Nasdaq GlobeNewswire

Arbitrade Announces the Commencement of Its Mining Infrastructure Agreement With Coin Miner LLC

Del

Will provide 65,000 new units over the next 24 months

 

NEW YORK, March 05, 2018 (GLOBE NEWSWIRE) -- Arbitrade Exchange Inc., a cryptocurrency merchant exchange and point of sale system, has announced the company has taken a major step forward in commencing its mining infrastructure. Arbitrade said it has engaged Coin Miner LLC to source and provide 65,000 new and used mining units over the next 24 months. Their proprietary G Series mining units that are configured with Nvidia and AMD chips achieving 275MH at 1,200 watts each, will amount to 50% of the units Arbitrade have agreed through this contract. The additional ASIC miners that Coin Miner sources will help cover a wide range of different Algorithms a source from a variety of manufacturers.

Coin Miner brings over five years' experience in industrial sized mining operations, infrastructure and design. The company has offices in Cleveland Ohio, New York City, Miami and Shenzhen China and its global presence enables it to source equipment from manufacturers and suppliers with great facility. Arbitrade's management were able to report they were able to fulfill its requirement with a speed and efficiency unmatched by any of the other companies they had contacted and said that Coin Miner has commenced sourcing the 65,000 units to fulfill the large contract Arbitrade is seeking to be completed in the next 24 months.

Meanwhile, Arbitrade reported it has commenced a 15-year lease agreement with Cryptotopic Inc., an Ontario company that will work with Coin Miner LLC, on behalf of Arbitrade, to build Canada's largest mining facility in Watford, Ontario, Canada, which will house the 65,000 mining units. Coin Miner will design and oversee the additional infrastructure at the Watford facility which will consume 95MW of power.

The Cryptotopic Inc., Watford property is a 100,000 square foot industrial warehouse property with 16 additional acres that was previously a metals manufacturing facility. This lease agreement marks the first of four facilities Arbitrade plans to open over the next 36 months with Cryptotopic Inc. and Coin Miner LLC. These mining units will commence operations for Arbitrade's decentralized exchange and also commence operations for Cryptobontix Inc.'s bullion and cryptocurrency mining backed tokens. 

Arbitrade also reported it purchased 1,550 mining units from Coin Miner, Bitmain, Halong, Canada Computers and others to date which Coin Miner LLC will commence immediately at the new mining operations. 

Len Schutzman, Chairman of Arbitrade, commented on the engagement of Coin Miner, said, "This agreement will significantly accelerate our growth and catapult Arbitrade into one of the top positions in the cryptocurrency mining sector."

ARBITRADE, through its proprietary software and strategic partnerships, plans to be in all segments of the cryptocurrency business, including currency mining, trading (The ARBITRADE Exchange) gift cards, debit cards, money transfer and Point of Sale processing. 

Media Contact: 
Victor Webb 
Marston Webb International 
T: (212) 684-6601, C: (917) 887-0418
e-mail: marwebint@cs.com 




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Arbitrade via Globenewswire

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