Atlas Cloud Enterprises Inc. (CSE:AKE) (XFRA:A49), a Canada-based growth-oriented, CSE-listed company focusing on the business of providing co-location and backup/redundancy IT, telecom equipment and cloud computing, announced on Thursday it has acquired MKH Electric City Holdings LLC, a Washington State company that owns a 6,600-sq. ft. location which Atlas Cloud believes will be ideal for digital currency mining. The facility, which is known as The Grant County Data Centre, is currently being converted to host cryptocurrency mining servers. Atlas Cloud intends to dedicate this facility to mining Bitcoin.
According to Atlas Cloud, the facility, located in Electric City Washington, is less than five kilometers from the Grand Coulee Dam which impounds a sizable portion of the Columbia River. The company noted that, due to its location, this facility significantly benefits from electrical provisioning at approximately $0.03/kWh, one of the least expensive commercial rates in the world. Atlas Cloud’s energy consumption dedicated to digital currency mining for this individual location is 3.0 megawatts (“MW”), supplied by the Grant County Public Utility Department with the ability to upgrade to 5 MW.
“The Grant County Data Centre, utilizing 80% of the current 3.0 MW of dedicated power, can host up to 1,700 Application Specific Integrated Circuit (ASIC) mining servers. A second phase (an additional 2.0 MW) is expected to be completed in 2019, increasing total energy dedicated to digital currency mining to 5.0 MW. Atlas Cloud is fully funded to complete Phase 1 and 2 of the Grant County Data Centre.”
While sharing more details about the acquisition, Atlas Cloud President, Fred Stearman, commented:
“We are thrilled to transition and launch into the operational phase of commercialization of our new Bitcoin mining facility. Our recent and successful financing efforts have launched what we believe will be one of the most cost-efficient and scalable operations in the business. Washington State is an excellent jurisdiction with its access to abundant inexpensive electricity, good governance, and a cool climate important for economic server operations. Our previous extensive experience in cloud-based service delivery combined with our exciting new facility is a solid foundation from which we plan to build upon. It’s a truly exciting time at Atlas Cloud and we look forward to building a robust and vibrant business alongside commensurate shareholder value as we launch into 2018.”
Atlas Cloud then added that the cost of the facility is $300,000 and the company is expected to spend up to $2.6 million in facility infrastructure costs and related expenses to retrofit the existing warehouse into a data center.