VANCOUVER, B.C., Canada, June 22, 2022 — Ocean Falls Blockchain Corp. (“OFB” or the “Company”) is excited to announce it is now a member of Terra Pool, an invitation-only crypto-mining pool for clean energy-powered mining farms.
Terra Pool, coined the World’s First Green Bitcoin Mining Pool, was established in March 2021 as a joint effort between the U.K.-based cryptocurrency mining company, Argo Blockchain, and DMG Blockchain, a Canadian blockchain technology company.
Terra Pool accepts cryptocurrency miners that produce Bitcoin in a sustainable and climate-conscious way, with the initiative’s goal to significantly reduce greenhouse gas emissions over the next decade.
“The environmental impact of Bitcoin and other crypto-mining enterprises has long been viewed as a flaw and detriment to the sustainability of decentralized networks. OFB is, therefore, a proud supplier of clean energy-powered mining and we are honoured to be a part of the Terra Pool initiative,” said Oded Orgil, CEO at OFB.
The two key requirements to becoming a member of Terra Pool are that a miner shares at least 50 percent of its green hash rate and that the Company maintains at least 10 petahash per second in the pool.
In an official statement last year, Terra Pool said that its aim is to, “expedite the shift from conventional power to clean energy and reduce the impact of Bitcoin mining on the environment.”
Ocean Falls operates a clean energy-powered mining facility in Ocean Falls, British Columbia. By next year, the Company plans to expand operations to West Coast Marine Terminals, another renewable energy power source located in a protected inlet on the west coast of Vancouver Island. The potential partnership enables OFB to increase its clean energy mining capacity to up to 85 megawatts by the end of 2024.
About Ocean Falls Blockchain
Ocean Falls is a Canadian blockchain technology company that operates a 2MW-plus, clean energy-powered cryptocurrency mining farm in historic Ocean Falls, B.C. Ocean Falls is also creating a new sustainable solution for the captive insurance industry. Visit oceanfalls.com for more information.
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This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. These statements are based upon information currently available to OFB’s management. All information that is not clearly historical in nature may constitute forward-looking statements. In some cases, forward-looking statements may be identified by the use of terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward-looking statements contained in this news release are based on certain factors and assumptions made by the management of OFB based on their current expectations, estimates, projections, assumptions, and beliefs regarding their business and OFB does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although OFB has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking information. OFB does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.