- Hyper Bit Technologies (CSE: HYPE, OTC: HYPAF) is set to acquire Dogecoin Mining Technologies in a $4.5 million deal.
- The acquisition includes rights to purchase up to 2,660 ElphaPex ASIC mining rigs.
- The data center offers 11MW of renewable energy capacity with hosting rates below $0.07 per kWh.
Hyper Bit Technologies Ltd. (CSE: HYPE, OTC: HYPAF) has announced a non-binding letter of intent to acquire Dogecoin Mining Technologies, a development-stage company focused on Dogecoin (DOGE) and Litecoin (LTC) mining. The $4.5 million transaction will be executed through the issuance of 15 million shares at $0.30 per share, released in five tranches contingent upon certain operational milestones.
Dogecoin Mining Technologies has secured the rights to purchase up to 2,660 ElphaPex ASIC rigs and access a data center boasting 11MW of renewable energy capacity. The energy costs are competitively priced at under $0.07 per kilowatt-hour, positioning the firm for efficient and sustainable mining operations.
The acquisition will elevate Hyper Bit Technologies as one of the pioneering publicly listed altcoin-focused mining companies. The proposed transaction remains subject to due diligence, a definitive agreement, and regulatory approvals.
Mr. Cole Goodwin, COO of Hyper Bit, emphasized the strategic significance of the acquisition, highlighting the growth potential and robust mining economics associated with Dogecoin and Litecoin. Market observers anticipate this move will bolster Hyper Bit's market position and align with its long-term growth ambitions.
