MIAMI, October 18, 2018 /PRNewswire/ --
Mining Power Group, Inc., (the "Company" or "RCGR"), announced today that its majority-owned subsidiary, Northway Mining, LLC, ("Northway") which offers highly specialized data center hosting services for cryptomining, has acquired an additional 66,000 square foot building, located at 2 Flint Mine Road, Coxsackie, New York, for use as a cryptomining data center.
The Company had previously announced that it had acquired a majority interest in Northway Mining, which included real estate assets of substantial value including 30 acres of flat surrounding land that can be used for future expansion of Northway's data center facilities. Northway at that time had 5000 square feet of secure crypto mining space. This transaction provides additional square footage for the Company's planned expansion.
Northway is a cryptocurrency mining hosting facility that provides hosting, electricity, cooling, maintenance, insurance, downtime coverage, OS installation (GPU) assistance, setup and security, and more, including especially low rates for electricity, that reduces client costs and is a major competitive advantage in the marketplace.
Dror Svorai, President and CEO, stated, "This additional 66,000 square foot facility also has 15 Megawatts of power on site, expandable to 100 Megawatts, and, with a power station literally next door, we now have a 1,000 Megawatt capability. This purchase represents over a $1Million investment, long term, in the facility given that $950,000 was paid for the building which will now have over $50,000 additional invested in it in improvements to facilitate the data center operations. This acquisition will allow us to quickly accommodate a substantial number of additional clients, generating more revenues for the Company."
About Mining Power Group, Inc.
Mining Power Group, Inc. was original formed as Rich Cigars to distribute, brand and market tobacco products. Following a change of control in November 2017, it changed its name and shifted its focus to become a holding company for new subsidiary operations serving the cryptomining industry. The Company trades under the symbol "RCGR") and is a fully reporting SEC company listed on the OTC market. For additional information on the Company, visit, http://www.miningpowergroup.com.
About Northway Mining, LLC
Northway Mining, LLC, located in Athens, NY, is a crypto mining data center hosting over 1,100 rigs that operate 24/7. It has over 5000 square feet of secure crypto mining space of any type of machines and is fully climate-controlled to assure maximum machine optimal output. It has a unique competitive advantage in its onsite access to 300 Megawatts of electricity at very affordable rates. Its employees have significant experience in cryptocurrency operational systems, the repair of miners, and general computer science and info management systems with a strong interest in all things Bitcoin/crypto/blockchain. For additional information on Northwood Mining, visit, https://www.northwaymining.com
Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "likely", "should", "could", "would", "may" or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company's ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company's operating history and resources, economic, competitive, and equity market conditions.
Mining Power Group, Inc.
SOURCE Mining Power Group, Inc.