Bird River Resources Partners with Divestco to Create a Low-cost Cryptocurrency Mining Centre
2018年4月9日 - 6:00PM
Bird River Resources Inc. (CSE:BDR) (“Bird River”) and Divestco
Inc. (TSXV:DVT) (“Divestco”) today announced a joint venture to
create a high-volume, cost-effective commercial cryptocurrency
mining operation based in Calgary, Alberta using existing
infrastructure.
This follows a previously announced joint cogeneration agreement
under which the two companies have joined forces to produce
low-cost electricity by converting natural gas to electricity. The
cryptocurrency mining operation will benefit with an estimated cost
of electricity at approximately 1.4 cents per kilowatt hour
compared to the Canadian industry average cost of electricity at
approximately 6 cents per kilowatt hour.
“Electricity is one of the largest expenses in running a
commercial cryptocurrency mining operation. Securing low-cost
electricity through our joint cogeneration facility provides us
with an impressive competitive advantage,” said Ty Pfeifer,
Director of Bird River Resources. “Furthermore, we are able to
utilize Divestco’s existing data centre infrastructure, providing
an even further substantial cost advantage in bringing our venture
to the forefront of Canada’s cryptocurrency mining industry.
Building a similar data centre would cost in excess of $5
million.”
Under the agreement, Bird River will pay for 100% of the capital
cost of acquiring mining rigs for cryptocurrency mining operations.
Divestco will provide the infrastructure for the cryptocurrency
mining activity including climate-controlled space, racking
equipment for up to 3,000 mining rigs, and personnel with specific
expertise in crypto mining. Divestco will operate the data centre
and all the crypto data mining rigs. Revenue, net of operating
expenses, will be split with 80% of revenue to Bird River Resources
and 20% of revenue to Divestco until such time that the original
capital cost has been fully recouped, and will thereafter be split
50/50 between the two companies.
“We are pleased that the substantial investment we’ve made
in our state-of-the-art data centre will be utilized for this joint
venture, and that existing IT resources can easily be augmented
with expertise to run the cryptocurrency mining operations,” said
Stephen Popadynetz, President and CEO of Divestco. “We see great
promise in this joint enterprise becoming Canada’s leader in
cryptocurrency mining with the infrastructure, expertise and low
cost electricity that set us above the rest.”
About Bird River Resources Inc.
Established in 1958, Bird River Resources (CSE:BDR) is a
Canadian natural resources company focused on three verticals
within the energy sector – Oil & Gas, Cogeneration and
Technology. The Oil & Gas vertical was recently expanded
through the acquisition of High Point Oil and focuses on the
acquisition, exploration and development of petroleum and natural
gas in the Western Canadian Basin. The cogeneration vertical is a
joint venture with Divestco Inc. focused on the conversion of
natural gas to electricity at exceptionally low rates. The
Technology vertical focuses on the application of technologies such
as blockchain to identified opportunities within the energy and
technology sectors, including the establishment of a leading, ultra
low-cost cryptocurrency mining centre through a partnership with
Divestco. For more information, visit birdriverresources.com,
highpointoil.net and divestco.com.
About Divestco Inc.
Divestco is an exploration services company that provides a
comprehensive and integrated portfolio of data, software, and
services to the oil and gas industry. Through continued commitment
to align and bundle products and services to generate value for
customers, Divestco is creating an unparalleled set of integrated
solutions and unique benefits for the marketplace. Divestco’s
breadth of data, software and services offers customers the ability
to access and analyze the information required to make business
decisions and to optimize their success in the upstream oil and gas
industry. Divestco is headquartered in Calgary and trades on the
TSX Venture Exchange under the symbol “DVT”. Additional information
on Divestco is available on its website at divestco.com and on
SEDAR at sedar.com.
For further information,
contact:
Bird River Resources Inc.
(birdriverresources.com)
Mr. Ty Pfeifer Director (CEO, High Point
Oil) ty@highpointoil.net
Mr. Howard BlackerCFO, High Point
Oilhoward@highpointoil.net
Divestco Inc.
(www.divestco.com)
Mr. Stephen Popadynetz
CEO and President
Tel
587-952-8152 spopadynetz@divestco.com
Mr. Danny ChiarastellaChief Financial
Officer Tel
587-952-8027 dchiarastella@divestco.com
Neither Canadian Securities Exchange (CSE) nor TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news
release.
Forward-Looking Information and Statements
This press release contains forward-looking information and
statements related to Bird River’s and Divestco’s capital
expenditures, projected growth, view and outlook with respect to
future oil and gas prices and market conditions, and demand for its
products and services. This forward-looking information and the
related statements are based upon factors, expectations and
assumptions reflected in the forward-looking statements that
reasonable at this time, but no assurance can be given that these
factors, expectations and assumptions will prove to be correct. The
forward-looking information and statements contained in this press
release are based upon several material factors and expectations
and assumptions of Bird River’s and Divestco’s including, without
limitation: Divestco’s status as a going concern; that Bird River
and Divestco will continue to conduct its operations in a manner
consistent with past operations; future interests rates; future
availability of debt and/or equity sources to fund Bird River’s and
Divestco’s capital and operating requirements as needed on terms
acceptable to management of Bird river and Divestco or at all; and
future prices for crude oil and natural gas;. The forward-looking
information and statements included in this press release are not
guarantees of future performance and should not be unduly relied
upon. Such information and statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking information and statements including, without
limitation: general economic, market and business conditions;
increased debt levels or debt service requirements; limited,
unfavourable or no access to debt or equity capital markets;
volatility in market prices for crude oil and natural gas; ability
of Divestco’s clients to explore for, develop and produce oil and
gas; availability of financing and capital; the ability of Bird
River’s and Divestco’s customers to pay in a timely manner;
fluctuations in interest rates; demand for Bird River’s and
Divestco’s product and services; competitive actions by other
companies; failure to obtain regulatory approvals in a timely
manner; adverse conditions in the debt and equity markets; and
government actions including changes in environment and other
regulation; and certain other risks detailed from time to time in
Bird River’s and Divestco’s public disclosure documents including,
without limitation, those risks identified in this press release.
The forward-looking information and statements contained in this
press release speak only as of the date of this press release, and
Bird River and Divestco do not assume any obligation to publicly
update or revise them to reflect new events or circumstances,
except as may be required pursuant to applicable laws.
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