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GDET Announces Over 40% Energy Savings on Cryptocurrency Mining Operation
GDET Announces Over 40% Energy Savings on Cryptocurrency Mining Operation.
About this update from Gd Entertainment & Technology, Inc.
[{"type":"text","content":"\nFORT LEE, NJ, July 18, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- GD Entertainment And Technology (GDET) (“GDET” or the “Company”) is excited to announce that after bidding amongst major electricity providers, management was able to secure a long-term contract with new rates that will provide an annual savings upwards of 41%.\n GDET recently announced that a third-party broker was bidding for the Company’s electricity contract in the market and was looking to secure a new rate in immediate effect for the next billing cycle. At the time of the announcement, the bids spanned a range that reflected over a 20% savings. Management has currently signed with a provider that will not only provide fixed pricing at a major +40% discount but also allows for the option to increase the energy consumption in the future at no penalty or additional cost. This option allows the Company to work on any upgrade of the mining facility with the flexibility of calculating overhead costs based solely on the cryptocurrency market cap. GDET CEO Anil Idnani commented, “I am extremely proud to announce that the Company has executed this aggressive contract and the timing could not be any better. My team is working hard with Forest Hill Electric to execute the upgrade of our facility and we are more optimistic than ever knowing our energy costs will not increase. As mentioned earlier, I am looking to secure only long term commitments as the company’s vision is to expand in all verticals. Any decrease in our overhead will maximize the operation’s return and profitability.” The Company’s current upgrade of the cryptocurrency mining facility will involve the installation of brand-new ASIC miners to increase the operation’s overall hashrate. GDET shareholders can expect new updates very soon as the Company continues to execute an aggressive phase of operational development and expansion. About GDET GD Entertainment & Technology, also known as GDET, focuses on high growth industries to fulfill a diverse selection of premium products nationwide. The company currently manufactures, wholesales, and markets a portfolio of blockchain/financial service-based products. GDET strives to become one of the premier Cryptocurrency mining facilities that is client-focused and dedicated to creating a new...