Redwater and Lavrium announce strategic partnership for
Vancouver, BC, July 25, 2023 (GLOBE NEWSWIRE) — CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX), is pleased to announce that its wholly owned subsidiary, Redwater Acquisition Corp. (“Red water”), partners with Lavrium LLC (“Lavrium”) to integrate Lavrium’s machines and implement AI algorithms at Redwater’s Alberta Project (operated by True North Data Systems Ltd.), with the overarching goal of scaling and optimizing the site’s Bitcoin mining operations to increase profitability.
Lavrium has received industry recognition for its use of advanced technologies and its strategic approach to ASIC mining operations. Lavrium currently houses 350 miners in a Nebraska facility. The founders of Lavrium, who have deep expertise in machine learning (ML) and artificial intelligence (AI), met during their doctoral studies at MIT and recognized the potential of AI/ML to drive energy efficiency and improve Bitcoin mining profitability. For example, AI algorithms can analyze a wide range of data, including past transaction volumes, power usage effectiveness (PUE), and hash rates, to optimize mining operations. Lavrium’s AI-driven approach aims to maximize profitability and energy efficiency in Bitcoin mining.
CryptoBlox Interim CEO, Tayrn Stemp, notes: “Investors should carefully consider both from Lavrium data-driven approach and the vital role of miner fees in assessing transaction costs and evaluating blockchain projects or cryptocurrencies. from Lavrium commitment to using AI and optimizing energy efficiency contributes to their cost-effective and environmentally friendly mining practices.”
CryptoBlox CEO Akshay Sood also expressed his enthusiasm for the partnership with Redwater. “As a leading blockchain technology company, Lavrium leverages advanced technologies and industry expertise to drive innovation and maximize returns for investors.” With his background in advising and incubating early-stage blockchain startups, Mr. Sood believes that combining his expertise with Lavrium’s skill in optimizing Bitcoin mining operations will create powerful synergy. Lavrium’s extensive experience in various blockchain-based companies positions them to contribute to Redwater’s success in this rapidly evolving market.
The partnership between Lavrium and Redwater will benefit from the success of True North Data Systems Ltd. and Redwater’s recent collaboration. Leveraging Redwater’s Alberta project, the strategic partnership between Lavrium and Redwater aims to scale and optimize Redwater’s Bitcoin mining operations, ultimately driving profitability for both companies.
Lavrium has built a track record of consistent profitability, demonstrating the strength of their infrastructure and strategic partnerships. With a solid foundation, Lavrium anticipates continued success in the future.
On behalf of the company,
Taryn Stamp,
Interim general manager
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology company with a diversified portfolio of fintech blockchain services, blockchain battery technologies and applications, and developing crypto mining facilities. The company’s acquisition of Redwater marks a major milestone in its plan to meet the burgeoning demand for cost-effective cryptocurrency infrastructure in North America. By integrating its mining facilities into power generation facilities in Alberta and using state-of-the-art operational techniques, the company will be able to achieve a high degree of financial optionality and long-term operational security that can deliver some of the cleanest and least expensive mining operations in the world. The company recently acquired a 100% interest in Redwater Acquisition Corp., a company specializing in air-cooled data centers and advanced heat recovery products. Committed to environmental sustainability, Redwater Acquisition Corp aims to revolutionize the crypto mining industry through innovative technologies that improve efficiency and reduce the industry’s carbon footprint.
For more information about the company, please visit https://www.cryptoblox.ca or call 236-259-0279.
Future-oriented explanations
The information in this press release contains certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based on assumptions that are subject to risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements regarding: the future plans and activities of the Company and Redwater; Redwater’s partnership with Lavrium and its benefits, including the cost effectiveness of Redwater’s mining operations; synergies between Mr. Sood and Lavrium’s expertise; future profitability of Lavrium and Redwater; and Lavrium’s strategic goals and prospects. While the Company believes that the expectations reflected in forward-looking statements are reasonable, it cannot guarantee that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.
The CSE (had surgery Through CNSX Markets incl.) has neither approved nor rejected by the contents of this press release.
