Mismatched accounting explains losses but bad timing is responsible for magnitude
Green cryptocurrency miner Canada Computational Unlimited approved to trade as “SATO”
Toronto, ON - September 8th, 2021 - Canada Computational Unlimited Inc (the “Company” or “CCU.ai”) received approval to list on the Toronto TSX Venture Exchange and will trade under the stock symbol “SATO.”
The company is taping 100% renewable energy sources to support high-grade crypto-mining, AI data processing, and fintech infrastructure. It will use the $4.3 million raised from the listing to complete the build out of its 20 megawatt (MW) hydroelectric facilities
It has been operating with around 7.5MW of energy or 150 hashes per second (PHS) of mining power, and has mined 421 coins since 2017. It will build another 12.5MW of energy in its Joliette center to reach a possible equivalent of 600 hash rate.
Key Highlights
- Fully operational, high-grade,100%renewable energy cryptomining facility in place
- Successfully mining Bitcoin ssince 2017 and Ethereum since 2020
- 150 PHs equivalent of Mining Power with around 7.5MW of energy running now
- 12.5MW of energy remaining to be built in Joliette center for reaching a possible equivalent of 600 PHs of mining power, with more centers to come for future growth
- Utilizing renewable energy to support high-grade crypto-mining, AI data processing, and fintech infrastructure
- Team to increase and advance our large scale mining fleet software
- All coins are newly minted and traceable. 4 years of audited accounts with Grant Thornton/Catallaxy
- Approaching ESG designation
- Created by Mathieu and Romain Nouzareth, two French “serials entrepreneurs” with blockchain figures Julien Romanetto and Frédéric Montagnon and with the investor True Global Ventures 4 Plus, one of the fastest-growing blockchain equity fund, which has just announced fundraising of $100 million.
Romain Nouzareth, CEO and chairman of CCU.ai commented “We are excited to bring this opportunity to market. Renewable Energy is the driving force of the future and sustainable infrastructure that will support computing power is critical to this green energy transition. CCU.ai presents investors with an opportunity to participate in a resource efficient investment. We are also very pleased to obtain the SATO ticker as an homage to Satoshi Nakamoto and the Bitcoin White Paper published in 2008.”
Nouzareth cited a study by the Bitcoin Mining Council, an association of the biggest miners in the US, Europe and Asia that showed that more than 56% of miners are already using renewable energy. He remarked that the trend toward green mining is inevitable, "This is the cheapest way for us to mine, 80% of our cost is mainly electricity. The use of electricity is a security feature not a burden. This is what secures bitcoin, If you compare with other industries, like for example, the energy needed to support the entire financial system, the bitcoin energy is nothing in comparison. If we had to choose between two solutions, the old financial system and the new crypto blockchain. It would be better and smarter to choose bitcoin because the energy usage is a security feature and actually uses less energy than the old system".
Re-disseminated by The Wealth and Society
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