Microelectronics Technology Corporation Plans Phase One 100 TH/s Mining Center
April 09 2014 - 9:00AM
Marketwired
Microelectronics Technology Corporation Plans Phase One 100 TH/s
Mining Center
MONARCH BAY, CA--(Marketwired - Apr 9, 2014) - Microelectronics
Technology Corporation (OTCBB: MELY) (OTCQB: MELY) is pleased to
announce the Company has initiated negotiations with Institutional
Investment Funds for equipment acquisition financing.
The company is in negotiations for a NON-DILUTIVE credit
facility of five million dollars for the acquisition and
development of the digital currency mining center the company is
developing through its Dynamo Server division.
The company is in the planning stages for the development of a
first phase 100 TH/s BTC
mining center.
The company will be investing in the required hardware needed to
provide the targeted 100 TH/s rate over the period of six to eight
months.
The company will be operating this cyber currency mining center
in an open pool configuration allowing other miners to join the
pool for a proportional percentage share of the mining pool
production.
"Bitcoin mining is a very competitive arena that requires the
application of significant financial resources to the mining of
Bitcoin as quickly as possible," states company president Brett
Everett "upon the completion of the current acquisition closing
April 18, the company will be introducing its plans for the roll
out of phase one and timelines for completion."
The acquisition remains on schedule with the closing date of
April 18, 2014.
The installation of the digital mining servers is also on
schedule with the first transitioned servers to the Dynamo Servers
co-location facility by April 30, 2014.
This transition will allow for peak efficiency utilizing the
state of the art server facility and seamless expansion capability
Dynamo servers can provide.
Bitcoin Mining: BTC
Upon the completion of the Digital Mining Server installation at
the Dynamo Server co-location facilities, the company will begin to
offer fractional Bitcoin Digital Currency Mining server rentals to
interested third parties for an annual fee based upon the hash rate
available for partitioning.
It is anticipated that the partitions will be available for
lease in minimum 20 Gh/s hash rates with any multiple of 20 Gh/s
available.
About Dynamo Servers
The Dynamo Servers platform was built from the ground-up to
accommodate the needs of modern dedicated server customers, with
features that are unique to the market. A simplified pricing model
was applied to an expansive configuration system, allowing for
predictable pricing without the customization limitations or
penalties that are common among providers. An API was built to
allow for integration with custom software and 3rd-party services.
Social features were added to enable a dialogue among customers and
a level of transparency unheard of in the industry. As long-time
dedicated server customers, the people behind Dynamo Servers built
a platform that they would want to use themselves.
Dynamo Servers provide dedicated servers to clients through our
point of presence in Vancouver, Canada inside a carrier neutral
facility owned and operated by Cologix Inc.
www.dynamoservers.com
Forward-Looking Statements:
This news release includes forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. While these statements are made to
convey Company progress, business opportunities and growth
prospects, readers are cautioned that such forward-looking
statements represent management's opinion. Whereas management
believes such representations to be true and accurate based on
information and data available to the Company at this time, actual
results may differ materially and are subject to risk and
uncertainties. Factors that may cause actual results to differ
include without limitation: dependence on key personnel and
suppliers; MELY's ability to commercialize its technology; ability
to defend intellectual property; material and component costs;
competition; economic conditions; consumer demand and product
acceptance, and availability of growth capital. Additional
considerations and risk factors are set forth in reports filed on
Form 8-K and 10-K with the SEC and other filings. Readers are
cautioned not to place undue reliance upon these forward-looking
statements; historical information is not an indicator of future
performance. The Company undertakes no obligation to update
publicly any forward-looking statements.
CONTACT: For further Information Microelectronics Technology Co.
President: Mr. Brett Everett 1-949-436-9382
www.clouddatacorp.com www.melypk.com www.dynamoservers.com
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