Vancouver, B.C, July 27, 2023 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX), is pleased to announce that, further to its news release dated July 25, 2023, through the partnership between the Company’s wholly owned subsidiary, Red Water Acquisition Corp. (“Redwater”), and Lavrium LLC (“Lavrium”), Lavrium will be applying their AI energy efficiency optimization algorithms to Redwater’s mining operations.
As the cryptocurrency mining industry faces increasing pressure to maximize energy efficiency, Lavrium's cutting-edge AI algorithms offer an effective solution. By analyzing data such as transaction volumes, power usage effectiveness (PUE), and hash rates, Lavrium's algorithms can predict optimal mining periods based on historical and real-time data. The Company hopes that this novel approach will allow Redwater to maximize their return on energy investment while significantly reducing operational costs.
One of the key advantages of Lavrium's algorithms is their adaptability through machine learning. As the algorithms continuously learn and refine their predictions, they improve energy efficiency over time, resulting in more economical and environmentally friendly mining operations. The Company hopes this will not only enhances Redwater's profitability but also contribute to a sustainable energy future.
"Lavrium'srevolutionary AI energy efficiency optimization algorithms could prove to be a game-changer for the cryptocurrency mining industry. We are excited to partner with Lavrium to transform our mining operations and increase our efficiency," commented CryptoBlox Interim CEO, Taryn Stemp.
The integration of Lavrium's advanced AI technology into Redwater's mining operations is expected to drive significant improvements in energy efficiency and overall profitability. The implementation of these algorithms will be facilitated by True North Data Systems, a renowned data center solutions provider working in collaboration with Redwater.
On behalf of the Company,
Taryn Stemp,
Interim Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology company with diversified portfolio of fintech blockchain services, blockchain battery technologies and applications, and crypto mining facilities under development. The Company’s acquisition of Redwater marks a significant milestone in its plan to meet the fast-growing demand for cost-effective cryptocurrency infrastructure in North America. By integrating its mining facilities into power generation facilities in Alberta, and using state-of-the-art operations techniques, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty that can deliver some of the cleanest and lowest-cost mining operations in the world. The Company recently acquired a 100% interest in Redwater Acquisition Corp. which is a company specializing in air-cooled data centers and advanced heat recapture products. Committed to environmental sustainability, Redwater Acquisition Corp aims to revolutionize the crypto mining sector through innovative technologies that enhance efficiency and reduce the industry's carbon footprint.
For further information about the Company, please visit https://www.cryptoblox.ca or call 236-259- 0279.
Forward-LookingStatements
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: the future plans and operations of the Company and Redwater; Redwater’s partnership with Lavrium and the benefits thereof, including to the cost-effectiveness of Redwater’s mining operations; the effectiveness of Lavrium’s AI algorithms and their impact on Redwater’s efficiency and profitability and the sustainability of its operations. 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.
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