Majic Wheels, Corp., a Delaware corporation, that is positioning itself as a player in the disruptive industries of fintech and software development by means of acquisitions, wishes to issue an update to shareholders about Phase One of CGCX’s Cryptocurrency Mining Operations.
The CGCX Cryptocurrency Mining operations encompass a large project to mine several different cryptocurrencies. Phase One of the mining operations will focus heavily on ETH mining and rely on Ethash and Etchash algorithms. CGCX’s ETH mining operations are scheduled to begin in the fourth quarter of 2021 and reach full scale by the second quarter of 2022.
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Proof of concept machines have already been received and currently undergoing testing with positive results. Planned capacity is for 500 mining rigs with 12 GPUs per rig for a total of 6,000 GPUs ordered and a planned phased delivery within 6 months. Once all the miners are installed, the Company’s hash rate will be approximately 402,000 MH/s for less than 1 MWh power usage. The average mining cost for hosting services, electricity, data center management, and hosting related expenditure will be $0.07 per kWh. Data center will be partly powered with renewable energy, with a target for a carbon neutral footprint of more than 50%.
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ʺThe technical team of CGCX has done amazing work preparing for the proof of concept. The team’s strategy is aimed towards conversion to the highest yield coins. We are excited and eager to share the results of our testing with our shareholders in the coming weeks.” said David Chong, Chief Executive Officer of Majic Wheels, Corp.
The Company will be releasing more information and details on CGCX moving forward. To that end, the Company wishes to remind shareholders and prospective investors that it will be hosting an online presentation in the month of July. The details of which will be shared shortly.
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