GDET Announces Major Reduction in Electricity Rates for Cryptocurrency Mining Operation
July 15 2019 - 9:00AM
InvestorsHub NewsWire
GDET Announces Major Reduction in Electricity Rates for
Cryptocurrency Mining Operation
FORT LEE, NJ -- July 15, 2019 -- InvestorsHub NewsWire -- GD
Entertainment And Technology (GDET) (“GDET” or the “Company”) is
excited to announce that the Company has engaged a third-party
broker who was able to provide multiple offers from major
electricity providers with savings as high as +21% off the current
kWh rate.
Management is currently finalizing the terms of the contract
with the provider and is looking to secure the new discounted rates
immediately in order to be in effect for the next billing cycle.
This news comes shortly after GDET announced the expansion of their
mining facilities with the integration of additional ASIC units and
upgraded ventilation systems.
GDET CEO, Anil Idnani, commented, “My team is extremely pleased
with the new electricity rates and are looking to sign a long-term
contract to secure our discount. Our commitment to regularly
operate and upgrade the facility is a reflection of the company’s
core belief in the longevity of cryptocurrency. These savings will
reflect in the decrease of our overhead expenses and we hope to
further maximize the operation’s profitability.”
With the price of Bitcoin up more than 170% this
year(1), mining rig prices continue to increase in value
as well. According to an article posted by, Yahoo
Finance(2), official websites are out of stock and
second-hand mining machines are increasingly expensive. Due to the
limited capacity of chipmakers, the stalled production of these
miners result in a short supply. Chief Technology Officer
Kristy-Leigh Minehan quotes in the article that “the effect of rigs
being in short supply means that new entrants that come into the
market will not be able to participate.”
The Company’s current upgrade of the cryptocurrency mining
facility will involve the installation of brand-new ASIC units to
increase the operation’s overall hashrate.
GDET shareholders can expect new updates very soon as the
Company continues to execute an aggressive phase of operational
development and expansion.
Sources
(1) https://www.cnbc.com/2019/06/24/bitcoin-price-rises-above-11000-for-the-first-time-in-15-months.html
(2) https://finance.yahoo.com/news/bitcoin-mining-rig-prices-soaring-185612850.html
About GDET
GD Entertainment & Technology, also known as GDET, focuses
on high growth industries to fulfill a diverse selection of premium
products nationwide. The company currently manufactures,
wholesales, and markets a portfolio of blockchain/financial
service-based products. GDET strives to become one of the premier
Cryptocurrency mining facilities that is client-focused and
dedicated to creating a new standard in the Blockchain space based
on security and transparency. GDET has also developed a strong
relationship with suppliers worldwide to ensure future purchasing.
The company currently has two subsidiaries, DreamCard and
HyperDigital Technologies, which both offer a selection of
transactional-based products and services. DreamCard allows users
to create a customizable debit or credit card using its state of
the art online platform. HyperDigital Technologies is the
Cryptocurrency ATM sector of GDET and aims to secure multiple MSB,
money services business, licenses in order to host ATM units
throughout the country.
Safe Harbor Provision Cautionary statement for purposes of the
"Safe Harbor" provisions of the Private Securities Litigation
Reform Act of 1995: Information in this news release contains
forward-looking statements that involve risks, uncertainties and
assumptions. If such risks or uncertainties materialize or such
assumptions prove incorrect, the results of the Company and its
consolidated subsidiaries could differ materially from those
expressed or implied by such forward-looking statements and
assumptions. All statements other than statements of historical
fact are statements that could be deemed forward-looking
statements. Risks, uncertainties and assumptions include the
execution and performance of contracts by the Company and its
customers, suppliers and partners. Please also review GD
Entertainment and Technology annual and quarterly financials for a
more complete discussion of risk factors. The Company disclaims any
obligation to update or revise statements contained in this news
release based on new information or otherwise. This communication
shall not constitute an offer to sell or the solicitation of an
offer to buy securities nor shall there be any sale of these
securities in any state in which such solicitation or sale would be
unlawful prior to registration or qualification of these securities
under the laws of any such state.
Contact:
GD Entertainment and Technology
732-851-3756
anil@gdet.co
www.gdet.co
1 Bridge Plaza
2nd FloorFort Lee, NJ 07024
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