Monarch Bay, CA / ACCESSWIRE / August 22, 2014 / Microelectronics Technology Corporation (OTCPK: MELY) The Company is pleased to announce that it will restart BTC Mining under the company's BTCPOOLPARTY NEW site as of August 22, 2014.
The company has developed a redundant pool for immediate default in the event any technical difficulty in the future.
The company will initially operate the mining pool with its 100 Th/s servers as a private mining pool with the intention to open the pool up to the general public after a period of additional testing.
The Ghash.io current produces approximately 2.2 to 2.4 BTC per day based upon the company's current hash rate, which fluctuates at or near between 80 and 100 TH/s per day depending on the machines stability.
The company has currently mined over 80 BTC to date with a current value in excess of $42,500.00.
It is the company's belief that the BTCPOOLPARTY mining pool will find a BTC block chain every 6.9 days, which will provide for 25 BTC per block chain that will be awarded to the BTCPOOLPARTY mining pool.
This will allow for an average of 4.347 potential BTC Block chains to be discovered and awarded to the BTCPOOLPARTY mining pool per month with an average of 100 TH/s hash rate providing potential production of 108.69 BTC per 30-day period from the BTCPOOLPARTY mining pool in perfect conditions.
Upon the successful integration of the company's servers to the BTCPOOLPARTY mining pool and some reporting modifications are implemented, the company plans to open the mining pool to the general public as the first fully transparent and fully Audited Public Mining Pool.
More developments and timelines for the public launch will be provided in the near future.
The Company has continues negotiations with its current supplier of BTC Miners with the expectation that a supply of BTC Miners will be made available to the company over the next several weeks. The current delay is a result of developments in technology which allow for more efficient BTC Miners becoming available to market in the next several weeks which will potentially allow for an increase in production by almost 100 % while maintaining the same power consumption.
The company has been in negotiations for an investment by an institutional investor for a direct investment of up to fifteen million dollars. The investment return will be repayable in USD or BTC or combination thereof based upon final negotiations. Further details will be released upon closing.
The Companies facility has been built to allow for a minimum 500 servers with further expansion capability to operate 1800 BTC Servers at maximum capacity. Addition photos and video can be viewed at the company's Facebook page: https://www.facebook.com/MELYPK
For further Information:
Microelectronics Technology Co.
Mr. Brett Everett
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY's ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements
SOURCE: Microelectronics Technology Corporation