CryptoBlox Provides Corporate Update

Vancouver, B.C., Aug. 08, 2023 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX) is pleased to provide a corporate update. The Company has recently acquired 100% of Redwater Acquisition Corp. (“Redwater”). Redwater is a modular air-cooled data center facility, equipped with heat recapture capabilities in Sturgeon County, Alberta. With this acquisition, CryptoBlox has made significant strides towards its expansion within the cryptocurrency mining sector. The Company has secured plans to deploy up to 1 megawatt (MW) of capacity within Redwater with potential expansion plans of up to 3 MW over the next 18 to 24 months in collaboration with True North Data Solutions. Furthermore, True North Data Solutions and Redwater have secured an advantageous gas supply agreement (GSA) that is expected to reduce energy costs by 90.91% as compared to average market rates, coming in at $0.015 per kilowatt-hour (kWh). Powering Redwater’s mining operations with flared gas could allow for sustainable and cost-effective mining, which will have a positive impact on profitability, irrespective of market conditions, while showcasing the Company’s commitment to environmental sustainability.

CryptoBlox has also recently partnered with Lavrium LLC (“Lavrium”) to implement Lavrium’s Artificial Intelligence algorithms within the Company’s Redwater facility. Lavrium has also begun optimizing Redwater’s resource utilization and network connectivity – two processes that are expected to have a positive impact on profitability. Lavrium’s algorithms will also enable predictive maintenance, including real-time monitoring to prevent equipment failures and minimize downtime, while also improving energy efficiency through AI-driven adjustments to computing resources and HVAC parameters, provided by the data center's advanced control panel, heat tracing, and fully automated features. The Company’s collaboration with Lavrium aims to set new industry standards for energy efficiency and environmental sustainability. With the acquisition of Redwater and the partnership with Lavrium, the Company hopes to revolutionize the technical and automation aspects of digital asset mining.