Cryptocurrency Mining Operation Launched by Oil and Gas Producer Iron Bridge Resources - Seite 2

“I am encouraged by the potential that ICT represents for our Iron Bridge shareholders,” said Chairman Josh Young.  “With natural gas pipeline infrastructure constraints representing persistent pricing challenges, I support our management team’s efforts to find all means possible to improve the value received from our production streams.”

ICT’s pilot cryptocurrency mining project will involve a very modest initial capex investment as a result of its ability to leverage existing infrastructure and excess power generation from IBR’s Elmworth hydrocarbon processing battery, fired by IBR’s clean burning natural gas production, to provide power to the mining control center. The pilot project currently has access to approximately 700 kW of very low cost power with the ability to expand that power generation capability rapidly. ICT’s parent company, Iron Bridge Resources, currently produces enough natural gas to power a 45 MW facility and expects to significantly increase that gas production within the next two months when it brings on-stream additional Montney production.  ICT is also in discussions with other natural gas producers to work with them on future commercial projects. As a result, ICT is interested in pursuing industrial scale hosting opportunities.

Part of ICT’s strategy involves the sourcing of cryptocurrency mining rigs using processing gear that is not experiencing the high levels of demand that many rig components currently are seeing.  Being located in a cold jurisdiction where power is abundantly cheap, ICT is sourcing components that would be challenging to use in typical grid-connected and warmer climates.  This is expected to further reduce capital costs and could be a sustainable competitive advantage in hosting. 

For more information, please contact:

IRON BRIDGE RESOURCES INC.
(parent company of Iron Chain Technology Corp.)

Rob Colcleugh 
Chief Executive Officer 
[phone] 
[e-mail]

Dean Bernhard 
Vice President, Finance and Chief Financial Officer 
[phone] 
[e-mail]

Suite 1200, 500 - 4^th Avenue SW
Calgary, Alberta
T2P 2V6 

Abbreviations

kW	kilowatt
MW	megawatt
GJ	gigajoule

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