Redwater and Lavrium Announce Strategic Partnership for Bitcoin Mining Optimization

Vancouver, B.C, July 25, 2023 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX), is pleased to announce that its wholly-owned subsidiary, Redwater Acquisition Corp. (“Redwater”), has partnered with Lavrium LLC (“Lavrium”) to integrate Lavrium’s machines and implement AI algorithms at Redwater's Alberta Project (managed by True North Data Systems Ltd.), with the overarching goal of scaling and optimizing the site’s Bitcoin mining operations to drive increased profitability.

Lavrium has gained recognition in the industry for its deployment of cutting-edge technologies and its strategic approach to ASIC mining operations. Lavrium currently hosts 350 miners in a Nebraska facility. Lavrium’s founders, who have deep expertise in machine learning (ML) and artificial intelligence (AI), met during their doctoral studies at MIT and recognized the potential of AI/ML to drive energy efficiency and enhance Bitcoin mining profitability. For example, AI algorithms can analyze a wide range of data, including past transaction volumes, power usage effectiveness (PUE), and hash rates, to optimize mining operations. Lavrium’s AI driven approach is intended to maximize profitability and energy efficiency in Bitcoin mining.

CryptoBlox Interim CEO, Tayrn Stemp, comments, “Investors must diligently consider both Lavrium's data-driven approach and the vital role of miner fees when assessing transaction costs and evaluating blockchain projects or cryptocurrencies. Lavrium's commitment to leveraging AI and optimizing energy efficiency contributes to their cost-effective and environmentally friendly mining practices.”

CryptoBlox director, Akshay Sood, also expressed his excitement about the partnership with Redwater. “As a leading blockchain technology company, Lavrium utilizes cutting-edge technologies and industry expertise to drive innovation and maximize returns for investors”. With his background in advising and incubating early-stage blockchain startups, Mr. Sood believes that combining his expertise with Lavrium's proficiency in optimizing Bitcoin mining operations will create a powerful synergy. Lavrium's extensive experience in various blockchain-based businesses positions them to contribute to Redwater’s success in this rapidly evolving market.