LGLOF - Link Global Technologies Announces Expansion of Bitcoin Self-Mining Operations and Enters into Revenue Share Model with Clients
(TheNewswire)
V ancouver ,BC, C anada - TheNewswire - January 10, 2021 - LINK GLOBAL TECHNOLOGIES INC.(CSE:LNK ) (CNSX:LNK.CN) ( FRA:LGT ) ( OTC:LGLOF) (“LINK” or the “Company”), an innovativepower and infrastructure solutions provider for Bitcoin mining anddata hosting operations, is pleased to provide an update on itsplanned Bitcoin self-mining operations. The Company announced on January 7, 2021 , that it will be acquiring a fleet of up to 1,600 ASICSBitcoin mining rigs for the purpose of self-mining Bitcoin. Linkannounces today that it will now have access to up to 2,700 Bitcoinminers via strategic relationships with partners in Canada and Asia.
Link has signed letters of intent (the “LOIs”) withtwo companies, whereby Link will receive revenue for supplying powerto its Bitcoin mining clients and operating the machines, while alsoreceiving a royalty on gross revenue earned from each company’sBitcoin mining operations. This revenue share model allows the Companyto leverage its power and infrastructure assets in order to operatethe machines more cost effectively. Link will update shareholders oncethe terms of the LOIs have been finalized.
Link is supplying clean-energy solutions by generatingpower from dormant and stranded natural gas assets, eliminatingmethane emissions into the atmosphere, while generating electricityand using it to supply power to clients that rely on data mining anddata hosting.
The advantage of Link’s platform is its ability toaccess low-cost, reliable power, generated from dormant and naturalgas assets, which it can then leverage to mine Bitcoin more costefficiently. For every 6 MWs of operational power, Link can generate108,000 terahash of computing power, or the equivalent ofapproximately 2 Bitcoins per day. At current capacity, Link is capableof operating up to 50 MWs.
Link is currently supplying 8.75 Megawatts (MW) ofpower derived from dormant and stranded natural gas assets frominactive oil wells in Alberta to its Bitcoin mining clients. TheCompany announced in a press release dated November 25, 2020 , that it is commissioning another 10 MW power site under anew contractual agreement.
Link President and Chief Executive Officer StephenJenkins commented, “We are very pleased with the rapid expansion ofour Bitcoin mining operations. We have extensive experience inoperating Bitcoin mining machines from our previous operations inOregon, USA. By moving our operations to Canada, we have been able tosource lower-cost power and take advantage of the favorable exchangerate, with our overheads in Canadian dollars and our revenues in USdollars. With the rise in Bitcoin price and expanding market interest,Link has been able to swiftly expand into self-mining which will growour Bitcoin assets profitably. Our current business model isvertically integrated, allowing Link to supply customers with power ina “plug and play” strategy. This means we can leverage ourinfrastructure assets and access to low-cost power to self-mineBitcoin when the market is profitable. Link is perfectly positioned tocontinue growing its business through powerpurchase agreements, self-mining operations and strategicpartnerships.”
About Link Global TechnologiesInc.
Link is engaged in the business of providinginfrastructure and operating expertise for digital mining and datahosting operations. Link's objectives include locating and securing,for lease and option to purchase, properties with access to low-costreliable power, and deploying this low-cost power to conduct digitalmining and supply clean energy and infrastructure for otherdata-hosting services.
On behalf of Link Global Technologies Inc.
Stephen Jenkins
Chief Executive Officer & Director
For more information visit http://linkglobal.io/ orcontact:
Steve Jenkins
stephen@linkglobal.io
+1-877-770-6545
Investors please contact:
info@linkglobal.io
+1-833-707-8708
The CSE has not reviewed and does not acceptresponsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDINGFORWARD-LOOKING INFORMATION. This news releasecontains “forward-looking statements” within the meaning ofapplicable Canadian securities legislation. Forward-looking statementsconsist of statements that are not purely historical and include anystatements regarding beliefs, plans, expectations or intentionsregarding the future. Often, but not always, forward-lookingstatements can be identified by the use of words such as “plans”,“expects”, “is expected”, “forecast”, “budget”,“scheduled”, “estimates”, “forecasts”, “intends”,“anticipates”, or “believes”, or variations (includingnegative variations) of such words and phrases, or statements thatcertain actions, events or results “may”, “would”,“could”, “should” or “might” occur. Forward-lookingstatements made in this news release include, but are not limited, to:statements with respect to the Agreement and the terms and potentialbenefits thereof; that the parties will enter into the definitivepartnership agreement and the terms thereof, including the timelinefor same; that Link’s significant expertise in internationalprojects and government relationships will assist the development ofthese projects; and that the initiatives areslated to begin implementation in fiscal Q1 2021. All suchforward-looking statements are based on factors or assumptions thatwere applied in drawing a conclusion or making a forecast orprojection, including assumptions based on historical trends, currentconditions and expected future developments. Since forward-lookingstatements relate to future events and conditions, by their verynature they require making assumptions and involve inherent risks anduncertainties. The Company cautions that although it is believed thatthe assumptions are reasonable in the circumstances, these risks anduncertainties give rise to the possibility that actual results maydiffer materially from the expectations set out in the forward-lookingstatements. In the case of the Company, these risks, uncertainties,assumptions and other factors include, without limitation: that theparties may not enter into a definitive partnership agreement at allor on the terms announced; that actual results from the partnershipmay differ materially from the parties’ expectations; those set outin the Company’s most recent MD&A, fluctuations in the price ofelectricity, fluctuations in the price of digital currencies/Bitcoin,the future potential halving of Bitcoin, increases in the networkdifficulty rate and price of digital currencies/Bitcoin, negativechanges in the level of digital currency/Bitcoin rewards per block,the securing of economic rates for the purchase of power, theopportunities for acquiring digital currency mining hardware,unanticipated changes in laws, regulations or other industry standardsaffecting the business of the Company, reliance on key managementpersonnel, the Company’s ability to implement its business plan,litigation risk, stock price volatility, the effects of generaleconomic and other factors beyond the control of the Company, andother matters that may occur in the future. Given these risks, unduereliance should not be placed on these forward-looking statements,which apply only as of the date hereof. Other than as specificallyrequired by law, the Company undertakes no obligation to update anyforward-looking statements to reflect new information, subsequent orotherwise.
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