Majic Provides Update on Cryptocurrency Mining Operations
Rhea-AI Summary
Majic Wheels Corp. (MJWL) has provided an update on its CGCX Cryptocurrency Mining Operations, focusing on Phase One, which will begin in Q4 2021. The mining project is set to target Ethereum, utilizing Ethash and Etchash algorithms, with an anticipated capacity of 500 mining rigs equipped with 6,000 GPUs. The expected hash rate will be 402,000 MH/s at a low power usage of under 1 MWh. The mining costs are projected at $0.07 per kWh, and the company aims for a carbon-neutral footprint surpassing 50%. Further updates and an online presentation are planned for July.
Positive
- Phase One of CGCX's mining operations focuses on Ethereum with a substantial capacity of 500 mining rigs and 6,000 GPUs.
- Expected hash rate will be approximately 402,000 MH/s with minimal power consumption.
- Low mining costs projected at $0.07 per kWh.
- The data center will partially use renewable energy for a target carbon-neutral footprint exceeding 50%.
Negative
- None.
News Market Reaction – MJWL
On the day this news was published, MJWL gained 20.19%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Houston, Texas, July 09, 2021 (GLOBE NEWSWIRE) -- Majic Wheels, Corp. (OTC Pink: MJWL) ("Majic" or the "Company"), a Delaware corporation, that is positioning itself as a player in the disruptive industries of fintech and software development by means of acquisitions, wishes to issue an update to shareholders about Phase One of CGCX’s Cryptocurrency Mining Operations.
The CGCX Cryptocurrency Mining operations encompass a large project to mine several different cryptocurrencies. Phase One of the mining operations will focus heavily on ETH mining and rely on Ethash and Etchash algorithms. CGCX’s ETH mining operations are scheduled to begin in the fourth quarter of 2021 and reach full scale by the second quarter of 2022.
Proof of concept machines have already been received and currently undergoing testing with positive results. Planned capacity is for 500 mining rigs with 12 GPUs per rig for a total of 6,000 GPUs ordered and a planned phased delivery within 6 months. Once all the miners are installed, the Company’s hash rate will be approximately 402,000 MH/s for less than 1 MWh power usage. The average mining cost for hosting services, electricity, data center management, and hosting related expenditure will be
ʺThe technical team of CGCX has done amazing work preparing for the proof of concept. The team’s strategy is aimed towards conversion to the highest yield coins. We are excited and eager to share the results of our testing with our shareholders in the coming weeks." said David Chong, Chief Executive Officer of Majic Wheels, Corp.
The Company will be releasing more information and details on CGCX moving forward. To that end, the Company wishes to remind shareholders and prospective investors that it will be hosting an online presentation in the month of July. The details of which will be shared shortly. To receive updates about the specific details of the time and place, please register on our website here:
About Majic Wheels Corp.
Majic Wheels Corp Inc., a Delaware holding corporation, intends to position itself as a player in the disruptive industries of Fintech and software development by means of multiple acquisitions. The Company's first acquisition is the cryptocurrency exchange and custody services platform: Calfin Global Crypto Exchange - CGCX. Majic Wheels Corp. is listed and traded on the Over-the-Counter Market under the trading symbol "MJWL".
For more information about the Company visit:
Our OTC Markets Profile: https://www.otcmarkets.com/stock/mjwl/overview
Our website is: https://majiccorp.co/
Our Twitter account is: https://twitter.com/MajicCorp
Our Discord: https://discord.gg/apolloassets
About CGCX Ltd.
Founded in 2018, Calfin Global Crypto Exchange CGCX set out to offer a highly sophisticated cryptocurrency exchange for a seamless & secure crypto trading experience. Unlike most exchanges that offer only cryptocurrency trading, CGCX caters to the larger blockchain community by providing four services under a single platform.
CGCX Website: https://www.cgcx.io
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE: Majic Wheels Corp.
FOR MORE INFORMATION, PLEASE CONTACT:
David Chong
Email: info@majiccorp.co