email inquiries can be directed to: investors@hellopal.com.
About the Hello Pal Platform
The Hello Pal Platform is a proprietary suite of mobile applications built on a user-friendly messaging interface that focus on social interaction, language learning and travel. Hello Pal, has been designed from the ground up to be easy to use and enables users’ the freedom to speak in their own language regardless of the other person’s language they are speaking to. Hello Pal’s overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in fostering understanding and tolerance between all citizens of the world.
Information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Hello Pal cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hello Pal’s control. Such risks and uncertainties are described in Hello Pal’s annual and interim financial statements available on www.sedar.com. Although Hello Pal is currently generating revenues, Hello Pal remains in the growth stage and such revenues are yet to be profitable. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information.
THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Other industry developments from around the markets include:
Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, recently published unaudited bitcoin (“BTC”) production and miner installation updates for October 2021.
As of November 1, 2021, Bitmain has delivered approximately 30,050 top-tier ASIC miners to the Company’s mining facility in Hardin, MT and 12,331 top-tier ASIC miners to a Compute North facility where they are pending deployment. In October, the Company began chartering planes to expedite shipments of miners and mitigate the impact of global logistics issues on its growth trajectory. While deliveries of miners may continue to fluctuate in the near-term, based on current estimates, the Company still anticipates all previously purchased miners to be delivered by mid-2022. Once all miners are fully installed, the Company’s mining fleet is expected to consist of approximately 133,000 miners, generating approximately 13.3 EH/s.
Riot Blockchain, Inc. (NASDAQ: RIOT), an industry leader in Bitcoin (“BTC”) mining and hosting, recently announced monthly BTC production and operations updates for October 2021, including an increase in estimated self-mining hash rate capacity for 2022, updates to the status of miner shipments and deployment, and updates on the 400 megawatts (“MW”) infrastructure expansion at the Company’s Whinstone facility (“Whinstone”).
Production Updates Were: In October 2021, Riot produced 464 BTC, an increase of approximately 433% over its October 2020 production of 87 BTC; Year to date through October 2021, the Company produced a total of 2,921 BTC, an increase of approximately 257% over its BTC production during the same 2020 period of 818 BTC; As of October 31, 2021, Riot held approximately 3,995 BTC, all produced by the Company’s self-mining operations; and Riot currently has a deployed fleet of approximately 27,270 miners, with a hash rate capacity of 2.8 exahash per second (“EH/s”).
Bitfarms Ltd. (NASDAQ: BITF) (TSXV: BITF), a global Bitcoin self-mining company, recently received and installed 1,500 Bitmain S19j Pro miners in November, increasing its hashrate to exceed 2 Exahash per second (EH/s).
“Bitfarms reached the important milestone of 2 EH/s in a mere eight months compared to the 3 years and 10 months that it took us to attain 1 EH/s,” said Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. “Doubling our corporate hashrate in a matter of months is a tremendous accomplishment. This is a testament to the incredible operations teams Bitfarms and our wholly owned electrical engineering subsidiary, Volta Électrique, have developed over the last four years of continuous operation. Doing so in the same time that the Bitcoin network has only grown approximately 12% means that Bitfarms has accumulated a larger share of the network hashrate and Bitcoin mining rewards.” “In 2022, we expect to ramp our hashrate even faster. Bitfarms is already one of the largest Bitcoin miners, not just in North America, but globally. As we continue to execute on our expansion plans, we expect to continue to outpace Bitcoin network growth to drive even higher Bitcoin production numbers throughout 2022,” concluded Grodzki.
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