Ocean Falls Blockchain Inks LOI With West Coast Marine Terminals – Press Release
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This arrangement would make OFB a global leader in clean energy-powered Bitcoin mining
Vancouver, British Columbia–(Newsfile Corp. – March 7, 2022) – Ocean Falls Blockchain Corp. (“OFB” or the “Company”) is pleased to announce a Letter of Intent signed with West Coast Marine Terminals (WCMT). This potential partnership would enable Ocean Falls to increase its mining capacity up to 80 megawatts (MW) by the end of 2024, starting with an initial phase one expansion at the start of next year.
Ocean Falls is moving to acquire roughly 21,780 sq. ft. of outdoor container space fully powered by renewable energy resources. Ocean Falls purchased two prototype container units and have been running viability tests since January, in advance of any larger-scale expansion.
“The initial results from the viability tests look great,” said Oded Orgil, CEO at Ocean Falls Blockchain. “We are very excited for this partnership, it would mean a milestone achievement for Ocean Falls’ pursuit of clean energy solutions to support the backbone of decentralized networks like Bitcoin.”
In the last couple of years, the balance of hashing power has slowly shifted toward North American miners. Hydroelectricity is a big part of this, according to Orgil, as it’s an attractive source of energy for bitcoin miners in the face of today’s environmental realities.
Ocean Falls currently operates a 2 MW-plus, clean energy-powered cryptocurrency mining farm in historic Ocean Falls, B.C.
“We believe this potential partnership is a pivotal opportunity for West Coast Terminals to bridge our strategic interests and access to infrastructure in Gold River with the growing Canadian blockchain technology sector,” said Kent O’Neill, General Manager at WCMT.
West Coast Terminal has 240 acres (100 hectares) of usable industrial zoned land, including storage facilities with over 350,000 sq. ft. (32,500 m2) of covered warehouse buildings.
Visit oceanfalls.com for more information on OFB.
About West Coast Marine…
There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this PR should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.
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