GDET Announces Over 40% Energy Savings on Cryptocurrency Mining Operation
July 18 2019 - 8:49AM
InvestorsHub NewsWire
GDET Announces Over 40% Energy Savings on Cryptocurrency Mining
Operation
FORT LEE, NJ -- July 18, 2019 -- InvestorsHub NewsWire -- GD
Entertainment And Technology (GDET) (“GDET” or the “Company”) is
excited to announce that after bidding amongst major electricity
providers, management was able to secure a long-term contract with
new rates that will provide an annual savings upwards of 41%.
GDET recently announced that a third-party broker was bidding
for the Company’s electricity contract in the market and was
looking to secure a new rate in immediate effect for the next
billing cycle. At the time of the announcement, the bids spanned a
range that reflected over a 20% savings.
Management has currently signed with a provider that will not
only provide fixed pricing at a major +40% discount but also allows
for the option to increase the energy consumption in the future at
no penalty or additional cost. This option allows the Company to
work on any upgrade of the mining facility with the flexibility of
calculating overhead costs based solely on the cryptocurrency
market cap.
GDET CEO Anil Idnani commented, “I am extremely proud to
announce that the Company has executed this aggressive contract and
the timing could not be any better. My team is working hard with
Forest Hill Electric to execute the upgrade of our facility and we
are more optimistic than ever knowing our energy costs will not
increase. As mentioned earlier, I am looking to secure only long
term commitments as the company’s vision is to expand in all
verticals. Any decrease in our overhead will maximize the
operation’s return and profitability.”
The Company’s current upgrade of the cryptocurrency mining
facility will involve the installation of brand-new ASIC miners to
increase the operation’s overall hashrate.
GDET shareholders can expect new updates very soon as the
Company continues to execute an aggressive phase of operational
development and expansion.
About GDET
GD Entertainment & Technology, also known as GDET, focuses
on high growth industries to fulfill a diverse selection of premium
products nationwide. The company currently manufactures,
wholesales, and markets a portfolio of blockchain/financial
service-based products. GDET strives to become one of the premier
Cryptocurrency mining facilities that is client-focused and
dedicated to creating a new standard in the Blockchain space based
on security and transparency. GDET has also developed a strong
relationship with suppliers worldwide to ensure future purchasing.
The company currently has two subsidiaries, DreamCard and
HyperDigital Technologies, which both offer a selection of
transactional-based products and services. DreamCard allows users
to create a customizable debit or credit card using its state of
the art online platform. HyperDigital Technologies is the
Cryptocurrency ATM sector of GDET and aims to secure multiple MSB,
money services business, licenses in order to host ATM units
throughout the country.
Safe Harbor Provision Cautionary statement for purposes of the
"Safe Harbor" provisions of the Private Securities Litigation
Reform Act of 1995: Information in this news release contains
forward-looking statements that involve risks, uncertainties and
assumptions. If such risks or uncertainties materialize or such
assumptions prove incorrect, the results of the Company and its
consolidated subsidiaries could differ materially from those
expressed or implied by such forward-looking statements and
assumptions. All statements other than statements of historical
fact are statements that could be deemed forward-looking
statements. Risks, uncertainties and assumptions include the
execution and performance of contracts by the Company and its
customers, suppliers and partners. Please also review GD
Entertainment and Technology annual and quarterly financials for a
more complete discussion of risk factors. The Company disclaims any
obligation to update or revise statements contained in this news
release based on new information or otherwise. This communication
shall not constitute an offer to sell or the solicitation of an
offer to buy securities nor shall there be any sale of these
securities in any state in which such solicitation or sale would be
unlawful prior to registration or qualification of these securities
under the laws of any such state.
Contact:
GD Entertainment and Technology
732-851-3756
anil@gdet.co
www.gdet.co
1 Bridge Plaza
2nd Floor
Fort Lee, NJ 07024
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