IT service provider Atlas Cloud Enterprises has given an update of its progress. The firm is hoping to become the most cost-effective option in the blockchain and cryptocurrency mining industry. To date, Atlas Cloud is in possession of $8,000,000 in CAD cash to help fund its projects.
Atlas Cloud is currently undertaking bitcoin mining at a facility operated by one of its partners. The company previously announced a $3,000,000 CAD order of ASIC S9 miners. Atlas pays $0.10/kWh for those miners to deliver at a capacity of 13.5 petahashes per second (PH/s).
Also, Atlas Cloud is nearing completion on its Grant County Data Center (GCDC). The new 5MW facility has been fully funded at $3,000,000 CAD and will be fully dedicated to Bitcoin mining. Mechanical and electrical work should be complete by the second quarter of 2018, making the facility fully operational by the third quarter of 2018.
Atlas Cloud expects to benefit from being in close proximity to the Grand Coulee Dam, which is located along the Columbia River in Washington State. The company’s electrical rates of $0.03/kWh are among the lowest commercial rates in Canada.
The company’s initial plan is to use 80% of the 3MW of power available to operate a total of 1,700 ASIC S9 Antminer machines. An additional 2MW of power should be available by 2019, helping Atlas Cloud reach its target of 5MW of power capacity. At that point, Atlas Cloud is confident they will be the cream of the crop with regard to mining cryptocurrency.
It should be noted that Atlas Cloud shareholders and the Canadian Securities Exchange both need to approve the radical change the company has chosen to make with regard to its direction and goals. Atlas Cloud has already submitted a listing statement to the Canadian Securities Exchange. Upon receiving conditional approval for its listing statement, Atlas Cloud shareholders will receive a consent resolution from the company. Only after Cloud Atlas meets the requirements of CSE Policy 8 – Fundamental Changes and Changes of Business will shares of the company be traded as normal.