400 New L7 Miners to Commence Mining in North America Shortly
Vancouver British Columbia based Hello Pal International Inc. (CSE:HP Frankfurt:27H OTC:HLLPF), a provider of rapidly growing international live-streaming, language learning and social-crypto platform, announced that it has purchased a further 130 Antminer L7 mining rigs for the mining of Litecoin and Dogecoin, bringing the total number of L7s to 400.
This new purchase primarily relies on the cryptocurrency profits generated by the Company’s subsidiary (CPal Technology Limited) from the past several months of mining in addition to free cash reserves in the Company. This purchase comes after the announcement of the complete upgrade of its miners where 270 L7 miners were purchased using the proceeds from the sale of 12,500 Antminer L3+ miners (see November [16] press release).
“The recent price surge of Litecoin and news surrounding SpaceX’s “DOGE-1” mission to the moon have greatly increased the market demand and price for these latest mining rigs, so we are very fortunate indeed to have been able to procure as many units as we have,” said KL Wong, Founder and Chairman of the Company. “We are doubly pleased that this purchase was made financially possible through our past crypto-mining efforts bearing fruit.”
The new machines are expected to be delivered in December 2021, upon which they will be delivered by airfreight directly to the Company’s new mining facilities in New York State and other parts of North America (see November 10 press release).
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To download Hello Pal please visit the IOS or Android store. For information with respect to the Company or the contents of this news release, please contact the Company at (604) 683-0911 or visit the website at hellopal.com. Email inquiries can be directed to: [email protected].
About the Hello Pal Platform
The Hello Pal Platform is a proprietary suite of mobile applications built on a user-friendly messaging interface that focus on social interaction, language learning and travel. Hello Pal, has been designed from the ground up to be easy to use and enables users’ the freedom to speak in their own language regardless of the other person’s language they are speaking to. Hello Pal’s overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in fostering understanding and tolerance between all citizens of the world.
Information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Hello Pal cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hello Pal’s control. Such risks and uncertainties are described in Hello Pal’s annual and interim financial statements available on www.sedar.com. Although Hello Pal is currently generating revenues, Hello Pal remains in the growth stage and such revenues are yet to be profitable. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information.
THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Other industry developments from around the markets include:
Marathon Digital Holdings (NASDAQ: MARA) is a Nevada-based tech firm that primarily focuses on mining cryptocurrencies. Notably, it is actively working towards building the largest mining operation in North America with one of the lowest energy costs. On November 2, 2021, the company announced its bitcoin production and mining operation updates for October 2021. It produced 417.7 self-minted bitcoins in October, increasing its total bitcoin holdings to approximately 7,453 with a fair market value of approximately $457.4 million. It also ended the quarter with $20.9 million in cash.
Riot Blockchain (NASDAQ: RIOT) is a Bitcoin mining company that is rapidly expanding its large-scale mining in the U.S. On November 3, 2021, the company provided its October production and operations update. The company produced 464 Bitcoins in October 2021. Year-to-date through October 2021, the company produced a total 2,921 BTC, an increase of approximately 257% over its BTC production during the same period in 2020. As of October 31, 2021, the company holds approximately 3,995 BTC that are all produced by the company’s self-mining operations.
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