After Taking Possession of the First 3,500 ASIC Miners and a Capacity of 200 Megawatts for 6,000 Petahash Over the Next 12 Months, Bullet Fast-Tracks Reverse Merger
CORK, IRELAND / ACCESSWIRE / August 11, 2021 / Bullet Blockchain LTD ('Bullet' or the 'Company'), a turnkey crypto mining operation focused on efficiency, stability, transparency and scalability, announced today, that as of July 29th, 2021, the Company has fast-tracked its reverse merger negotiations to enter the U.S. public marketplace.
Management indicated that with the assistance of the Public Accelerator-Incubator, Digital Asset Monetary Network, Inc. ('DigitalAMN'), over the past few months, Bullet Blockchain has been working diligently to initiate a possible reverse merger with an alternative reporting, OTC Markets pink sheet company. Negotiations had persisted at a steady pace as both Bullet and the merger target had some housekeeping to tend to. However, now that the Company has met expectations-taking possession of 3,500 ASIC Miners to solidify its initial bitcoin mining operations-management believes that the Company can quickly complete the merger and Bullet can responsibly enter the U.S. marketplace.
A primary focus of the targeted merger is the care given to how the public entity will ultimately be restructured. While it's often customary for there to be a reorganization of the capitalization table (i.e. reverse stock splits, increase to authorized shares, etc.), protecting existing shareholders, during and after a restructuring of the ‘cap table', is of the utmost importance to DigitalAMN and Bullet's management. This is particularly true as the intent is to continuously build shareholder confidence through operating a successful business and delivering on the Company's long-term value proposition.
The bitcoin mining marketplace has really taken shape and Bullet is eager to participate-bringing its brand, business model and grander vision to both the crypto mining industry and Bullet's future shareholders. Management is confident that with the support of Bullet‘s infrustrucre partners, the Company has created an environment where Bullet's ability to be extremely competitive appears evident. Bullet's energy costs are less than half (½) the amount that many of its known bitcoin mining competitors are currently spending, and its first year buildout capacity is at 200 megawatts for a hash rate capacity of 6,000 petahash. And this is just a sampling of the competive advantages that should help to make the Company a market leader as Bullet Blockchain emerges as a U.S. public company through its targeted merger.
Management is confident that a reverse merger into the U.S. public company will be finalized in August 2021.
For more information, please visit https://bulletblockchain.com/.
Bullet Blockchain, LTD is a blockchain technology company in the Republic of Ireland that secures the bitcoin blockchain ledger. Bullet has secured partnerships that affords the Company access to highly coveted hardware, land, buildings, gas, generators, racks, security, etc. Bullet has secured 200 megawatts of electricity and infrastructure capacity for 6,000 petahash and has deployed an initial hardware fleet of 3,500 next generation ASIC miners-focused on bitcoin mining--with an initial hash rate capacity of 315 petahash and 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 to 60,000 miners within the next 12 months.
For investor and general information, please email [email protected].
Forward Looking Statements
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. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations.
Contact: [email protected]
SOURCE: Bullet Blockchain LTD