Skychain Closes Private Placement – Investing News Network

Skychain Closes Private Placement – Investing News Network

Overview

Blockchain technology is the backbone of cryptocurrencies. This secure ledger system has laid the foundation for the exponential growth of Bitcoin, Ethereum and other recognized cryptocurrencies. Even traditional sectors are exploring the transformative impact and reliable security blockchain technology has to offer. Market research forecasts worldwide spending on blockchain solutions to grow to an estimated US$15.8 billion by 2023.

All of these operations require networks of decentralized computers to record transactions and archive information. With the growing need for these data centers, investors and companies big and small are turning to data centers and equipment providers to ensure they have the infrastructure needed to succeed in the cryptocurrency and data mining space.

SkyChain Technologies (TSXV:SCT,OTCQB: SKTCF) is a Vancouver-based company providing data infrastructure services and power solutions. The company operates Internet Data Centers that host mining computers, known as ASIC miners or GPUs. Although not a direct cryptocurrency mining company, SkyChain provides full-service hosting and real estate through its wholly owned subsidiary data centers.

Businesses and data mining operations are in increasing need of powerful technologies to support their work. SkyChain works to provide the necessary infrastructure to host these businesses and connect these blocks and technologies to our daily lives. This symbiotic relationship could become more normalized as essential services continue to transition to online-first models.

SkyChain’s Sherbrooke Crypto Hosting Facility is a data center located in Quebec. This 48,000 square foot asset currently generates C$12 million in annual revenues. Additionally, strategic positioning in Quebec allows SkyChain to leverage low provincial electricity prices, potential facility expandability and maximized optimization.

In February 2021, SkyChain Technologies announced preparation to expand its data center services to include edge computing data centers, which would allow for high data applications such as cloud gaming and film rendering.

“Skychain’s deep experience in cryptocurrency mining has resulted in the development of our own unique high-speed equipment, venues and energy solutions suited perfectly to edge computing,” Skychain CEO Bill Zhang stated.

Additionally, the company intends on opening a promising new location in Manitoba in 2021. The site takes advantage of the cheap provincial electricity prices and 12MW facility permits that SkyChain already has in place.

Miningsky Technology Ltd, 100 percent owned by SkyChain Technologies Inc, would be the company’s next major large scale GPU miner and miner hosting solution provider in Manitoba. The all-in cryptocurrency and data mining hosting service provider would offer an electric power supply, regular maintenance of mining machines and mining performance monitoring.

The company’s primary focus is to become a leading player in the crypto and data mining hosting space. Since 2018, the company has conducted significant research and development to reduce costs from C$500,000 per megawatt to C$150,000 per megawatt. Skychain intends on growing to 100Mw of crypto hosting capacity in the future.

SkyChain’s Company Highlights

  • SkyChain Technologies operates state-of-the-art internet data centers that host ASIC miners and GPUs.
  • Currently provides full-service hosting and real estate through its wholly owned subsidiary data centers.
  • The company’s subsidiary data center in Sherbrooke, Quebec currently generates C$12 million in annual revenues.
  • …….

    Source: https://investingnews.com/skychain-closes-private-placement/

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