- Codebase Ventures (CODE) has amended its bit mining infrastructure purchase agreement
- The amended agreement will secure delivery of the initial rigs to the hosting facility within 60 days
- Codebase will receive, for the same price, 115 Bitmain Antminer S17+ 76Th, instead of the previously announced Canaan A1246 miners
- The new bit mining infrastructure will be operational sooner than originally planned
- Codebase Ventures Inc. seeks early-stage investments in the blockchain ecosystem and fintech
- Codebase Ventures (CODE)
Codebase Ventures (CODE) has amended the previously announced purchase agreement for its bit mining infrastructure.
The amended agreement provides certainty on timing, as well as greater profitability with the same number of rigs.
“We have been working extensively with our supplier in the face of industry wide delays resulting from high demand, and now have amended the agreement signed earlier this year to secure the initial rigs for delivery to the hosting facility within 60 days,” said Mr. George Tsafalas, Codebase President and CEO.
The amended agreement will see Codebase receive, for the same price, 115 Bitmain Antminer S17+ 76Th, replacing the previously announced Canaan A1246 miners.
The mining rigs will go into operation in New York State as previously planned, and all other terms of the original agreement remain the same.
Codebase determined that a new solution was required to gain certainty on timing due to microchip shortages, and as a result, the new bit mining infrastructure will be operational sooner than originally planned.
In addition to the added benefits mentioned above, Bitmain remains one of the most dominant and well-respected manufacturers of Bit Mining equipment in the industry.
Codebase Ventures Inc. seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem and fintech.
Codebase Ventures Inc. is up 2.56 per cent, trading at C$0.20 per share at 11 am ET.