Hello Pal International Inc. (“Hello Pal” or the “Company”), a rapidly growing international live-streaming, language learning, and social-crypto platform provider, is pleased to announce that it has upgraded approximately one-third of its Litecoin/Dogecoin mining rigs to Bitmain’s latest miners ‘Antminer L7’.
The Company sold 4,500 of its current Antminer L3+ mining machines for USDT 2.1 million through its subsidiary CPal Technology Limited (previously “Crypto Pal Technology Limited”) (approximately CAD 2.67 million). This transaction indicates a profit of over 100% when compared to the effective purchase price of those mining rigs when 12,500 mining machines were acquired for CAD 3.5 million earlier this year.
The profits were used to acquire 100 Antminer L7 mining rigs, which are Bitmain’s most recent Litecoin/Dogecoin mining rigs. The hash rate of L7 mining machines is 9500 MH/s, which is 19 times faster than the current L3+.
The Company anticipates receiving these new mining rigs in November of this year and has made preparations to acquire additional since these mining rigs offer several benefits. Aside from the improved mining capability, It will also require less maintenance and be easier to house in mining facilities because it will take up less space compared to the power costs obtained by mining facilities.
As a result of these benefits, the Company will have a lot more flexibility in terms of where it may store its mining rigs. Hello, Pal continues to develop its operations on an international level to diversify risk for its shareholders, as stated in a news release issued on October 5th.
“We are grateful to our partner Yitang for assisting us in selling a portion of our existing mining rigs for double the cost and allowing us to obtain the new miners, which are in extremely short supply “Founder and Chairman of the Company, KL Wong, stated. “We’re still dedicated to our bitcoin mining plan and integrating cryptocurrencies into our social network, and this update will help us get there.”