CryptoBlox Signs LOI for Modular Renewable Energy Powered Mining Infrastructure

Vancouver, B.C., Sept. 26, 2023 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX), is pleased to announce the signing of a non-binding letter of intent (“LOI”) with Crypto Green Tech Inc. (“Crypto Green”) for a strategic partnership whereby CryptoBlox will acquire the rights to Crypto Green’s patent pending modular, renewable energy-powered crypto mining infrastructure.

About Crypto Green Tech

Crypto Green is a technology company aiming to revolutionize the digital realm by merging state-of-the-art technology with eco-friendly practices. By embedding renewable energy at the core of their innovations, Crypto Green is part of a global transition towards environmentally conscious digital solutions. Crypto Green’s innovations involve the fusion of the sustainable principles of green energy with the transformative potential of decentralized finance. Their technology, which is patent pending, pertains to a modular renewable energy-powered device that allows users to mine digital assets by generating electricity through a series of solar panels and wind turbines, all built in a way that maximizes efficiency.

“We are extremely excited to bring the Crypto Green technology to as many people as possible in our journey towards a greener future” says Akshay Sood, Chief Executive Officer of CryptoBlox.

CryptoBlox Strategy

With the recent acquisition of Redwater Acquisition Corp. (“Redwater”), a modular air-cooled data center facility, powered by flared gas in Sturgeon County, Alberta, CryptoBlox began rolling out an off-grid mining strategy that utilizes alternate energy (such as flare gas in Redwater’s case) to power digital asset mining operations. The Company looks to expand its alternate energy powered off-grid digital asset mining operations with the acquisition of exclusive rights to Crypto Green’s technology that enables modular, renewable energy-powered mining infrastructure development and deployment world-wide.

“CryptoBlox is looking to shape the next paradigm of digital asset mining and we hope that having a company like Crypto Green as strategic partner will allow us to do so at an accelerated pace” added Mr. Sood.

Industry Disruption

Acquiring rights to the patent pending technology and its exclusive world-wide development and distribution is expected to allow CryptoBlox to extend their off-grid mining infrastructure to retail users while further developing hyper-modular digital asset self-mining farms using the technology. Beyond digital asset mining, the Crypto Green technology can be used in many ways. Users can charge their electric car, use the stored power as a backup for their house or monetize the energy generated (without 3^rd parties) through digital asset mining. Traditionally, to monetize excess energy generation via renewables, users are required to sell that energy back to the grid operator/utility company at a fraction of the electricity market rate. However, through the innovative design of Crypto Green’s technology and the fundamentals of blockchain technology, the need for an intermediary regarding monetization has been eliminated. Subject to applicable regulatory regimes, users can monetize more profitably as they keep 100% of all their mining revenue while also accruing carbon credits which can then be further monetized in the future.