MONTREAL, Sept. 11, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Wuhan General Group (China), Inc. (OTC PINK: WUHN) (the "Company"), a Nevada investment company focused in cryptocurrency mining operations announced today that it's currently negotiating a redesign of a US Defense Department data center to transform it into a Cryptocurrency mining facility. The facility will meet security and power requirements when mining cryptocurrency. It will also provide the Company with an opportunity to set new standards in cryptocurrency mining safety, stability, and security measures.
This new facility will launch at an optimal time in the market to strengthen the Company's cryptocurrency mining division for highly scalable and flexible mining operations across all major cryptocurrencies. The Company benefits from low-cost North American power, a cool climate, and high-speed Internet, which is critical to mining success, placing it in a competitive position to maximize profitability. Ultimately, the project comes at a time that will serve in the Company's and shareholders' best interests.
The 55,0000 sq. ft facility has over 3MW of power ready to accommodate up to 1300 mining machines for Bitcoin, Zcash, and others with an additional 12,000 to be deployed upon successful completion of its upgrade to a 30MW facility in 2019. Once the negotiation is finalized, the first order of rigs from Asicminer is expected to arrive in late October and more in the coming months. The Company estimates this operation to bring monthly revenue in excess of $3.5M based on current cryptocurrency market prices for the initial 1300 mining machines in operation. More information will be shared regarding the progress of the project when available.
Ramy Kamaneh, CEO said: "We had planned to build this operation three months ago, but with the bearish cryptocurrency market, we took a step back to reassess our strategy. The decision to wait for market stability was a good one, especially considering many cryptocurrency machines are no longer profitable in the current market. We acted in the best interests of the Company and its shareholders and firmly believe that the market has bottomed and a bullish market is starting again."
In addition to providing optimal cryptocurrency mining performance, the facility will adhere to strict safety and security standards. As a leader in streamlined solutions that respond to the impacts of the tech industry, the Company believes that this project will increase in value and also create opportunities for innovation within the sector.
About Wuhan General Group (china) Inc
Wuhan General Group (China), Inc., based in Nevada is an investment company focused in the areas of Cryptocurrency mining operations and infrastructure. In addition to its strong commitment in facilitating the development and adoption of cryptocurrency mining operations, Wuhan continues to pursue distinct investment decisions based on emerging markets that reflect the highest business, technical, and legal standards.
Wuhan General Group (China), Inc.
Publicly traded company (OTC Pink:WUHN)
Website www.wuhn.org
For further information contact:
Public Relations
E-mail: info@wuhn.org
Forward-Looking Statements
Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Source: Wuhan General Group (China), Inc