Microelectronics Enters Phase Two Build Out of 1 Petahash BTC Mining Facility
MONARCH BAY, CA / ACCESSWIRE / September 23, 2014 / Microelectronics Technology Corporation, (the "Company"), (OTC Pink: MELY) (MELY), is pleased to announce that it will begin the build out of the second phase of the Company's BTC Mining Plan.
PHASE TWO BUILD OUT
The Company has been testing several new BTC Servers over the past several weeks in its efforts to determine the best technology available for purchase at this time.
The Company has selected the model of server to be used for the Phase Two build out and is in the process of ordering one thousand units for the Company's existing facility.
The hash rate of each individual unit will be +/-1TH/s, which the thousand units will provide for a minimum 1 PH/s of new BTC mining hash rate.
This will provide the Company with a combine hash rate of 1.1 PH/s.
The Company anticipates that the initial delivery of the first servers will be on or before October 17, 2014 with the expectation that the complete server order will be received by the second week of November, 2014.
The servers will be deployed as soon as they are received and will be added to the Company's mining pool upon completion of testing.
BTCPOOLPARTY MINING POOL
The Company also reports that the BTCPOOLPARTY will be re-launched on or before October 10, 2014. This re-launch will coincide with the delivery dates for the first servers which will be added to the BTC POOLPARTY mining pool as they are deployed.
The Company has determined that after mining on the BTCPOOLPARTY from the date of August 25, 2014 and finding one block of 25 BTC that the pool requires significantly more hash rate to become a stable and consistently producing BTC mining pool.
The Company is making security changes and various other modifications which will allow the Company to open the mining pool to outside individual miners with additional hash rate to contribute.
Upon the completion of the build out of Phase Two the Company believes that the BTCPOOLPARTY will be significantly more attractive to outside miners when the Company has its 1.1PH/s working under the BTCPOOLPARTY mining pool.
Upon the successful integration of the Company's servers to the BTCPOOLPARTY mining pool and some reporting modifications are implemented, the Company plans to open the mining pool to the general public as the first fully transparent and fully Audited Public Mining Pool.
More developments and timelines for the public launch will be provided in the near future.
BTC PRODUCTION TO DATE
The Company is pleased to report that 117.06 BTC have been produced to date.
15 MILLION FINANCING
The Company reports that the financing negotiations have been delayed due to several factors.
The build out and establishment of Phase Two has become a milestone for the success of the additional financing. Additionally the softness in the overall pricing and the volatility of BTC has provided a challenge to the success of closing the 15 million financing at this time however upon stabilization of the current BTC price, the opportunity for financing will be revisited.
The Company expects that upon the completion of the Second Phase of development, the Company will be producing enough revenue through BTC production that internal organic growth could be achieved without further financing which would add shareholder value without further dilution.
The Company does recognize the dilutive nature of previous financings and has determined that upon the completion of the Phase Two build out, the Company will address its share structure issues to date.
WASHINGTON FACILITY
The Company's facility has been built to allow for a minimum 500 servers with further expansion capability to operate 1800 BTC Servers at maximum capacity.
Addition photos and video can be viewed at the Company's Facebook page:
https://www.facebook.com/MELYPK
For further Information:
Microelectronics Technology Co.
President:
Mr. Brett Everett
702-221-1914
info@melypk.com
www.melypk.com
www.dynamoservers.com
Forward-Looking Statements
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY's ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements
CONTACT:
Microelectronics Technology Co.
President:
Mr. Brett Everett
702-221-1914
info@melypk.com
www.melypk.com
www.dynamoservers.com
SOURCE: Microelectronics Technology Corporation
