ALBANY, N.Y., April 12, 2021 /PRNewswire/ -- EcoChain, Inc.
("EcoChain"), a wholly-owned subsidiary of Mechanical
Technology, Incorporated ("MTI" or the "Company"), (NASDAQ: MKTY),
a cryptocurrency mining business powered by renewable energy, today
announced the acquisition of approximately 11.2 Petahash in SHA-256
Bitcoin miners and 235 Gigahash in Scrypt Litecoin miners for
use by the Company and EcoChain in connection with the planned
growth of MTI's cryptocurrency mining business.
- As of the close of business today, this capacity will be
on-line and operational.
- Consideration paid was $545
thousand in cash and approximately $210 thousand in common shares, for a total
purchase price of $755 thousand.
- The negotiated power cost is $.023 per kWh for 83% uptime.
"We believe that this transaction is highly advantageous and
will help to drive our return on invested capital. This purchase
provides EcoChain with the equipment required to support MTI's
planned expansion of its cryptocurrency mining business. Based on
our development pipeline, we remain confident that by the end of
2021 we will have approximately 50MW of high ROI, green, ultra-low
cost capacity," said Michael
Toporek, CEO of MTI.
About EcoChain, Inc.
EcoChain, Inc., a wholly-owned subsidiary of Mechanical
Technology, Incorporated, is engaged in developing and operating
ultra-low cost green data centers focused on cryptocurrency mining.
For more information about EcoChain, please visit
www.ecochainmining.com.
Forward Looking Statement
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements reflect management's current
expectations, as of the date of this communication, and involve
certain risks and uncertainties. Forward-looking statements include
statements herein with respect to the successful execution of the
Company's business strategy. The Company's actual results could
differ materially from those anticipated in these forward-looking
statements as a result of various factors. Such risks and
uncertainties include, among other things, our ability to establish
and maintain the proprietary nature of our technology through the
patent process, as well as our ability to possibly license from
others patents and patent applications necessary to develop
products; the availability of financing; the Company's ability to
implement its long range business plan for various applications of
its technology; the Company's ability to enter into agreements with
any necessary partners; the impact of competition, the obtaining
and maintenance of any necessary regulatory clearances applicable
to applications of the Company's technology; and management of
growth and other risks and uncertainties that may be detailed from
time to time in the Company's reports filed with the Securities and
Exchange Commission.
Contact Information:
Jess Olszowy
jolszowy@mtiinstruments.com
Investor Relations:
Kirin
Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com
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SOURCE Mechanical Technology, Incorporated