Increases Ethereum Mining Capacity
Flagship data center now 100% owned by Sysorex
With Ethereum north of $4,500, Sysorex owns more than $5.5 million in Ethereum generated by its mining operations, predominantly at this data center
HERNDON, Va., Nov. 04, 2021 (GLOBE NEWSWIRE) — Sysorex (OTCQB: SYSX), the preeminent, U.S.-based, publicly traded Ethereum mining and technologies company, today announced that it has completed the acquisition of the remaining 50% of the upstate New York data center that houses the majority of its approximately 500 Gigahash of compute capacity, which is online, continuously mining Ethereum and securing the Ethereum Blockchain.
Up North Hosting LLC, a data center owner and operator in upstate New York, was previously jointly owned by businesses controlled by Sysorex’s recently appointed Chief Technology Officer, cryptocurrency industry veteran Brian Raymond, and Sysorex. Sysorex now owns 100% of the data center, which offers the Company immediate access to additional capacity to expand its mining operations. The purchase also included approximately 1000 GPUs, which presently increases mining capacity by approximately ten percent. The purchase price paid by Sysorex for the balance of the data center and GPUs was $1,000,000 and 1,000,000 shares of restricted Sysorex common stock.
“With a consolidated facility, Sysorex is well positioned to grow its Ethereum mining business with a better than industry average cost to support operations,” said Brian Raymond, Chief Technology Officer of Sysorex. “The large majority of Sysorex Ethereum mining systems are already deployed in this data center and Sysorex’s acquisition of the balance of the data center and the additional GPUs brings additional mining capacity online today and positions Sysorex to add meaningful mining capacity in the near future.”
“We are excited to complete this acquisition and further grow our operations,” commented Wayne Wasserberg, CEO of Sysorex. “Sysorex now owns 100% of its dedicated, Ethereum mining data center and nearly 11,000 GPUs outright. We now have more than $5.5 million in Ethereum in our treasury wallet at present value, and expect to mine more than 300 Ethereum per month on a go-forward basis, adding approximately $1.35 Million to our wallet monthly at the current market rate for Ethereum.”
“We are well positioned to further grow our Ethereum mining operations at this data center, which benefits from an excellent climate for mining and our competitive, renewable power purchase pricing,” added Mr. Raymond. “The flexibility of our facility and GPUs allows us to grow our Ethereum mining operations in the near term and expand in compute across the blockchain ecosystem.”
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 11,000 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.