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Blockchain Power Announces Acquisition of Cryptocurrency Mining Equipment and Provides Operational Update

TORONTO, April 23, 2018 (GLOBE NEWSWIRE) -- Blockchain Power Trust (“Blockchain Power” or the “Trust”) (TSXV:BPWR.UN) is pleased to announce that it has acquired 1,550 cryptocurrency mining units from a major cryptocurrency chip manufacturer, representing an aggregate of 21.7 petahash per second (“PH/s”) of combined hashing power at a net purchase price of US$81,000 per petahash. The equipment has arrived in Romania and is expected to be commissioned at the beginning of May 2018.  In addition, the previously acquired Hashtank H40 is currently undergoing testing by the manufacturer and is expected to be delivered to Romania and fully commissioned by the end of the second quarter of 2018, bringing the Trust’s aggregate installed petahash to 27.8 PH/s. 

Blockchain Power is also pleased to report that production of its renewable energy projects for the year ended December 31, 2017 was an aggregate 71,849 MWh, representing an increase of 61% and 146%, respectively, over the 44,560 MWh produced in the year ended December 31, 2016 and 29,178 MWh produced in the year ended December 31, 2015. Production for the first quarter of 2018 was 45,353 MWh compared to 19,570 MWh in the same period of 2017, an increase of 132%.

J. Colter Eadie, Chief Executive Officer of Blockchain Power commented, “We are very pleased with the progress we have made so far to expand into the cryptocurrency mining space and look forward to integrating cryptocurrency mining operations with our existing renewable power generation platform to further diversify the Trust’s revenues.

We are also pleased with the energy production achieved in 2017 and the first quarter of 2018, which is in line with our expectations for our portfolio of green energy assets. We look forward to leveraging our knowledge of renewable energy operations and experience with delivering large scale infrastructure projects to continue to execute our leading-edge cryptocurrency strategy. The Trust continues to survey the market for accretive acquisition opportunities for both energy and cryptocurrency assets.”

For further information please contact:

Ravi Sood
Chairman
+1 647-987-7663
rsood@blockchainpower.com
J. Colter Eadie
Chief Executive Officer
+351 938 810 979
jceadie@blockchainpower.com
Betty Soares
Chief Financial Officer
+1 416-803-6760
bsoares@blockchainpower.com

About Blockchain Power

The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under Blockchain Power’s issuer profile at www.sedar.com.

Forward-Looking Statements

Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Blockchain Power and its business are discussed under the heading “Risks and Uncertainties” in Blockchain Power’s annual management’s discussion & analysis dated May 3, 2017 and Annual Information Form for the year ended December 31, 2016, a copy of each is available on Blockchain Power’s SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Blockchain Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

/EIN News/ --

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