TORONTO, Feb. 14, 2018 (GLOBE NEWSWIRE) — Valencia Ventures Inc. (“Valencia” or the “Company”) (TSXV:VVI) continues to work with the principals of EarthRenew (“EarthRenew”) to reactivate the EarthRenew business and progress the reverse takeover transaction as previously announced on December 1, 2017.
EarthRenew reports that it has purchased 20 Antminer S9 mining rigs from Bitmain to commence Bitcoin mining activities at its plant in Strathmore, Alberta (the “Strathmore Plant”).
Optimal cryptocurrency mining relies on three key factors:
- miners need to have access to low-cost electricity to run their operations profitably;
- miners need to have a sufficiently fast internet connection to quickly receive and broadcast data with other nodes on the network; and
- mining equipment must be kept from overheating to function optimally, which is why locations that have low temperature zones offer substantial advantages as cooling costs can be kept low.
The Strathmore Plant offers all three benefits: it generates its own electricity at relatively low prices; it has a sufficiently fast internet connection; and, it is located outside of Calgary, Alberta which ranks among the coldest Canadian cities, on average, during both summer and winter months.
The new Bitcoin mining rigs are scheduled to be delivered in late March. EarthRenew is currently engaged in restarting the electricity generation component of its business through the operation of a natural gas fired industrial turbine. EarthRenew estimates that it can operate up to 2,000 cryptocurrency mining rigs using the surplus electricity generated by the turbine. The remaining electricity can be used in future to power EarthRenew’s patented waste to organic fertilizer production process.
EarthRenew management is also evaluating hardware options to mine other cryptocurrencies and intends to mine a …