Ace Digital - Entry into Mining Pilot
Ace Digital - Entry into Mining Pilot
Ace Digital AS (Euronext Oslo: ACED), through its wholly owned subsidiary Ace Invester AS, has entered into an agreement with Powerpool Hosting AS (a subsidiary of Lokotech Group AS), for the purchase of mining machines providing a total of approximately 48 Gigahashes/s of Scrypt hashrate.
The machines will be hosted in Northern Norway under Powerpool Hosting AS’ pilot program. Hosting services are provided at a fixed rate per kW/h, deducted directly from the mining revenue. All net mining rewards accrue 100% to Ace Invester AS.
Expected payback time for the investment is 2-3 years at current market conditions. The transaction is of limited financial significance for Ace Digital but represents a strategic step into operational mining activities. The company will continuously evaluate further commitments should similar opportunities arise.
In assessing mining projects, Ace Digital places particular emphasis on predictability in cost per kWh, estimated payback period and return on each individual investment. Apart from cost, The SOC-certification and it’s revenue maximising algorithms, Powerpools dedication to reduce friction for traditional business operators was a deciding factor for Ace Digital in its choice of supplier. Apart from being the least expensive pool operator, we found the value-added services of, for instance immutable records of revenue generation and reporting features, important in our choice of both pooling and hosting services in this new business venture.
Ace Digital is positive about exploring opportunities to expand its cooperation with PowerPool Hosting and Lokotech Group in the future.
Note: Kristin Åbyholm, a board member of Ace Digital who also serves on the board of Lokotech Group AS, was not involved in the negotiations or decision-making related to this agreement. In it’s whole, the transaction was not relevant to The Public Limited Liability Companies Act §3-8.
Contact
Alexander Hagen, CEO Ace Digital AS
E-mail: [email protected]
About Ace Digital
Ace Digital AS is a holding company dedicated to creating value in the Bitcoin ecosystem through strategic investments and active ownership in subsidiaries. Our vision is to be the Nordic region’s leading platform for Bitcoin investments, with Bitcoin as a cornerstone of our balance sheet.
The company is listed on Euronext Growth Oslo under the ticker ACED.
www.acedigital.no
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Cautionary Statement Regarding Forward-Looking Statements:
This announcement contains forward-looking statements within the meaning of applicable securities laws. These include expectations regarding the offer’s benefits, timing of completion, and ability to integrate the companies. Such statements are subject to risks, including delays in approvals, integration challenges, findings in the due diligence process, and market changes. Investors are urged to read the forthcoming information memorandum/prospectus for details.
No Offer or Solicitation:
This communication does not constitute an offer to sell or a solicitation to buy securities, nor will there be any sale of securities in jurisdictions where such offer or sale is unlawful without registration or qualification under applicable securities laws.