CD$ 21 million agreement enables major expansion of mining operations
MIAMI, June 26, 2018 (GLOBE NEWSWIRE) -- InvestorsHub NewsWire -- via NetworkWire -- Miami-based United American Corp ("UnitedCorp")(OTC:UAMA) announced today that its wholly owned subsidiary Blockchain Data Centers Inc. ("BDC") has entered into an expansion of its existing Hosting Service Agreement with a Vancouver-based technology company.
Under the agreement BDC will increase hosting of the company's mining rigs from 1,000 to a total of 4,000. BDC has already commenced construction to increase its BlockchainDome Heat Station capacity and the first additional mining rigs are expected to be online in August. The company has already provided BDC with all initial financial advances as per the agreement and will provide further scheduled advances based on implementation milestones over the next 2 months.
"We are very pleased with the now proven performance and efficiency of our first BlockchainDome and we appreciate the confidence our customer has placed in us by quadrupling its original hosting agreement," stated UnitedCorp President Benoit Laliberte. "This new agreement will allow BDC to increase its heat station capacity to supply heat to additional adjacent greenhouses and continue to build up UnitedCorp's tangible asset value."
In addition to its wholesale hosting business, BDC will continue to develop plans for its retail operation which will provide clients with miners and space in its BlockchainDomes as well as turnkey-managed mining services to individuals. Retail operations are expected to launch later this year.
UnitedCorp's BlockchainDome Passive Cooling Ground-Coupled Heat-Exchanger technology uses Canadian well and chimney effect principals, combined with a technique which utilizes Negative Air Pressure Mining Rig docking station adaptors, another proprietary technology. This process takes surface air and cools it naturally without electricity via a passive subterranean heat exchange system. The cool air is then heated as it cools cryptocurrency mining rigs and this heat is used to support large scale greenhouse agricultural operations through the BlockchainDome heat generation system which can keep greenhouses in excess of 25oC year round.
How BlockchainDomes work can be seen at: https://www.youtube.com/watch?v=YDmhhaJKHLg
A photo (Photo 1) accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/71448de3-4a1f-4f91-8e09-56d46f3d0238
A photo (Photo 2) accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/0d50abea-487d-4e80-92d4-dffab8348fb2
The BlockchainDome Technology
The UnitedCorp BlockchainDome was designed for large scale ASIC (application-specific integrated circuit chip) mining operations where efficiency and low cost operations are a priority. The BlockchainDomes are particularly suited for situations where rapid cluster deployment is required as they can be erected and commissioned in a matter of weeks rather than up to a year using the traditional "Bricks and Mortar" approach. BlockchainDomes can be configured in a wide range of sizes.
The combination of low cost of operation, rapid deployment and low capital cost result in BlockchainDomes providing one of the lowest overall Total Cost of Ownership (TCO) in the mining industry and the most efficient cooling solution for high density power mining operations.
The BlockchainDomes utilize a proprietary passive cooling ground-coupled heat-exchanger technology which provides a highly efficient cooling solution for high-density mining operations which contain some of the hottest running computers in the world.
The BlockchainDomes utilize some 3,200 feet of subterranean 24 inch diameter conduits which extend away from the dome on each side for a total of 9,200 cubic feet of air intake for each of the 1,000 mining rig docking stations. Surface air is drawn into the conduits and through air filters as a result of the negative pressure created within rig enclosures. The conduits are designed with a corrugated external surface to provide enhanced surface for thermal transfer with the ground, and a smooth internal surface for better laminar air flow and reduced air turbulence.
Warm surface air passing through the conduits is cooled naturally over the length of the pipe run as a result of solid-to-air and air-to-air heat exchange. The air then flows to the underside of the mining rigs which are encased in sealed air-tight docking station adaptors. The negative dome pressure is created through a combination of the heat rising from the mining rigs (the "chimney effect"), the mining rig fans which draw cool air from the Canadian well and from 20 hot air transfer ducts located at the apex of the dome which draw heat from the BlockchainDome for transfer to adjacent greenhouses.
BlockchainDomes are designed specifically to keep the heat generating processors at an optimal temperature through passive cooling. This includes an emphasis on laminar flow to reduce turbulence and an air path which reduces resistance. One of the shortcomings of most active cooling systems is that they use horizontal air flows which are less effective at cooling due to the inefficient flow of air. However BlockchainDomes' mining equipment is mounted onto negative air pressure docking station adaptors with vertical air flow intakes which bring cool ground air from the Canadian well. Therefore air always moves in a natural direction. Since each mining rig draws some 200 CFM (cubic feet per minute) of cool air, each dome requires an air exchange of 200,000 CFM per 1,000 mining rigs docking stations. As a result, there is no need for air conditioning or electro-mechanical cooling fans.
The productivity and efficiency of the BlockchainDomes has a significant competitive advantage over traditional 'Bricks and Mortar' installations that rely on active cooling systems and the company is targeting a 23-30% reduction in total cost of ownership. This is not only due to the reduced cost of electricity but also takes into account amortization of capital costs when compared to other approaches.
About United American Corp
Established in 1992, United American Corp is a Florida-based development and management company focusing on telecommunications technologies. The company currently holds the rights to manage a portfolio of patents and proprietary technology in telecommunications, social media and more recently in Blockchain PSTN technology.
For more information, visit www.unitedcorp.com
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management's expectations or opinions change.
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United American Corp
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