ISW Holdings Will Host 56,000 Miners In Recent Partnership Agreement with Bitmain
Company estimates over $10 million per month in revenues from hosting 200 MW of mining power in tripartite deal struck with Bit5ive and Bitmain
LAS VEGAS, Sept. 07, 2021 (GLOBE NEWSWIRE) — via InvestorWire – ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company,” transitioning to “BlockQuarry,” pending name change), a Nevada-based portfolio company with primary commercial-stage operations in cryptocurrency mining, is pleased to provide current and prospective shareholders with a more detailed discussion about the Company’s recent landmark deal with Bitmain Technologies (“Bitmain”), the world’s leading producer of cryptocurrency mining hardware and a leading global cryptocurrency mining firm.
Total Mining Capacity and Timeline to Launch. The deal will involve 56,000 Bitmain mining rigs pairing with 200 megawatts (“MW”) of power at the Company’s “POD- CITY” location in Georgia. The Company expects to have the first 20 MW of power paired with rigs and running full-out by October 2021. The schedule calls for having all 56k miners hooked up to all 200 MW of power and running full-out by October 2022.
Key Partners. The partnership is tripartite, between Bitmain, ISW Holdings, and Bit5ive, LLC (“Bit5ive).
Bitmain will bring mining machines, capital, and expertise into the bargain, consuming hosting services and power up to and potentially in excess of 200 MW for a 5-year term.
Bit5ive will bring power, hosting services, project management services, and expertise to the table.
ISW Holdings will provide funding, expertise, hosting services, mining services, access to power, and access to public market investors.
Costs Involved. For ISW Holdings, the cost for the entire roll-out to setup and activate mining machines using 200 MW of power will be a total of $62 million. Of that, $6 million has already been paid with $56 million remaining.
Current Mining Operations (excluding Bitmain deal). The Company is currently running 700 miners, representing a mix of Bitmain Antminer S17’s, BitMain S19 95TH/ s’s, and Canaan Avalons. Those miners are running in POD5 units in Stronghold, Pennsylvania, at a site managed by Bit5ive. The current hashrate is 36,000 TH/s, with an upside potential of 54,000 TH/s given current capacity.
This operational state is capable of producing annual revenues of $4.8 million to $6 million given current three-month trailing average pricing for major cryptocurrency markets. The Company is also actively expanding its mining operations as the business scales up.
Management Commentary. “The nature of our business changed significantly last summer when we partnered with Bit5ive and began designing state-of-the-art mining pods with a bold vision and a deep conviction in the value proposition of the cryptocurrency marketplace,” remarked Alonzo Pierce, president and chairman of ISW Holdings. “Now, just a bit over a year later, we are on the verge of becoming one of the top players in the cryptocurrency world after bringing Bitmain to the table in a deal that will see all parties unlock significant value. Looking ahead, our hosting service revenues will be stable and substantial, and capable of strong growth. And our mining revenues will fluctuate with prices in the cryptocurrency space. That will give us a strong foundation and enormous growth with a significant non-volatile component. This should put us in position to meet requirements to migrate shares to a major national listed exchange in due course. We have a number of additional catalysts in the works as well, and I look forward to providing more insights in the very near future.”
ISW/BlockQuarry Corp is quickly becoming one of the largest Mining and Hosting providers in the digital currency space in North America, as we seek to transform the financial markets of the future. Our complement of cutting-edge technologies has enhanced the Bitcoin/Cryptocurrency ecosystem, enabling our customers to take advantage of real-time cost savings. At the same time, our customers can feel confident that their digital transactions and assets are entirely secure. Our company utilizes a scalable blockchain infrastructure to convert unique identifiable assets (UIAs) into interchangeable digital assets such as Bitcoin and other fungible digital assets. We offer immediate liquidity in the form of fast, confidential transactions, as well as the issuance of assets in the traditional capital markets.
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including “could,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company’s reports filed from time to time with OTC Markets (www.otcmarkets.com).
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