- Cryptocurrency services provider, Link Global Technologies (CSE:LNK), has purchased a 25 per cent stake in a series of Alberta-based petroleum and natural gas assets for C$300,000
- The assets are jointly owned by Convega Energy and Gunnarr Resources
- The acquisition is part of Link Global’s plan to directly access 50 megawatts of electricity through energy assets
- The company will use the power to allow its clients access to low cost digital mining infrastructure
- Link Global Technologies (LNK) remained steady, with shares trading for $0.33
Link Global Technologies (CSE:LNK) has negotiated two Alberta-based energy agreements to aid its digital mining operations.
Link Global has purchased a 25 per cent stake in a series of petroleum and natural gas assets jointly owned by Convega Energy and Gunnarr Resources. The stake cost Link Global C$300,000 and is part of the company’s plan to acquire 50 megawatts of electricity.
Rather than purchase the 50 megawatts directly from the grid, the company wants to access the power through a series of direct interest acquisitions. In doing this, the company hopes to dramatically reduce the cost of power per watt.
Cryptocurrency mining requires large swathes of energy to operate continuously. Due to the recent poor performance of big-hitter cryptocurrencies like Bitcoin and Ethereum, increasingly cheaper energy is needed to maintain profitability.
Link Global operates in the cryptocurrency sector, providing companies with the necessary infrastructure required to mine digital currency at a profitable rate.
To that end, the company has been negotiating broadly with Covega Energy and Gunnar this year to access energy assets like these.
President and CEO, Stephen Jenkins, believes this is a big step forward for the company.
“We are moving forward with our program of securing low cost power for our operations. Link has been working closely with Convega and Gunnarr for the past two months and it has been a worthwhile experience.
“We believe by combining expertise in the power generation and the datacenter space, we can provide one of the best platforms for digital currency operations anywhere in the world,” he said.
Link Global Technologies (LNK) remained steady, with shares trading for $0.33 at 3:04pm EST.