GD Entertainment and Technology Inc (GDET)

[Daddy Rick]

GDET Announces Major Reduction in Electricity Rates for Cryptocurrency Mining Operation
July, 15 2019 08:30 AM| GlobeNewswire|More on GDET
FORT LEE, NJ, July 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – GD Entertainment And Technology (GDET) (“GDET” or the “Company”) is excited to announce that the Company has engaged a third-party broker who was able to provide multiple offers from major electricity providers with savings as high as +21% off the current kWh rate.

Management is currently finalizing the terms of the contract with the provider and is looking to secure the new discounted rates immediately in order to be in effect for the next billing cycle. This news comes shortly after GDET announced the expansion of their mining facilities with the integration of additional ASIC units and upgraded ventilation systems.

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GDET CEO, Anil Idnani, commented, “My team is extremely pleased with the new electricity rates and are looking to sign a long-term contract to secure our discount. Our commitment to regularly operate and upgrade the facility is a reflection of the company’s core belief in the longevity of cryptocurrency. These savings will reflect in the decrease of our overhead expenses and we hope to further maximize the operation’s profitability.”

With the price of Bitcoin up more than 170% this year(1), mining rig prices continue to increase in value as well. According to an article posted by, Yahoo Finance(2), official websites are out of stock and second-hand mining machines are increasingly expensive. Due to the limited capacity of chipmakers, the stalled production of these miners result in a short supply. Chief Technology Officer Kristy-Leigh Minehan quotes in the article that “the effect of rigs being in short supply means that new entrants that come into the market will not be able to participate.”

The Company’s current upgrade of the cryptocurrency mining facility will involve the installation of brand-new ASIC units to increase the operation’s overall hashrate.

GDET shareholders can expect new updates very soon as the Company continues to execute an aggressive phase of operational development and expansion.

Sources

(1) https://www.cnbc.com/2019/06/24/bitcoin-price-rises-above-11000-for-the-first-time-in-15-months.html

(2) https://finance.yahoo.com/news/bitcoin-mining-rig-prices-soaring-185612850.html

About GDET

GD Entertainment & Technology, also known as GDET, focuses on high growth industries to fulfill a diverse selection of premium products nationwide. The company currently manufactures, wholesales, and markets a portfolio of blockchain/financial service-based products. GDET strives to become one of the premier Cryptocurrency mining facilities that is client-focused and dedicated to creating a new standard in the Blockchain space based on security and transparency. GDET has also developed a strong relationship with suppliers worldwide to ensure future purchasing. The company currently has two subsidiaries, DreamCard and HyperDigital Technologies, which both offer a selection of transactional-based products and services. DreamCard allows users to create a customizable debit or credit card using its state of the art online platform. HyperDigital Technologies is the Cryptocurrency ATM sector of GDET and aims to secure multiple MSB, money services business, licenses in order to host ATM units throughout the country.