TAAL COMPLETES AGREEMENT TO BRING 100 PH/S OF COMPUTING POWER ONLINE
FIRST IMMERSION COOLING DEPLOYMENT
TORONTO, July 13, 2022 /CNW/ - TAAL Distributed Information Technologies Inc. (CSE:TAAL) (FWB:9SQ1) (OTC:TAALF) ("TAAL" or the "Company"), a vertically integrated blockchain infrastructure and service provider for enterprise, announces its wholly owned operating subsidiary has entered into an agreement to acquire 968 Bitmain S19J Pro machines and host them with a subsidiary of LUXXFOLIO Holdings Inc. at a facility in New Mexico, representing an immediate increase of 100 petahash/s ("PH/s") of additional computing power. The machines will be immersion cooled and represent a first full immersion deployment and acts as a test bed ahead of final design plans for TAAL's flagship 50MW site in Grand Falls, New Brunswick which will come online during 2023. Details of the agreement include:
- 968 Bitmain S19J Pro machines immediately hashing upon agreement inception
- Miners will use immersion cooling to optimize performance
- The machines come with a one-year warranty and will be hosted in a facility located in New Mexico powered by majority non-carbon emitting solar energy
- Total of 100 Petahash/second
- TAAL can mine across all three SHA-256 based blockchain networks - Bitcoin Core ("BTC"), BitcoinSV ("BSV"), Bitcoin Cash ("BCH") - switching chains economically and dynamically to optimize yield.
"With this additional capacity we continue to execute on our network rebalancing program and diversification strategy and build robustness across our mining fleet," said Richard Baker, CEO of TAAL. "With this deployment our mining hash centre operations are in three diversified locations in North America and underpin our long-term objective of building out the transaction infrastructure of the future. We remain focussed on our goal of reaching 2 EH/s of hash power at full deployment."
LUXXFOLIO Holdings Inc. is a publicly traded, vertically integrated digital asset company based in Canada. It operates an industrial scale cryptocurrency mining facility in the United States powered predominately by renewable energy with a focus on the blockchain ecosystem and generation of digital assets. LUXXFOLIO provides a liquid alternative for exposure to digital assets for the broader capital markets.
TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications on the BSV platform, and developing, operating, and managing distributed computing systems for enterprise users. BitcoinSV Blockchain is the world's largest public blockchain by all major utility metrics, data storage, daily transaction volume, scaling ability, and average block size.
For more information please visit – www.taal.com/investors
The CSE, nor its Regulation Services Provider, accepts no responsibility for the adequacy or accuracy of this release.
Certain statements included in this news release constitute "forward-looking information" as defined under applicable Canadian securities legislation. The words "will", "intends", "expects" and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Specific forward-looking information contained in this news release includes but is not limited to statements regarding: the type, number and performance of machines that have been acquired, TAAL's future computing power and capacity; development plans and redeployment of activities in North America, geopolitical risks to operations and TAAL's business and strategic plans. These statements are based on factors and assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. TAAL cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Material risk factors include the future acceptance of Bitcoin SV and other digital assets and risks related to information processing using those platforms, the ability for TAAL to leverage intellectual property into viable income streams and other risks set out in TAAL's Annual Information Form dated March 31, 2022, under the heading "Risk Factors" and elsewhere in TAAL's continuous disclosure filings available on SEDAR at www.sedar.com. Given these risks, undue reliance should not be placed on the forward-looking information contained herein. Other than as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Taal Distributed Information Technologies Inc.
Media and Investor Contact, TAAL, Richard Baker, Chief Executive Officer, Office: (437) 826-8889, [email protected]; Sophic Capital, Sean Peasgood, Investor Relations, Office: (437) 826-8889, [email protected]
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