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VANCOUVER, British Columbia, April 08, 2021 (GLOBE NEWSWIRE) -- Global Care Capital Inc. (CSE: HLTH, FRANKFURT: L6V1) (the “Company” or “Global Care”), a global investment company which engages in early-stage investment opportunities in private and public companies, is pleased to announce an update for its 100% owned portfolio company, ASIC Power Company (“ASIC”). Further to the press release dated February 4th, 2021, ASIC has entered into its first royalty streaming agreement to finance 208 ASIC miners from MicroBT and equivalents generating 16,640 TH/s. It is anticipated these miners will be plugged in and start mining in the first week of May 2021. Full mining capacity of the machines is anticipated to be reached by the end of May 2021.
The expected revenue is based on a prior return profile of ASIC machines installed by the machine host eight weeks ago. One ASIC machine produces ~ 0.0092 BTC per month in royalty payments. Therefore the 208 machines of the same type are expected to generate a total of 1.92 BTC which results in USD $108,000 based on a BTC price of USD $56,200 (Source: www.asicminervalue.com) The ASIC chips will act as collateral until the principal amount is paid back and the Company expects to collect a royalty from the installed miners beginning in Q2, 2021. Management believes this will have a positive impact on cash flow generation for the Company however management cautions that actual revenue from the royalty streaming agreement could differ materially, either downward or upward from projections based on fluctuations in the price of BTC. According to the Hashrate Index by Luxor Technologies, the current CAPEX prices per hashing power for the ASIC machines is approximately 110 $/TH. Through its network, ASIC financed this equipment at approximately 35 $/TH, a ~70% discount to current prices.
Daniel Novak, Co-Founder and CEO of ASIC, stated, “The 208 miners are capable of generating a royalty stream of approximately ~USD $108,000 per month under current market conditions which will be used to fund further streaming contracts.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c31aaf6-8019-41b8-af5c-6bb72f520425
About ASIC Power Company
ASIC gives mining companies access to its innovative cryptocurrency mining streaming contracts and chip pipeline through its partnerships with leading hardware producers. It intends to identify low cost, renewably powered mining operations to implement new financing strategies in the form of royalties and stream contracts globally.
For more information and to register to ASIC’s mailing list and follow @asicpower on Twitter.
About Global Care
Global Care Capital is a global investment company which specializes in providing early-stage financing to private and public companies. The Company engages in new, early-stage investment opportunities in previously underdeveloped assets and obtaining positions in early-stage investment opportunities that adequately reflect the risk profile.
GLOBAL CARE CAPITAL INC.:
Alex Somjen, President & CEO
The CSE does not accept responsibility for the adequacy or accuracy of this release.
All information contained in this news release with respect to ASIC was supplied by ASIC for inclusion herein, and Global Care’s directors and officers have relied on ASIC for such information.
Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com