Atlas Cloud (CSE:AKE) (XFRA:A49) (OTCPINK:ATLEF) Provides Infrastructure Update for 5.0 MW #Bitcoin Mining Facility
Company maintains pace to strategically achieve leadership in cryptocurrency mining sector
VANCOUVER, British Columbia - April 10, 2018 (Investorideas.com Newswire) Atlas Cloud Enterprises Inc. (CSE:AKE) (XFRA:A49) (OTCPINK:ATLEF) (the "Company" or "Atlas Cloud"), an experienced IT service provider focused on becoming the lowest cost producer in the blockchain and digital currency mining sector, is pleased to advise that facility upgrades at its Washington State Grant County Data Center are advancing as scheduled.
As previously reported, Atlas Cloud's five-megawatt (5.0 MW) Grant County Data Centre is undergoing renovations to become a dedicated Bitcoin mining facility. The Company is fully funded to complete its facility refit and has engaged an electrical engineering firm. Major distribution components have been sourced, and the utility company will provide a transformer suited to the proposed needs of the facility. At this time, electrical and mechanical contractors are onsite, and the project is proceeding as planned with anticipated completion scheduled for Q2/18.
Upon completion of the facility upgrade, the Grant County Data Center is expected to commence operations utilizing 80% of the currently dedicated 3.0 MW of available power with a potential to host up to 1,700 ASIC S9 Antminer machines. A second phase infrastructure upgrade (an additional 2.0 MW) is planned for completion in 2019. Leveraging its proximity to Washington State's Grand Coulee Dam on the Columbia River, the Company benefits from electrical provisioning rates at approximately $0.03/kWh, one of the most cost-effective commercial rates in the world. With a target capacity of 5.0 MW at the current electrical provisioning rates, Atlas Cloud aims to position itself as a top performer in the cryptocurrency mining sector.
"Outright ownership of the Grant County Data Centre provides Atlas Cloud competitive differentiators in the cryptocurrency mining sector including reduced and more predictable overhead costs, and the ability to undertake technical and related facility upgrades free from interference, unnecessary cost or complications from 3rd party property owners or leaseholders," Fred Stearman, Atlas Cloud's CEO notes. "The Company is employing innovative designs throughout the current modernization effort with plans for enhanced energy efficiency through electrical load balancing automation, high volume ventilation, and software-based switching systems designed to reactively manage mining operations between Bitcoin and Bitcoin Cash depending upon gross mining profitability. These and other concepts are being positioned for future implementation to create a reproduceable model of efficiency, productivity and profitability as part of our long-term strategic planning."
In the interim, Atlas Cloud continues installation activities at an industry-partner operated co-location hosting facility to commence immediate near-term mining operations. At the partner operation, the previously announced $2.38 million USD order of ASIC S9 miners are operational and have a computing capacity of 13.5 petahashes per second (PH/s) with a mining capacity of approximately 1.01 BTC/per day, based on current parameters.
The development of the Company's business to digital currency mining has been deemed a fundamental change under the policies of the Canadian Securities Exchange. As a result, the Company's expansion of its business remains subject to the approval of the Company shareholders and the Exchange.
About Atlas Cloud Enterprises Inc.
Atlas Cloud Enterprises Inc. is a growth oriented, CSE-listed company focusing on the business of providing co-location and backup/redundancy IT, telecom equipment and cloud computing. Atlas Cloud will provide customers with secure power access, cooling and bandwidth to ensure co-located, back-up or Cloud systems offer minimum risk of failure. Furthermore, Atlas is focused on the blockchain sector and digital currency mining. Atlas Cloud aims to become the lowest-cost producer of digital currency mining and blockchain infrastructure. Atlas Cloud owns a facility currently undergoing preparations for use as a digital currency mining operation located in Electric City, WA. This location currently benefits from a dedicated low-cost energy source of 3.0 MW and the Company is seeking to significantly expand its operations with the development of additional facilities offering economical, high-yield energy infrastructure opportunities.
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