Majic provides an update on cryptocurrency mining operations
Houston, Texas, July 09, 2021 (GLOBE NEWSWIRE) – Majic Wheels, Corp. (OTC Pink: MJWL) (“Majic” or the “Company”), a Delaware company, which positions itself as a player in the fintech and software development industries through acquisitions, wishes to update shareholders on the first phase of CGCX’s cryptocurrency mining operations.
CGCX cryptocurrency mining operations encompass a large project to mine several different cryptocurrencies. The first phase of mining operations will focus heavily on ETH mining and build on the Ethash and Etchash algorithms. CGCX’s ETH mining operations are expected to begin in the fourth quarter of 2021 and reach full scale by the second quarter of 2022.
Proof of concept machines have already been received and are currently being tested with positive results. The planned capacity is 500 mining rigs with 12 GPUs per platform for a total of 6,000 GPUs ordered and a phased delivery expected within 6 months. Once all the miners are installed, the company’s hash rate will be around 402,000 MH / s for less than 1 MWh of power consumption. The average mining cost for hosting services, power, data center management, and hosting expenses will be $ 0.07 per kWh. The data center will be partly powered by renewable energy, with a carbon footprint neutral target of more than 50%.
“The CGCX technical team did an incredible job preparing the proof of concept. The team’s strategy is geared towards converting to the highest yielding parts. We are delighted and eager to share the results of our tests with our shareholders in the coming weeks..“said David Chong, CEO of Majic Wheels, Corp.
The Company will publish more information and details about CGCX in the future. To this end, the Company would like to remind shareholders and potential investors that it will organize an online presentation in July. Details of which will be shared shortly. To receive updates on specific time and location details, please register on our website here:
About Majic Wheels Corp.
Majic Wheels Corp Inc., a Delaware holding company, intends to position itself as a player in the disruptive Fintech and software development industries through multiple acquisitions. The Company’s first acquisition is the cryptocurrency exchange and custody service platform: Calfin Global Crypto Exchange – CGCX. Majic Wheels Corp. is listed and traded on the over-the-counter market under the symbol “MJWL”.
For more information about the company, visit:
Our profile of over-the-counter markets: https://www.otcmarkets.com/stock/mjwl/overview
Our website is: https://majiccorp.co/
Our Twitter account is: https://twitter.com/MajicCorp
Our Discord: https://discord.gg/apolloassets
About CGCX Ltée.
Founded in 2018, Calfin Global Crypto Exchange CGCX has set itself the goal of offering a highly sophisticated cryptocurrency exchange for a seamless and secure crypto trading experience. Unlike most exchanges that only offer cryptocurrency exchanges, CGCX caters to the larger blockchain community by providing four services under one platform.
CGCX website: https://www.cgcx.io
SAFE PORT DECLARATION
This press release contains forward-looking statements which can be identified by words such as “believes”, “expects”, “potential”, “plans”, “suggests”, “could”, “should”, “could “,” Could “,” intend to, “or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from future results implied by these statements. These factors include, but are not limited to, our ability to continue to improve our products and systems to cope with industry changes, our ability to expand our customer base and retain existing customers , our ability to compete effectively in our market segment, the lack of public information about our company, our ability to raise sufficient capital to finance our activities, our operations ations, our ability to continue as a going concern, and a limited public market for our common shares, among other risks. Many factors are difficult to predict with precision and are generally beyond the control of the business. Forward-looking statements speak only as of the date on which they are made, and we do not undertake to update any forward-looking statements to reflect circumstances or events that occur after the date on which the forward-looking statements are made.
SOURCE: Majic Wheels Corp.
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