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GDET Announces 24% Expansion in Bitcoin Mining Yield Following Acquisition of Significant New Mining Assets
GDET Announces 24% Expansion in Bitcoin Mining Yield Following Acquisition of Significant New Mining Assets.
About this update from Gd Entertainment & Technology, Inc.
[{"type":"text","content":"\n FORT LEE, NJ, Oct. 29, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- GD Entertainment and Technology (OTC: GDET) (“GDET” or the “Company”), an emerging leader in the CBD, Blockchain, and Luxury Retail markets, is pleased to announce the completion of a material Asset Purchase Agreement (the “Agreement”) for the acquisition of significant new and used Bitcoin mining assets to be immediately integrated into the Company’s active cryptocurrency mining operations. “We are expanding and optimizing production from our mining operation at a rapid pace,” commented Anil Idnani, CEO of GDET. “This planned expansion follows a series of steps in Q2 and Q3 to dramatically lower our all-in costs through improved negotiated rates with utility providers and significant firmware upgrades. Any notable increase in the price of Bitcoin following this expansion in production at our mining facility should translate into substantial top and bottom-line growth for our shareholders.” The Company is currently operating 72 ASIC Bitcoin Miners at its primary New Jersey mining facility, with plans in place to move toward full fleet operation over the near term. In addition, the Company has begun the process of a major planned expansion of this fleet. This Agreement will add 17 state-of-the-art miners to the Company’s fleet, immediately increasing yield by 24%. The move is part of a larger expansion strategy geared toward augmenting shareholder value as the Company prepares for higher cryptocurrency exchange rates and wider mainstream adoption. According to research by the Company, Bitcoin pricing in 2020 may be significantly impacted by growing concerns over the sustainability of what is already the longest-lasting global economic expansion cycle in modern history. This growing cyclical vulnerability is further amplified by the fact that major central banks in the developed world have already driven interest rates so low that over $14 trillion in sovereign debt is now trading at negative interest rates, suggesting that traditional monetary policy tools may present a lack of significant potency in a more aggressive contractionary environment, driving substantial new demand for alternative non-fiat stores of value like precious metals and Bitcoin as a hedge against experimental new stimu...