Yahoo Finance Global Care Capital Portfolio Company, ASIC Power Company, Announces First Royalty Streaming Contract for the Financing of 208 Cloud Based ASIC Miners Generating 16,640 TH/s
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Global Care Capital Inc. (CSE: HLTH, FRANKFURT: L6V1) (the “Company” or “Global Care”) a global investment company which engages in early-stage investment opportunities in private and public companies, is pleased to announce that its portfolio company, ASIC Power Company (“ASIC”) has entered into its first royalty streaming agreement to finance 208 ASIC miners from MicroBT and equivalents generating 16,640 TH/s.
This is the first royalty streaming contract to fund the purchase of ASIC chips. The ASIC chips will act as collateral until the principal amount is paid back and the company expects to collect a royalty from the installed miners beginning in Q2, 2021. Management believes this will have an immediate positive impact on profitability and cash flow generation for the Company.
The 208 miners produce 80/Th and will generate 16,640 TH/s (“TeraHash”) of hashing power and have a shelf life of approximately 36 months. The financing was funded by cash on hand. The Company expects the miners to be running beginning in Q2, 2021. The Company was able to lock in pre-December prices of miners, which is approximately half of the current market price. The units come with a 1-year warranty versus the industry standard 6-month warranty.
The majority of miners, otherwise known as Application Specific Integrated Circuit Computers (or, in short, ASICs) for SHA-256 algorithm processing (Bitcoin production and transaction settlement) are of the following models:
Bitmain Antminer S17+ 76TH/s average production capacity before overclocking (+/- 10%), which utilizes electricity of 3040 watts per hour of usage, broadband fiber optics internet connection
MicroBT WhatsMiner M31S+ 80TH/s average production capacity before overclocking, which utilizes electricity of 3220 watts per hour of usage, broadband fiber optics internet connection
Daniel Novak, Co-Founder and CEO of ASIC, stated “As the bitcoin network hash rate continues to expand from 136 EH/s to 149 EH/s in 2021, we are excited to complete our first streaming contract and lay the path for royalty streaming contracts in the cryptocurrency mining industry. Due to our extensive network and domain expertise, we were able to secure these ASICs on a very short time frame during Bitcoin’s bull run, breaking the US$40,000 barrier. ASIC’s unique position compared to a typical pureplay miner gives us an advantage on the capital markets.”
About ASIC Power Company
ASIC gives mining companies access to its innovative cryptocurrency mining streaming contracts and chip pipeline through its partnerships with leading hardware producers. It intends to identify low cost, renewably powered mining operations to implement new financing strategies in the form of royalties and stream contracts globally.
For more information and to register to ASIC’s mailing list and follow @asicpower on Twitter.
Website: https://asicpower.com/
About Global Care
Global Care Capital is a global investment company which specializes in providing early-stage financing to private and public companies. The Company engages in new, early-stage investment opportunities in previously underdeveloped assets and obtaining positions in early-stage investment opportunities that adequately reflect the risk profile.
Website: https://globalcarecapital.com/
GLOBAL CARE CAPITAL INC.:
Company Contact:
Alex Somjen, President & CEO
604-687-2038
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note
All information contained in this news release with respect to ASIC was supplied by ASIC for inclusion herein, and Global Care’s directors and officers have relied on ASIC for such information.
Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com
