Hello Pal International Inc. a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce that it has purchased a further 170 L7 miners from the proceeds of the sale of its L3+ model, bringing the total number of L7s to 270 which includes the 100 Antminer L7s announced last month . The Company is in the process of acquiring more.
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The remaining Antminer L3+ miners, held by the Company’s subsidiary (CPal Technology Limited) have been sold for a total consideration of USDT 3.75 million (approximately CAD 4.7 million), which represents a 100% profit compared to the effective purchase price in June of this year. The sale of the L3+ miners and purchase of L7 miners effectively means that the Company’s Litecoin/Dogecoin mining rigs have been completely upgraded to the latest Litecoin/Dogecoin miners to be released by Bitmain.
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Bitmain’s L7 miners are highly sought after and extremely difficult to acquire. Hello Pal’s current understanding is that less than 2500 L7 miners are being produced, with no further production planned by Bitmain in the foreseeable future. The L7 model has a hashrate of 9500 MH/s, which is 19 times more powerful than that of the previous L3+ model. They consume substantially less power and have a stability rate of 98 percent in comparison to the previous stability rate of 70% improving overall profit margins considerably.
The new machines are expected to be delivered in December 2021, upon which they will be delivered by air freight directly to New York State, where the Company’s new mining facilities are located and announced earlier this month (see November 10 press release).
“We are fortunate to have this opportunity to upgrade all our mining rigs to the latest and greatest Antminer model,” said KL Wong, Founder and Chairman of the Company. “We remain very bullish regarding the future of cryptocurrency and Litecoin and Dogecoin in particular, and look forward to continuing with our plans to integrate cryptocurrency into our product offerings.”
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