GREY:HYBOF - Post by User
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KingBillon May 14, 2020 1:38pm
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ORIGINAL: HyperBlock Provides Update on Operations
Datacenter Goes Offline; Mining Operations Cease
2020-05-14 13:17 ET - News Release
Toronto, Ontario--(Newsfile Corp. - May 14, 2020) - HyperBlock Inc. (CSE: HYPR) ("HyperBlock" or the "Company") announced today that the Company's 20MW datacenter is now offline and the company has ceased all cryptocurrency mining operations.
As previously disclosed, the Company's electricity provider terminated its long-term power contract with the Company effective May 14, 2020. This termination, combined with the impact of the recent Bitcoin algorithm halving, which cut the Company's mining rewards in half, and the Company's generally deteriorating working capital position, have made it unable and uneconomical to continue operations.