Vancouver, British Columbia – iMining Blockchain and Cryptocurrency Inc. (TSXV: IMIN) (the “Company” or “iMining”) provides a corporate update of activities.
Currently, the company has 20.4 Bitcoins (“BTC”) held in cold storage inventory with a market value of approximately US$94,000 which are being held until BTC pricing improves. The Company has suspended operation of its 500 S9 Antminer mining rigs due to the market downturn in cryptocurrency values, and specifically BTC prices in recent months, as the BTC market price is below breakeven production cost of the BTC. Operation of the rigs will commence when management determines the mining activity is profitable as a result of improved BTC price and/or cost reduction measures.
The Company is actively seeking opportunities in the technology space to enhance corporate value and management is reviewing opportunities as they arise.
ON BEHALF OF THE BOARD
iMining Blockchain and Cryptocurrency Inc.
Signed “Gary Arca”
Gary Arca, Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-602-4935 Facsimile: 1-604-602-4936
Contact: Robert Eadie
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.