ISW Holdings Officially Launches Live Mining Operations for its 200MW Southeastern US Bitcoin Mining and Hosting Project
HOUSTON, TEXAS, Feb. 22, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a Texas-based portfolio company with primary commercial-stage operations in Cryptocurrency Mining, is pleased to update current and prospective shareholders as the Company begins live mining and hosting operations for its 200-megawatt (“MW”) Bitcoin mining and hosting project.
In partnership with Bit5ive, LLC (“Bit5ive”), and Bitmain Technologies Ltd. (“BITMAIN”), the company has already powered up the first eight (8) POD5 units at the site. Each POD5 unit contains 280 mining rigs now actively mining Bitcoin.
“This is a tremendous day for ISW Holdings and our shareholders,” stated Alonzo Pierce, President and Chair of ISW Holdings. “After months of hard work, and after overcoming a series of obstacles related to the unpredictable global macroeconomic context, we are very proud to announce that the Company is now officially hosting client mining services and mining Bitcoin at scale in our 200MW mining and hosting project.”
Once fully completed, at current energy price spreads and agreements, this first 20MW Phase is expected to generate nearly $9 million in annualized revenues for the Company. Management expects to begin building out phases 2 thru 10 starting in April, targeting 200MW of power across 200 POD5 units, each driving 280 state-of-the-art mining rigs, by January 2023.
Pierce added, “We are now in the process of deploying the first 20MW Phase 1 buildout. We will continue to energize the entire Phase 1 project over the next couple of weeks and then swiftly move on to Phase 2.”
About ISW Holdings
ISW Holdings is an American cryptocurrency mining company supporting blockchain infrastructures that operate globally. As one of the fastest growing crypto mining and mine hosting providers in America, ISW Holdings is quickly transforming the decentralized finance (DeFi) and blockchain industries. The Company provides low cost, sustainable solutions to the cryptocurrency mining ecosystem.
ISW Holdings utilizes scalable blockchain infrastructure to convert unique identifiable assets (UIAs) into interchangeable digital assets such as Bitcoin and other types of fungible digital assets. Offering immediate liquidity in the form of fast, confidential transactions, as well as the issuance of assets in the traditional capital markets.
The Company focuses on hosting and mining Bitcoin with eyes on new IP in Crypto and Blockchain, and currently leases and operates renewable energy power generation facilities in Gaffney, SC.
ISW Holdings is vertically integrated and maintains a fleet of digital/cryptocurrency mining equipment and infrastructure. Based on current partnerships, agreements, and memorandums, the Company anticipates future operations that leverage up to 56,840 crypto asset mining computers (miners).
The Company's Hosting and Mining Operations fleet currently comprises approximately 300 Bitmain Antminer S17 Pro (S17 Pro) miners, approximately 150 Bitmain Antminer S19 (95T) miners, approximately 250 Canaan AvalonMiner 1296 Pro (90T) miners, and approximately 5,600 series S19 J Pro (100-110T) miners per 20 MW of implemented power up to 56,000 S19 J Pro miners for our 200 MW project in partnership with BITMAIN Technologies.
Forward Looking Statements
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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