Antelope Enterprise Announces Entry Into the Energy Supply Business to Meet High Expected Demand

The Demand for Electricity is Expected to Climb to New Heights

NEW YORK, NY, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) (“Antelope Enterprise”, “AEHL” or the “Company”), the majority owner  of Hainan Kylin Cloud Services Technology Co., Ltd (“Kylin Cloud”), the operator of a livestreaming ecommerce business in China, announced that it expects to shortly enter into the energy field through the production of electricity using natural gas generators in Texas. AEHL has launched this business in the US to meet the rapidly growing needs of computing power industries.

“We believe that our strategic positioning in the energy supply sector is extremely timely to meet the high expected demand for energy due to the growth in cryptocurrency mining,” Will Zhang, CEO of Antelope Enterprise, commented. “We believe that we can offer cost-effective solution that will provide sustainable value for crypto-mining companies in Midland, Texas.”

The Company believes that the demand for electricity for new data centers to accommodate the growth in the use of generative artificial intelligence and crypto-currency mining is being driven to unprecedented heights due to the y. The price of Bitcoin has increased 113.98% in the past year and has repeatedly exceeded the $70,000 mark, while Ethereum has also increased by 41.07% during the year. This trend has fueled the enthusiasm of investors around the world.

According to the US Energy Information Administration (EIA), the electricity consumption of cryptocurrency mining accounts for 0.6% to 2.3% of the total electricity consumption in the US, which is equivalent to the electricity consumption of some medium-sized countries. In particular, the US’ share of Bitcoin mining activity has soared from 3.4% in 2020 to 37.8% in 2022, making the US the world’s major cryptocurrency mining center. We believe that this phenomenon not only puts great pressure on the power supply chain, but it also brings unprecedented growth opportunities to the power supply market. Given the strong market demand, the Company believes it has a runway for significant growth in the near future.