RCGR’s Recent Acquisition, Northway Mining, LLC. Brings Immediate Gains; Signs Major Client Contract For Crypto Miners; More To Come
MIAMI, August 9, 2018 /PRNewswire/ — Mining Power Group, Inc., (the “Company” or “RCGR”) (OTC: RCGR), announced today that its majority-owned subsidiary, Northway Mining, LLC, (“Northway”) which offers highly specialized data center hosting services for cryptomining, has signed a 2-year, $270,000 per month hosting contract with Proof Computing, LLC., a U.S.-based firm which will yield approximately $6,480,000 million in revenues to Northway over the two years.
The contract encompasses the hosting of about 3,150 miners, including up to 25,000 GPU’s, projected to consume about 5 MW hours of electricity per month. Under the terms of the contract, the client is paying a $540,000, or two-month, advance deposit for the hosting services which will cover installation, set up and equipment testing services by Northway. The contract runs from approximately August 1, 2018, to July 31, 2020, and is renewable.
Northway is a cryptocurrency mining hosting facility that provides hosting, electricity, cooling, maintenance, insurance, downtime coverage, OS installation (GPU) assistance, setup and security, and more, including especially low rates for electricity, that reduces client costs and is a major competitive advantage in the marketplace.
The Company had just recently acquired a majority interest in Northway Mining, which has current revenues. In addition, it acquired real estate assets of substantial value including 30 acres of flat surrounding land that will be used for future expansion of Northway’s data center facilities. Northway presently has over 5000 square feet of secure crypto mining space.
Dror Svorai, President and CEO, stated, “One of the key reasons we did this acquisition, was that we saw that we were carving out a special niche in this market, where we were not actually competing with cryptomining companies, but we could provide top of the line and state of the art facilities and services that every company in the field would want and utilize. We are not competing with them but are servicing them. That way, the whole market could become our clients… not our competition.”
Michael Miranda, President of Northway Mining stated: “As I say in my bio on our website, I firmly believe that cryptocurrency is the future of transactions that will revolutionize the financial industry. This 2-year client contract (the first of many more to come) hints at the pace at which we expect demand for our facilities and services will grow… beginning today. We are leading the way in the marketplace by creating fully-customized data center cryptomining solutions.”
About Mining Power Group, Inc.
Mining Power Group, Inc. was original formed as Rich Cigars to distribute, brand and market tobacco products. Following a change of control in November 2017, it changed its name and shifted its focus to become a holding company for new subsidiary operations serving the cryptomining industry. The Company trades under the symbol “RCGR”) and is a fully reporting SEC company listed on the OTC market. The Company has paid the fee and is in the process of submitting its application to OTC Markets in order to uplist to the OTCQB, which it plans to accomplish by September 1, 2018. For additional information on the Company, visit, http://www.miningpowergroup.com.
About Northway Mining, LLC
Northway Mining, LLC, located in Athens, NY, is a crypto mining data center hosting over 1,100 rigs that operate 24/7. It has over 5000 square feet of secure crypto mining space of any type of machines and is fully climate-controlled to assure maximum machine optimal output. It has a unique competitive advantage in its onsite access to 300 Megawatts of electricity at very affordable rates. Its employees have significant experience in cryptocurrency operational systems, the repair of miners, and general computer science and info management systems with a strong interest in all things Bitcoin/crypto/blockchain. For additional information on Northwood Mining, visit, https://www.northwaymining.com
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Mining Power Group, Inc.
SOURCE Mining Power Group, Inc.