Cryptyde, Inc., or the Company, a company offering comprehensive, scalable Web3 services utilizing blockchain technologies, announced today the recent signing of an Energy Program Development Agreement with Argo Energy, LLC. Cryptyde expects the program will help the Company source locations to house and operate the infrastructure required for it to offer Bitcoin mining services, including co-location services, over the coming years.
Argo Energy will assist Cryptyde in identifying power delivery and site development solutions for the infrastructure needed by Cryptyde to offer Bitcoin mining services. Cryptyde aims to mitigate the effects of potential rising and unpredictable energy costs while reducing harmful carbon emissions by employing a comprehensive combination of solar and other renewable sources. Cryptyde believes the approach of ultimately using sustainable energy will add financial and operational efficiency to their Bitcoin mining services while diminishing environmental impact.
Cryptyde anticipates the relationship with Argo Energy will allow the Company to alleviate capital expenditures by utilizing Argo Energy’s vast development network. Argo Energy will help identify, finance, and construct multiple sites housing the infrastructure required for Cryptyde’s Bitcoin mining services at strategic geographic locations throughout the US. Cryptyde expects to enter into agreements with Argo Energy governing the terms of any specific projects they choose to engage.
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“We believe this agreement puts us in a good position to satisfy the energy needs of our crypto mining solutions business in an environmentally and socially conscious manner,” says Brian McFadden, CEO of Cryptyde. “We plan on generating approximately 150 megawatts of power availability through this agreement, providing us another crucial piece in our ability to launch and support cost effective consumer mining opportunities,” added Mr. McFadden.
Argo Energy boasts a team of industry veterans knowledgeable in both the solar/renewable and traditional energy sectors. Additionally, Argo Energy has historical expertise in data infrastructure and traditional finance, with broad domestic and international experience in past project development.
“We are confident that Cryptyde is a great strategic partner for this venture. Argo Energy expects to capitalize on their expertise with deal structure in the Web3 space, while we compliment their model with our concentration on energy delivery and development,” says Jeff Amorosana, Argo Energy’s Senior VP of Corporate Development. “Collectively, we plan to transform the way in which these projects are developed.”
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