Possible Reverse Merger With U.S. Public Company May Assist Bullet Blockchain in Accelerating Anticipated 100 Megawatt Rollout Schedule
REPUBLIC OF IRELAND / ACCESSWIRE / April 26, 2021 / Bullet Blockchain LTD ("Bullet" or the "Company"), a turnkey crypto mining operation focused on stability, transparency and scalability, announced today, that for the past three months, management had been exploring opportunities to access the public markets through a possible merger with a U.S. publicly traded company, that is either already operating within the digital technology space, or seeking to possibly transition toward the digital technology space
Mergers are common in the public markets, particularly within the microcap space. There are many factors often considered when determining which opportunity will make the most complementary match. Such considerations may include (but are not limited to) the target company's cap table, fundamentals, cost, and overall philosophy. Management indicated that they have reviewed a few opportunities sourced from within their network.
Bullet has recently announced the launching of a bitcoin mining operation with 3,500 ASIC miners, producing 315 petahash, consuming 12 megawatts. Management indicated that the Company invested approximately $14.5M of the total Capex of $25M secured from its investors. Management also indicated that while operations are slated to launch with 12 megawatts [315 petahash], the immediate objective is to buildout a 100 megawatt facility, supporting a hash rate capacity of 2,625 petahash, within 12 months of launching their bitcoin mining operations. This is part of the reasoning in looking to list in the U.S. public markets.
Although Bullet has already plotted a course to 100 megawatts within 12 months, if Bullet can properly leverage the U.S. capital markets, management anticipates that the Company may possibly have the opportunity to scale slightly faster. Additionally, management believes that as a public Company, Bullet may ultimately be able to demonstrate a value proposition that could extend beyond revenue generation from bitcoin mining. This would further the potential for greater financial viability, business opportunity and shareholder confidence.
With the assistance of the Public Accelerator-Incubator, Digital Asset Monetary Network, Inc. ("DigitalAMN"), and provided there are no regulatory hindrances, Bullet plans to transition into the public markets, via a reverse merger, anticipated to occur within the 2nd Qt of 2021.
For more information, please visit https://bulletblockchain.com/.
About Bullet Blockchain
Bullet Blockchain, LTD is a bitcoin mining company headquartered in the Republic of Ireland. With a Capex of $25M, Bullet has secured partnerships that afford the Company access to highly coveted hardware, land, buildings, gas, generators, racks, security, etc. Bullet has secured 100 megawatts of electricity and infrastructure capacity and will deploy an initial hardware fleet of 3,500 next generation ASIC miners-focused on bitcoin mining--with an initial hash rate capacity of 315 petahash consuming 12 megawatts of electricity.
Bullet is confident it can manage its bitcoin mining operations at a far lesser cost per kilowatt than industry competitors, therefore producing bitcoin at a lower cost with greater profit. Bullet is focused on efficiency, stability, transparency, and scalability, and plans to swiftly scale operations within 12 months.
For investor and general information, please email [email protected].
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking.
SOURCE: Bullet Blockchain LTD