Sysorex Provides Update on Ethereum Mining Operations and Upgrade to the Ethereum Blockchain Network
HERNDON, Va., Aug. 05, 2021 (GLOBE NEWSWIRE) -- Sysorex (OTCQB: SYSX) (“Sysorex” or the “Company”), the preeminent, U.S.-based, publicly traded Ethereum mining and technologies company, today announced that as of July 13, 2021, all Ether (ETH), the cryptocurrency fueling the Ethereum Blockchain, mined by the Company, is being aggregated in the Company’s treasury wallet at Coinbase.
“Following our recently reported closing of nearly $8 million in investment capital, we paid all outstanding invoices and debts related to the merger with TTM Digital Assets & Technologies, Inc., and we also settled the balance owed on our mining GPUs such that all of our approximately 10,000 GPUs, which include thousands of Nvidia Cryptocurrency Mining Processors (CMPs), are now fully paid for and owned by Sysorex, and are running around the clock to secure the Ethereum Blockchain,” said Wayne Wasserberg, CEO of Sysorex. “Today is a monumental day in the history of the Ethereum network. Specifically, Ethereum Improvement Protocol 1559 (EIP-1559) will be included in an expected network upgrade called the ‘London hard fork’. This upgrade will make transaction fees more predictable, increasing network usability while potentially limiting the supply of Ether, which may cause a significant increase in the value of Ether. Now that we are retaining all mined Ether on our balance sheet, the value of this Ether is expected to appreciate substantially.”
“With our recently strengthened cash position, we are confident in our strategy of holding all mined Ether in treasury going forward,” continued Mr. Wasserberg. “When the more significant Ethereum 2.0 upgrade occurs, which we expect at some point next year, our anticipated Ether holdings should position Sysorex well to participate in Proof of Stake through the verification of transactions on the Ethereum Blockchain and the receipt of commensurate rewards that will provide income above the expected appreciation in the value of the Ether we hold. When Ethereum 2.0 arrives, as a data center owner and operator, we plan to repurpose our GPUs for other use cases, which will drive revenue beyond our continued support of the Ethereum Blockchain, and our planned participation in the advancement of technologies built on this network.”
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ABOUT SYSOREX, INC.
Sysorex, Inc. (“Company”) is a data center owner and operator and is the preeminent U.S.-based, publicly traded Ethereum mining and Ethereum Blockchain technologies company. Following the Company’s merger with TTM Digital Assets & Technologies, Inc. (“TTM”), the Company shifted its primary business focus to the mining of Ether (ETH) and opportunities related to the Ethereum Blockchain. The Company currently owns and operates approximately 10,000 NVIDIA GPUs generating approximately 500 Gigahash of computing power, which GPUs include thousands of Cryptocurrency Mining Processors (“CMPs”). These GPUs are currently online and securing the Ethereum Blockchain and generating ETH around the clock with industry leading efficiency. In addition to the mining of ETH, the Company continues to operate its wholly owned subsidiary, Sysorex Government Services, Inc. (“SGS”), a business that provides information technology products, solutions and services to federal, state, and local government, including system integrators. The Company is also advancing strategies to leverage decentralized finance (“De-Fi”) and Non-Fungible Token (“NFT”) opportunities powered by the Ethereum Blockchain.
Safe Harbor Statement
All statements in this release that are not based on historical fact are “forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Sysorex, Inc. and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the fluctuation of economic conditions, the impact of COVID-19 on Sysorex's results of operations, Sysorex’s ability to integrate the products and business from recent acquisitions into its existing business, the performance of management and employees, the regulatory landscape as it relates to privacy regulations and their applicability to Sysorex’s technology. Other factors that are detailed in Sysorex's periodic and current reports available for review at sec.gov. Furthermore, Sysorex operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Sysorex disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.
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