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Atlas Cloud Acquires 1000 Bitcoin MinersVANCOUVER, British Columbia, Jan. 23, 2018 (GLOBE NEWSWIRE) -- Atlas Cloud Enterprises Inc. (CSE:AKE) (XFRA:A49) (the “Company” or “Atlas Cloud”) an experienced IT service provider focussed on becoming the lowest cost producer in the blockchain and digital currency mining sector, is pleased to announce the milestone acquisition of 1,000 Application Specific Integrated Circuit (ASIC) mining servers slated for immediate mining deployment. Atlas Cloud’s initial hardware acquisition comes from Bitmain Technologies Ltd. (Bitmain). The Antminer S9, is considered to be the most powerful, power-efficient, and first-ever consumer grade bitcoin miner in the world. Founded in 2013, Bitmain, as a private company, was established to develop and sell industry leading bitcoin miners utilizing specialised ASIC chip technology. Headquartered in Beijing and with offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, Shanghai and Shenzhen, the company is among the most recognizable organizations in the cryptocurrency space, and the parent of multiple sector-leading products and brands. Currently, Atlas Cloud’s previously announced 3.0-megawatt Grant County Data Centre is completing refurbishment into a dedicated Bitcoin mining facility. In the interim, Atlas Cloud has entered into a private co-located hosting arrangement with an industry partner in order to commence immediate near-term mining operations. The S9 miners have arrived at the partner location, with the first units scheduled to come online on or around February 1st. Activation and implementation of the entire 1,000 machine order is scheduled for no later than February 15th. The combined mining capability from the 1,000-machine installation provides 13.5 petahashes per second (PH/s) with a resultant mining capacity of 1.52 BTC/per day, based on current parameters. Operationally, Atlas Cloud plans to join Slushpool.com, the first Bitcoin mining pool in the world to proportionally amalgamate resources with other global miners to reduce volatility of mining efficacy. In a further innovation to maximize returns, the Company will employ automated software switching that reacts to predetermined thresholds designed to swap mining operations between Bitcoin and Bitcoin Cash depending upon gross mining profitability. Under the terms of the temporary co-location agreement, Atlas will pay all fees plus operational costs of $0.10 USD per kilowatt-hour (kWh) during this short-term hosting arrangement. When the updates to the wholly-owned Grant County Data Centre are completed, the 1,000 miners will be directly transferred to the newly outfitted subsidiary location to leverage electrical provisioning at approximately $0.03/kWh, one of the least expensive commercial rates in the world. Located proximal to Washington State’s Grand Coulee Dam on the Columbia River, the facility is configured to commence operations utilizing 80% of the currently dedicated 3.0 MW of available power to host up to 1,700 S9 or similar ASIC devices. A second phase infrastructure upgrade (an additional 2.0 MW) is expected to be completed in 2019, increasing total available energy dedicated to servicing digital currency mining up to an impressive 5.0 MW. The development of the Company’s business to digital currency mining has been deemed a fundamental change under the policies of the Canadian Securities Exchange. As a result, the Company’s expansion of its business remains subject to the approval of the Company shareholders and the Exchange. About Atlas Cloud Enterprises Inc. |