Business
GDET Announces Regulatory Approval for Large Scale Bitcoin Mining Operations
GDET Announces Regulatory Approval for Large Scale Bitcoin Mining Operations.
About this update from Gd Entertainment & Technology, Inc.
[{"type":"text","content":"\nFORT LEE, N.J., July 12, 2018 (GLOBE NEWSWIRE) -- GD Entertainment And Technology (GDET) (“GDET” or the “Company”) is excited to announce that it has received a permanent regulatory permission to continue full-scale cryptocurrency mining operations in the New Jersey borough where the Company has established its primary operational base.\n Management believes that the Permanent Certificate of Occupancy from the Town Hall represents a strong signal that the Company has the backing of local economic and political leadership.  Mr. Anil Idnani, CEO of GDET, initially approached Town Hall representatives earlier this year to discuss the details of the mining operation, including a pending upgrade of its facility to allow for massive mining operations, where he was welcomed with a spirit of support that has emboldened Company management with respect to future investments in its facility in the borough. The permanent Certificate of Occupancy was an important initial step that now clears the way for an aggressive path forward for the Company. Next steps include: • Build headcount through full-time hires on site • Finalize plans for sweeping facility upgrade, including planning permissions• Negotiate longer and more advantageous facility lease terms • Partner with local energy infrastructure to optimize and maximize operational mining capacity Mr. Idnani commented, “We’re moving forward at a sprint because the market opportunity is particularly acute right now. Our vision is predicated on building a market-leading presence ahead of a broad recovery in the cryptocurrency asset class. Research places crypto mining as a $38 billion industry seven years out. Our objective is to sit at the top of that pyramid on the way up. But the first step is to establish a cutting-edge facility in the tri state area. This sign of support from the local leadership here in our home town will help us push that agenda forward at a rapid pace.” GDET shareholders can expect new updates very soon as the Company enters an aggressive phase of ...