- Link Global Technologies (LNK) will potentailly gain access to 50 megawatts of energy through Covega Energy LTD at favourable rates
- This energy will be made available to its clients for cryptocurrency mining
- Initially 3 megawatts will be made available to the company
- As this was only a letter of intent, Link Global Technologies and Corvega Energy LTD will outline the plan further within 15 days
- The current value of a bitcoin is C$10,965.59
- Link Global Technologies (LNK) remained unmoved, with shares currently trading at C$0.40.
Link Global technologies (LNK) is in negotiations with Corvega Energy LTD for the 50 megawatts of electricity at favourable rates.
Link Global Technologies provides infrastructure and operating expertise to third party digital mining operations.
Large swarths of power are required to mine cryptocurrency so access to low-cost energy is major asset for the company.
The initial agreement stipulates that 3 megawatts of electricity will be made available to Link Global Technologies. Access to this initial new avenue of power is intended to increase the company’s bitcoin output by up to 30 bitcoins month.
Link intends to build on this new potential agreement with the addition of “state-of-the-art cryptocurrency processors”. With these new assets the company hopes to make hash power readily available to its customers.
Hash power is related to the amount of power required to mine bitcoin at a continuous rate.
President and CEO Stephen Jenkins see’s this as positive news for the company and its clients.
“Not only have we aligned ourselves with an experienced energy provider in Convega, but this LOI [letter of intent] is an extraordinary milestone for a burgeoning company like Link. We believe it will allow Link to deliver on a promise to supply significant hash power to customers.”
A single bitcoin is currently valued at C$10,965.59.
The letter of intent shall be followed with a plan to execute this agreement with the next 15 days.
Link Global Technologies (LNK) remained unmoved, with shares currently trading at C$0.40.