Atlas Cloud Enterprises Inc (OTCMKTS:ATLEF) Provides Infrastructure Update for 5.0 MW Bitcoin Mining Facility

Atlas Cloud Enterprises Inc (OTCMKTS:ATLEF) has announced that the ongoing upgrade on its facility at the Washington State Grant County Data Center is going as scheduled. Atlas Cloud Enterprises is a leader in the provision of IT services and is currently focusing on becoming the lowest cost provider in the digital currency mining and blockchain technology sector.

The company’s five-megawatt (5.0 MW) Grant County Data Centre is currently being renovated to be transformed into a Bitcoin mining plant. The company has consolidated enough funds to finish the renovation of the facility and had contracted an electrical engineering to carry out the work. Additionally, it has purchased most of the components that are a need in the project and a transformer with the capacity to power the facility will be installed on site. All mechanical and electrical contractors are working on the project which is expected to be completed by the second quarter of 2018.

After completion of the renovation, the Grant County Data Center will start operations and will use 80% of the 3.0 MW of the currently available power which will have the capacity to power up to 1,700 ASIC S9 Antminer machines.

Phase two of the upgrade with an additional 2.0 MW id expected to be completed in 2019. The company will benefit from the electrical provisioning rates set at around $0.03/kWh thanks to its close proximity to Washington State’s Grand Coulee Dam located on the Columbia River. This is one of the world’s most cost-effective commercial rates.

The company has a target of 5.0 MW at the current electrical provisioning rates aiming to position itself as a leader in the cryptocurrency mining sector.

In a statement, Atlas Cloud CEO Fred Stearman said that full ownership of the Grant County Data Centre will give the company a higher competitive edge in the digital mining sector and will enjoy reduced as well as predictable overhead costs. The company will also have the freedom to carry out upgrades on the facility without any interference. Stearman also added that the company will be free from unnecessary complications and costs from 3rd party property leaseholders and owners.

 

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.