Toronto, Ontario--(Newsfile Corp. - December 28, 2021) - Canada Computational Unlimited Corp. (TSXV: SATO) (the "Company","CCU.ai" or "SATO") is pleased to announce the signing of a non-binding letter of intent with Foundry Digital LLC for a transaction that would make it possible for the Company to purchase 700 miners. This addition of an equivalent of 65 PH/s at Center One shows our progress and commitment to reach 600 PHs.
Key Highlights
- Addition of mining equipment for 65 PH/s
- Center One based on the 20MW renewable energy contract will allow CCU.ai to reach an equivalent of 600 PH/s
- The Q3 average to mine 1 Bitcoin in electricity power is USD$ 7,636 based on Q3 Financials*
- Possibility to extend the contract with Foundry to get more miners
Romain Nouzareth, CEO and Chairman of CCU.ai, commented, "This increment is the result of a collaborative effort from both parties and is the first of many that we have planned to reach our capacity of 600 PHs for Center One. This further proves that we are on a path to reaching our targets."
The Company and Foundry will seek to conclude a definitive agreement prior to the end of January 2022.
On behalf of the board,
Romain Nouzareth,
CCU.ai CEO and Chairman
About CCU.ai
CCU.ai operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract of 20 MW of stable, eco-friendly energy. The company's high-density calculation centers are built for high-grade cryptocurrency mining, AI data processing, and fintech infrastructure.
Founded in 2017, CCU.ai is led by technology entrepreneurs, electricity and ventilation experts, network specialists, and Canadian industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The excess supply of renewable energy in the province of Québec has made this endeavor feasible and a great base for growth.
*The average cost of electrical power required to mine 1 Bitcoin is a non-IFRS financial measure. We calculate that by first isolating the total cost of electricity for the three months ended September 30,2021 included in the Site Operating Costs on the Company's Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the three months ended September 30, 2021. From the total electricity costs, we isolate the electricity costs related to the operation of the Company's Bitcoin Miners (excluding hosted miners, Ethereum miners and other non-mining uses of electricity). We then convert that to US$ using the Bank of Canada exchange rate as of September 30, 2021, and divide that by the 20 Bitcoin mined in the three months ended September 30, 2021, as shown in Note 7 to the Company's Condensed Interim Consolidated Financial Statements. The Company's calculation of the average cost of electrical power required to mine 1 Bitcoin may not be comparable to similar measures presented by other issuers. The Company believes that this measure, in addition to information prepared in accordance with IFRS, provides investors with useful information to assist in their evaluation of the Company's performance and ability to generate cash flow from its operations. Accordingly, this measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
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.
For additional information, please contact:
Caroline Klukowski,
Tel: 604.260.5490
ir@ccu.ai
Canada Computational Unlimited Corp. ("CCU.ai")
INVESTORS can read more about CCU high-grade, carbon-free bitcoin mining and ESG vision at: www.ccu.ai/investors
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108562
