GDET Announces Successful Inaugural Month of Major Bitcoin Mining Operations
19 July 2018 - 11:22PM
InvestorsHub NewsWire
GDET Announces Successful Inaugural Month
of Major Bitcoin Mining
Operations
Fort Lee, NJ -- July 19, 2018 --
InvestorsHub NewsWire -- GD Entertainment And Technology (GDET) (“GDET” or the “Company”)
is proud to announce that it has completed its inaugural month of
full-scale Bitcoin mining operations. The Company experienced no
downtime, no technical issues, strong performance, and
better-than-expected overall results.
GDET CEO, Anil Idnani,
commented, “The vicissitudes of the market are impossible to
predict. All we can do is maintain high standards for operational
efficiency and a robust vision. That said, we certainly aren’t
going to complain about the fact that a potential key bottom and a
$20B rally in Bitcoin may have come into place during our inaugural
month of major mining operations. It certainly gets us off on the
right foot! More importantly, our machines have been running 24/7
without fail, we have experienced precisely zero problems or even
half-problems, and our principal facility continues to accommodate
all of our needs extremely well.”
GDET further disclosed that a
substantial percentage of the Bitmain S9 fleet of rigs was
continuously running during the entire inaugural month, which
accounts for the exceptional performance the Company saw during
this period. In addition, the Company received delivery last month
of a major influx of new machines (in excess of 100 new mining
rigs). All new units have already been preinstalled. The next phase
of operations includes accessing sufficient energy to power all
assets and get the facility working at maximum capacity.
The Company will begin to
convert mined coins into fiat currency units at advantageous
points, to be determined by the progression of market prices over
the remainder of the fiscal quarter, and according to the objective
of maximizing shareholder returns.
GDET Management believes that
recent enthusiasm voiced by market participants in favor of the
establishment of a new Bitcoin ETF (the SEC recently published a
request for public commentary, and the response was one-sidedly
supportive), when paired with recent clarification statements by
the SEC to confirm that Bitcoin would not be treated as a security,
pave the way for positive potential in the space. Among other
factors, the combination of a potential ETF as well as the
establishment of Bitcoin futures both work to further construct a
platform for new institutional interest in the cryptocurrency
complex.
“The tone in this space may be
on the mend. We have already seen several major prime brokers in
the UK sign on to facilitate more services to work as a foundation
for crypto-centric hedge funds and high-net-worth money flows. That
represents our effective downstream. This next wave of interest
could be both much larger and much stickier from an asset
management standpoint than what we saw in 2016-17. In any case, we
are well-situated to maximize the impact,” continued Mr.
Idnani.
GDET shareholders can continue
to expect frequent updates as the Company’s operational launch
proceeds over the near term.
About
GDET
GD Entertainment &
Technology, also known as GDET, is a result driven,
blockchain-oriented company focused on becoming a premier
Cryptocurrency mining facility. GDET will build and manage a
Cryptocurrency mining colocation and mining facility that is
client-focused and dedicated to creating a new standard in the
Blockchain space based on security and transparency. GDET has also
developed a strong relationship with suppliers overseas to ensure
future purchasing.
Safe Harbor
Provision
Cautionary statement for
purposes of the "Safe Harbor" provisions of the Private Securities
Litigation Reform Act of 1995: Information in this news release
contains forward-looking statements that involve risks,
uncertainties and assumptions. If such risks or uncertainties
materialize or such assumptions prove incorrect, the results of the
Company and its consolidated subsidiaries could differ materially
from those expressed or implied by such forward-looking statements
and assumptions. All statements other than statements of historical
fact are statements that could be deemed forward-looking
statements. Risks, uncertainties and assumptions include the
execution and performance of contracts by the Company and its
customers, suppliers and partners. Please also review GD
Entertainment and Technology annual and quarterly financials for a
more complete discussion of risk factors. The Company disclaims any
obligation to update or revise statements contained in this news
release based on new information or otherwise. This communication
shall not constitute an offer to sell or the solicitation of an
offer to buy securities nor shall there be any sale of these
securities in any state in which such solicitation or sale would be
unlawful prior to registration or qualification of these securities
under the laws of any such state.
Contact:
GD Entertainment and
Technology
732-851-3756
anil@gdet.co
www.gdet.co
1 Bridge Plaza
2nd Floor
Fort Lee, NJ
07024
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