Block One Capital Inc. Investee Company: TG12 Ventures Inc., Doubles Purchase Agreement to Acquire an Additional 1,000 Bitcoin Miners
December 07, 2017 --
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VANCOUVER, British Columbia, Dec. 07, 2017 (GLOBE NEWSWIRE) -- Block One Capital Inc. (TSX-V:BLOK) (Frankfurt:ES3) (the “Company” or “Block One”), is pleased to announce that its investee company: TG12 Ventures Inc. (“TG12”) has entered into a purchase agreement to acquire an additional one-thousand (1,000) S9 Antminers. TG12 now has two-thousand (2,000) units on order with the first 1,000 units scheduled to be operable in February 2018.
The S9 Antminers are manufactured by Bitmain, one the world’s most recognized Bitcoin/ cryptocurrency companies. The first batch of S9 Antminers is scheduled to be shipped and delivered in January 2018 and be operable in February 2018. The S9s are planned to operate at a co-location facility located in Montreal, Quebec, Canada, where the all-in cost of operating the miners, inclusive of electricity, rent, cooling, general rig maintenance and management, is estimated to be about US$0.10 per kilowatt hour.
Based on TG12’s financial forecasting, current conservative Bitcoin price estimate of US$8,000 and the 2000 miners being fully operable, the estimated revenue per year is US$15,600,000. With any appreciation of the price of Bitcoin above this estimate, the return on investment of the miners should become even greater. Based on the current Bitcoin price of approximately US$13,900 on December 6, 2017, the estimated revenue per year would be US$25,970,000.
Additionally, the Company’s updated corporate slide deck is now available for download at: www.blockonecap.com.
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
This news release contains forward-looking statements that are based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates. Although Block One believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in the price of Bitcoin, delays in deliveries and shipments, machines operating at the capacity expected, the price of electricity and other costs affecting profitability, availability of capital and financing on acceptable terms, general economic, market or business conditions, including the general acceptability of Bitcoin and cryptocurrency, risks associated with regulatory changes, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, and uninsured risks,. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Neither the 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 release and has in no way passed upon the merits of the qualifying transaction and has neither approved nor disapproved of the contents of this press release.
FOR ADDITIONAL INFORMATION CONTACT:
Block One Capital Inc.
Office: 604-908-3095; email: [email protected]