Sysorex Completes the Purchase of 1,344 Nvidia V100 Class Cryptocurrency Mining Processors from … | news
HERNDON, Va., July 29, 2021 (GLOBE NEWSWIRE) – Sysorex, Inc. (“Company”) (OTCQB: SYSX), a data center owner and operator and the leading US-based, publicly traded Ethereum mining company and the Ethereum- Blockchain technology company, today announced the purchase of 1,344 Nvidia CMP V100-class GPUs (“GPUs”) from CoreWeave, Inc. (“CoreWeave”). With the GPUs contributing around 125 gigahash of computing power or mining capacity, Sysorex now has the ability to aggregate around 20% more Ether (ETH), the cryptocurrency that powers the Ethereum blockchain. The company also announced its plans to keep the dismantled ETH in the treasury, which may further add to its balance sheet.
On April 1, 2021, Sysorex and CoreWeave executed a purchase order for USD 2,250,000 to buy and sell the GPUs on a lease-to-buy basis, with all income in the form of ETH generated from the GPUs, dismantled and sold, credited to the due balance of the order until full repayment has been made. From April 1 to July 8, 2021, the 1,344 GPUs mined 421,494 ETH, generating approximately $ 1,090,000 (unaudited) in revenue that was credited to the order, in addition to a $ 50,000 down payment made on or about April was paid in January 2021. Last week, Sysorex paid CoreWeave the balance of the order, approximately $ 1,110,000.
“Fulfilling the CoreWeave order is an important achievement that we believe will add shareholder value as it coincides with our move from selling ETH to fund business while executing our current strategy of 100% of the ETH being mined aggregate into our treasury wallet, which fits into our balance sheet immediately, and the value of the retained ETH can also increase over time, ”said Wayne Wasserberg, CEO of Sysorex. “With our around 10,000 GPUs, which are now fully paid for by Sysorex and owned by Sysorex, we are collecting all of the mined Ethereum so that Sysorex, when the Ethereum blockchain goes from mining / proof-of-work to proof-of -Stake / Ethereum 2.0 moves, positioned as leading US stakeholder. With these and other GPUs we put online in the second quarter of this year, our mining capacity has increased by about 100% from the first quarter of 2021 to the second quarter of this year. We are proud of this achievement and remain focused on the path ahead as we continue to strengthen our position as the leading US Ethereum company. I look forward to speaking to our shareholders on our conference call on August 9, 2021 as we have so much more to share. “
ABOUT SYSOREX, INC.
Sysorex, Inc. (“Company”) is the data center owner and operator and the largest US-based publicly traded Ethereum mining and blockchain technology company. Following the company’s merger with TTM Digital Assets & Technologies, Inc. (“TTM”), the company shifted its primary business focus to mining Ether (ETH) and opportunities related to the Ethereum Blockchain. The company currently owns and operates approximately 10,000 NVIDIA GPUs that generate approximately 500 gigahash of computing power, with these GPUs comprising thousands of cryptocurrency mining processors (“CMPs”). These GPUs are currently online and secure the Ethereum blockchain and generate ETH 24/7 with industry leading efficiency. In addition to winding down ETH, the company continues to operate its wholly owned subsidiary Sysorex Government Services, Inc. (“SGS”), a company that provides information technology products, solutions and services to federal, state and local government agencies, including systems integrators. The company is also developing strategies for utilizing decentralized financing (“De-Fi”) and non-fungible token (“NFT”) options that are supported by the Ethereum Blockchain.
All statements in this press release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements relating to the company’s future sales, business, operations and strategies. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “can”, “plan”, “potentially”, “predict”, “project”, “Should,” “aim,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Although the company bases all forward-looking statements in this press release on its current expectations, the information on which those expectations are based may change. These forward-looking statements are based on a number of assumptions about future events and are subject to a number of risks, uncertainties and other factors, many of which are beyond the control of the company and its subsidiaries, which could cause actual results to change materially will differ from such statements, including the uncertainties related to market conditions and the completion of the Offering on the expected terms or at all, the other factors set out in the “Risk Factors” section of the company’s current report on Form 8-K filed at the Securities and Exchange Commission on June 24, 2021, and the risks and uncertainties described in other filings the company has or may make with the Securities and Exchange Commission. All forward-looking statements in this press release speak only as of the date of this press release, and the company expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Crescendo Communications, LLC David Waldman / Natalya Rudman Tel: (212) 671-1020 Email: SYSX@crescendo-ir.com
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