US Defense Department Facility
to be Transformed
into Cryptocurrency Mining
Farm
Montreal, QC --
September 11, 2018 -- Investorshub NewsWire -- Wuhan General Group
(China), Inc. (OTC
PINK: WUHN) (the "Company"), a Nevada investment company
focused in cryptocurrency mining operations announced today that
it's currently negotiating a redesign of a US Defense Department data center to
transform it into a Cryptocurrency
mining facility.
The facility will meet security and power requirements when mining
cryptocurrency. It will also provide the Company with an
opportunity to set new standards in cryptocurrency mining safety,
stability, and security measures.
This new facility
will launch at an optimal time in the market to strengthen the
Company's cryptocurrency mining division for highly scalable and
flexible mining operations across all major cryptocurrencies. The
Company benefits from low-cost North American power, a cool
climate, and high-speed Internet, which is
critical to mining success, placing it in a competitive position to
maximize profitability. Ultimately, the project comes at a time
that will serve in the Company's and shareholders' best
interests.
The 55,0000 sq. ft
facility has over 3MW of power ready to
accommodate up to
1300 mining machines for
Bitcoin, Zcash, and others with an additional
12,000 to be deployed upon
successful completion of its upgrade to a 30MW facility in
2019. Once the negotiation is finalized, the first order of
rigs from Asicminer is expected to arrive in late
October and
more in the coming months. The Company estimates this
operation to bring monthly revenue in excess of
$3.5M
based on current cryptocurrency market prices for the
initial 1300 mining machines
in
operation. More information will be shared
regarding the progress of the project when available.
Ramy Kamaneh, CEO
said: "We had planned to build this operation three months ago, but
with the bearish cryptocurrency market, we took a step back to
reassess our strategy. The decision to wait for market stability
was a good one, especially considering many cryptocurrency machines
are no longer profitable in the current market. We acted in the
best interests of the Company and its shareholders and firmly
believe that the market has bottomed and a bullish market is
starting again."
In addition to
providing optimal cryptocurrency mining performance, the facility
will adhere to strict safety and security standards. As a leader in
streamlined solutions that respond to the impacts of
the tech industry,
the Company believes that this project will increase
in
value and also
create opportunities for innovation within the
sector.
About Wuhan General Group
(china) Inc
Wuhan General Group
(China), Inc., based in Nevada is an investment company focused in
the areas of Cryptocurrency mining operations and infrastructure.
In addition to its strong commitment in facilitating the development and adoption of
cryptocurrency mining operations, Wuhan continues to pursue
distinct investment decisions based on emerging markets that
reflect the highest business, technical, and legal
standards.
Wuhan General Group (China),
Inc.
Publicly traded company (OTC
Pink:WUHN)
Website www.wuhn.org
For further information
contact:
Public
Relations
E-mail: info@wuhn.org
Forward-Looking Statements
Safe Harbour Statement - In
addition to historical information, this press release may contain
statements that constitute forward-looking statements within the
meaning of the Securities Act of 1933 and the Securities Exchange
Act of 1934, as amended by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements contained in this press
release include the intent, belief, or expectations of the Company
and members of its management team with respect to the Company's
future business operations and the assumptions upon which such
statements are based. Prospective investors are cautioned that any
such forward-looking statements are not guarantees of future
performance, and involve risks and uncertainties
and that actual
results may differ materially from those contemplated by such
forward-looking statements. Factors that could cause these
differences include, but are not limited to, failure to complete
anticipated sales under negotiations, lack of revenue growth,
client discontinuances, failure to realize improvements in
performance, efficiency and profitability, and adverse developments
with respect to litigation or increased litigation costs, the
operation or performance of the Company's business units or the
market price of its common stock. Additional factors that
could
cause actual
results to differ materially from those contemplated within this
press release can also be found on the Company's website. The
Company disclaims any responsibility to update any forward-looking
statements.
Source: Wuhan General Group
(China), Inc
