TAAL SIGNS HOSTING AGREEMENT WITH LAKE PARIME TO BRING 3,000 MACHINES ONLINE WITH CLEAN ENERGY BY Q4 IN THE US
THE DEPLOYMENT BRINGS NUCLEAR TO LAKE PARIME'S SITE PORTFOLIO AND DIVERSIFIES TAAL'S DEPLOYMENT MAP WITH A 300PH CLEAN ENERGY PROJECT IN NORTH AMERICA
TORONTO, July 11, 2022 /CNW/ - TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) ("TAAL"), a vertically integrated blockchain infrastructure and service provider for enterprise, announces its wholly owned operating subsidiary has entered into a hosting agreement with Lake Parime USA Inc. (a wholly owned subsidiary of UK-headquartered Lake Parime Limited; "Lake Parime") who provide data centre infrastructure and site origination to transform low-value energy into high-value sustainable computing power. Their nuclear energy facility in Ohio will host 3,000 S19J Pro bitcoin mining units which, once deployed, represent over 300 petahash/second ("PH/s") of TAAL-owned clean computing power. The project represents a significant milestone in TAAL's commitment to establishing geographical hash power location independence on its network and enables Lake Parime to further expand the range of clean energy sources powering its Powerbox deployments. The partnership in North America brings TAAL's expertise in enterprise blockchain infrastructure and software services, alongside Lake Parime's expertise in operating institutional scale computing infrastructure and optimising economic performance of clean energy sites, helping both parties fulfil their commitments to powering operations from clean energy. Details of the agreement include:
- 3,000 S19J Pro Bitmain ASIC miners will be installed by the end of September 2022
- The mining machines will be hosted in Lake Parime's ASIC data centres ("Powerbox") in a clean energy facility in Ohio, USA
- The deployment has a capacity of 10MW, or 300 Petahash
- 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
The project will increase TAAL's self-hashing capacity using clean energy, supporting its stated growth strategy and vision of placing blockchain transaction processing at the core of its business, and support Lake Parime in diversifying their site portfolio and contributing to their mission to power the energy transition using planetary-scale computing. Lake Parime provides sustainable computing power and TAAL provides value-added service to clients across several industries for which both parties expect the market to grow exponentially over the coming years.
"This additional capacity is in line with our goal to reach both network location diversification and a total capacity across all sites of 2 EH/s of hash power at full deployment," said Richard Baker, CEO of TAAL. "We expect to continue increasing capacity this year, which we anticipate will drive higher mining revenue over time. We'll then use this mining revenue and infrastructure to drive our longer-term initiative of providing blockchain infrastructure as a service solutions into the enterprise market – an initiative well underway with over 30 customers developing enterprise blockchain applications using our proprietary tools."
Sath Ganesarajah, CEO of Lake Parime, adds that "the project is a great example of what Lake Parime is all about – we improve the return profile of the clean energy operator whilst addressing demand for low-cost, zero-carbon energy for companies like TAAL… We're excited to expand our site portfolio from largely wind and hydropower to nuclear energy, showcasing the huge potential of our deployments in accelerating the energy transition."
Lake Parime designs, build and operates sustainable computing infrastructure. They work with some of the largest utility companies in the world, helping them transform low-value or otherwise wasted clean energy into high-revenue computing power. By targeting computing segments that demand a significant amount of energy for data processing, the company's proprietary technology bridges the energy requirement between the computing industry and energy sector, unlocking enormous value for both.
For more information please visit https://lakeparime.com/, or follow us on LinkedIn or Twitter.
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 timing of equipment coming online, the computing power of the equipment, future computing power, the growth and evolution of TAAL and/or Lake Parime's business. 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 and Lake Parime caution 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 logistical difficulties, geopolitical risks with suppliers, changes in energy prices, the future acceptance of Bitcoin SV and other digital assets and risks related to information processing using those platforms, the ability for TAAL and Lake Parime 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 and Lake Parime undertake no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Taal Distributed Information Technologies Inc.
Lake Parime: Natasha Medlen, Strategic Initiatives, Executive Office, Office: +44 207 903 6879, [email protected], [email protected]; 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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