TORONTO, July 18, 2018 (GLOBE NEWSWIRE) -- Blockchain Power Trust (“Blockchain Power” or the “Trust”) (TSX-V:BPWR.UN) is pleased to report that production of its renewable energy projects for the quarter ended June 30, 2018 was an aggregate of 34,771 MWh, representing an increase of 38% from the 25,178 MWh produced by the projects in the comparative quarter ended June 30, 2017.
The Trust is also pleased to provide an update on mining operations from its 1,550 cryptocurrency mining units in Romania, with an aggregate power capacity of 2.09 MW representing 21.7 petahash per second (“PH/s”). During this ramp-up period, between March, 2018 and June 30, 2018, the Trust mined 21 Bitcoin, all of which continue to be held by the Trust. The previously acquired Hashtank H40, which has 6PH/s computing power, has arrived in Romania and is expected to be fully commissioned on or about July 20, 2018. The Trust’s aggregate installed cryptocurrency mining capacity, including the Hashtank H40, is 2.74 MW representing 27.8 PH/s.
Colter Eadie, Chief Executive Officer of Blockchain Power, commented “We are very pleased by the continued, consistent, and on-target performance of our renewable generation assets. We are similarly pleased that our mining operations have been running consistently since commencing operation and that our capital expenditures for the mining operations are significantly below the budget forecast from December 2017. We are looking forward to providing additional details about the mining operation performance concurrently with the release of our Q2 financials in August 2018. We expect to confirm full commissioning of our H40 Hashtank imminently which will increase our aggregate hashpower in operation by over 20%”.
For further information please contact:
| Ravi Sood Chairman +1 647-987-7663 rsood@blockchainpower.com | J. Colter Eadie Chief Executive Officer +351 938 810 979 jceadie@blockchainpower.com | Betty Soares Chief Financial Officer +1 416-803-6760 bsoares@blockchainpower.com |
About Blockchain Power
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under Blockchain Power’s issuer profile at www.sedar.com .
Forward-Looking Statements
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Blockchain Power and its business are discussed under the heading “Business Risks and Uncertainties” in Blockchain Power’s annual Management’s Discussion & Analysis for the year ended December 31, 2017, a copy of which is available on Blockchain Power’s SEDAR profile at www.sedar.com . Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Blockchain Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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