Cryptocurrency Stock News: Public Bitcoin Miner SATO Technologies Corp. (TSXV: SATO) Releases May 2023 Bitcoin Mining Operational Update and Provides Updates for AI and HPC Deployments
Toronto, Ontario - June 2, 2023 (Newsfile Corp.) (Investorideas.com Newswire) SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the "Company", or "SATO") is pleased to announce May 2023 Bitcoin Production and Efficiency and give more details about AI plans.
Operational Highlights (unaudited):
- 20 MW of fully operational, high-grade, ≈100% renewable energy-based computing power generating consistent revenue
- 0.54 EH/s of bitcoin mining power running in the facility
May 2023 Highlights (unaudited):
- 43.78 Bitcoin mined in May 2023 (Monthly average, aggregate of self-mining and hosting)
- 5,638 Average rigs operating throughout the month (self-mining and hosting)
- Weighted average Bitcoin mined per 1 EH/s: 91.17 BTC (compared to 90.27 BTC in Q1 2023)
- Bitcoin Mined on site per day: 1.41 BTC (Daily average, aggregate of self-mining and hosting)
AI & HPC Ready
SATO's expertise in operating cost-effective and efficient data centers will play a critical role in delivering increased computing power to meet the burgeoning and rapidly expanding demands of the emerging AI sector.
The two Quebec-based centers are currently being prepared to increase our Bitcoin mining capacity while deploying artificial intelligence and high-performance computing capabilities.
"As ChatGPT, Bard, Co-Pilot, MidJourney, and other groundbreaking innovations continue to emerge, the global demand for computing power will inevitably surge as their everyday applications are embraced. Our data centers, known for their efficiency and cost-effectiveness, are poised to serve as the perfect solution to meet the growing AI demands. At SATO, we are actively directing our efforts towards expanding our AI infrastructure to accommodate this growth, enabling the deployment of high-performance computing power on a large scale. Simultaneously, we remain committed to further enhancing our Bitcoin Mining capabilities, ensuring that our growth in this area continues alongside the advancements in AI," says Romain Nouzareth, CEO of SATO Technologies.
The Company also announces that further to its press release of August 23, 2022, the Company has issued 520,000 warrants to the landlord of Center Two. The Company and the landlord amended their agreement to clarify that the warrants are being issued in connection with the interest-free loan by the landlord to the Company of the security deposit the landlord has placed with Hydro-Québec to secure the supply of electrical power dedicated to cryptographic use, in the amount of $135,000. The security deposit will be returned to the landlord when released by Hydro-Québec and the Company will not be required to repay any principal amount. Each Warrant is exercisable into one common share of SATO for a period of five years, at an exercise price of $0.25.
About SATO
SATO, Founded at Bitcoin block 494673 in 2017, is a vertically integrated innovator in the field of computing power commodities, specializing in low-cost-high-performance computing power made for bitcoin mining by efficiently operating a 20 MW data center that generates nearly 0.6 EHs of mining power. Listed on TSX.V:SATO & OTCQB:CCPU.F since 2021, the Company prides itself on outstanding performance, financial stability, and a top-tier team. Around 65% of the Company's securities (on a fully diluted basis) are owned by Officers, Directors, and significant shareholders with a long term vision. To learn more about SATO's distinct vision, ambitious goals and meet the team, visit www.bysato.com.
For additional information, please contact:
Investor Relations: invest@bysato.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements, including statements relating to the future performance of the Company, and other statements that are not historical facts. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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