Vancouver, B.C., Sept. 26, 2023 (GLOBE NEWSWIRE) — CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX), is pleased to announce the signing of a non-binding letter of intent (“LOI”) with Crypto Green Tech Inc. (“Crypto Green”) for a strategic partnership whereby CryptoBlox will acquire the rights to Crypto Green’s patent pending modular, renewable energy-powered crypto mining infrastructure.
About Crypto Green Tech
Crypto Green is a technology company aiming to revolutionize the digital realm by merging state-of-the-art technology with eco-friendly practices. By embedding renewable energy at the core of their innovations, Crypto Green is part of a global transition towards environmentally conscious digital solutions. Crypto Green’s innovations involve the fusion of the sustainable principles of green energy with the transformative potential of decentralized finance. Their technology, which is patent pending, pertains to a modular renewable energy-powered device that allows users to mine digital assets by generating electricity through a series of solar panels and wind turbines, all built in a way that maximizes efficiency.
“We are extremely excited to bring the Crypto Green technology to as many people as possible in our journey towards a greener future” says Akshay Sood, Chief Executive Officer of CryptoBlox.
With the recent acquisition of Redwater Acquisition Corp. (“Redwater”), a modular air-cooled data center facility, powered by flared gas in Sturgeon County, Alberta, CryptoBlox began rolling out an off-grid mining strategy that utilizes alternate energy (such as flare gas in Redwater’s case) to power digital asset mining operations. The Company looks to expand its alternate energy powered off-grid digital asset mining operations with the acquisition of exclusive rights to Crypto Green’s technology that enables modular, renewable energy-powered mining infrastructure development and deployment world-wide.
“CryptoBlox is looking to shape the next paradigm of digital asset mining and we hope that having a company like Crypto Green as strategic partner will allow us to do so at an accelerated pace” added Mr. Sood.
Acquiring rights to the patent pending technology and its exclusive world-wide development and distribution is expected to allow CryptoBlox to extend their off-grid mining infrastructure to retail users while further developing hyper-modular digital asset self-mining farms using the technology. Beyond digital asset mining, the Crypto Green technology can be used in many ways. Users can charge their electric car, use the stored power as a backup for their house or monetize the energy generated (without 3rd parties) through digital asset mining. Traditionally, to monetize excess energy generation via renewables, users are required to sell that energy back to the grid operator/utility company at a fraction of the electricity market rate. However, through the innovative design of Crypto Green’s technology and the fundamentals of blockchain technology, the need for an intermediary regarding monetization has been eliminated. Subject to applicable regulatory regimes, users can monetize more profitably as they keep 100% of all their mining revenue while also accruing carbon credits which can then be further monetized in the future.
The exclusive development and distribution rights granted to CryptoBlox would strengthen the Company’s position in the alternate energy powered off-grid mining space – further compounding on their existing alternate energy powered digital asset mining strategy. The Company plans to additionally scale through the incorporation of stranded energy assets that provide cheaper energy. This development comes at a crucial time when climate change is causing energy crises globally. Emergency grid mandates that we have seen in recent years pose a significant risk to all energy-intensive operations, including digital asset mining powered by on-grid electricity. The Company’s aim is to reduce its and its customers’ reliance on on-grid energy and the associated intermediary risks by investing in stranded/renewable energy assets.
The closing of the transaction with Crypto Green is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the board of directors of both CryptoBlox and Crypto Green.
On behalf of the Company,
Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology company focusing on building out clean energy powered digital asset mining infrastructure enhanced with artificial intelligence, along with a diversified portfolio of fintech blockchain products and services. The company will be focused on powering digital asset mining operations through flare gas operations throughout North America – with the first acquisition being in Redwater, Alberta. By using alternative energy sources and state-of-the-art operations techniques powered by AI, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty, which can result in some of the cleanest and lowest-cost digital asset mining operations in the world.
For further information about the Company, please visit https://www.cryptoblox.ca
or call 236-259-0279.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: CryptoBlox and Crypto Green entering into a definitive and binding agreement with respect to their partnership; the development and distribution of Crypto Green’s technology by the Company; the expected benefits to the Company resulting from the partnership with Crypto Green and its technology; the ability of the Company to bring Crypto Green’s product to market; the Company’s plans to expand its alternate energy powered off-grid digital asset mining operations; the Company’s ability to shape the next paradigm of digital asset mining; the uses and benefits of Crypto Green’s technology; and the Company’s plan to further scale through the incorporation of stranded energy assets. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.