Mining Power Group, Inc. (RCGR) Data Center Subsidiary Signs $6,480,000, Two-Year Hosting Contract With Client
Thursday, August 09, 2018
MIAMI, August 9, 2018 /PRNewswire/ --
RCGR's Recent Acquisition, Northway Mining, LLC. Brings Immediate Gains; Signs Major
Client Contract For Crypto Miners; More To Come
Mining Power Group, Inc., (the "Company" or "RCGR") (OTC: RCGR), announced today that
its majority-owned subsidiary, Northway Mining, LLC, ("Northway") which offers highly
specialized data center hosting services for cryptomining, has signed a 2-year, $270,000
per month hosting contract with Proof Computing, LLC., a U.S.-based firm which will yield
approximately $6,480,000 million in revenues to Northway over the two years.
The contract encompasses the hosting of about 3,150 miners, including up to 25,000
GPU's, projected to consume about 5 MW hours of electricity per month. Under the terms of
the contract, the client is paying a $540,000, or two-month, advance deposit for the
hosting services which will cover installation, set up and equipment testing services by
Northway. The contract runs from approximately August 1, 2018, to July 31, 2020, and is
Northway is a cryptocurrency mining hosting facility that provides hosting,
electricity, cooling, maintenance, insurance, downtime coverage, OS installation (GPU)
assistance, setup and security, and more, including especially low rates for electricity,
that reduces client costs and is a major competitive advantage in the marketplace.
The Company had just recently acquired a majority interest in Northway Mining, which
has current revenues. In addition, it acquired real estate assets of substantial value
including 30 acres of flat surrounding land that will be used for future expansion of
Northway's data center facilities. Northway presently has over 5000 square feet of secure
crypto mining space.
, President and CEO, stated, "One of the key reasons we did this acquisition,
was that we saw that we were carving out a special niche in this market, where we were not
actually competing with cryptomining companies, but we could provide top of the line and
state of the art facilities and services that every company in the field would want and
utilize. We are not competing with them but are servicing them. That way, the whole market
could become our clients... not our competition."
Michael Miranda, President of Northway Mining stated: "As I say in my bio on our
website, I firmly believe that cryptocurrency is the future of transactions that will
revolutionize the financial industry. This 2-year client contract (the first of many more
to come) hints at the pace at which we expect demand for our facilities and services will
grow... beginning today. We are leading the way in the marketplace by creating
fully-customized data center cryptomining solutions."
About Mining Power Group, Inc.
Mining Power Group, Inc. was original formed as Rich Cigars to distribute, brand and
market tobacco products. Following a change of control in November 2017, it changed its
name and shifted its focus to become a holding company for new subsidiary operations
serving the cryptomining industry. The Company trades under the symbol "RCGR") and is a
fully reporting SEC company listed on the OTC market. The Company has paid the fee and is
in the process of submitting its application to OTC Markets in order to uplist to the
OTCQB, which it plans to accomplish by September 1, 2018. For additional information on
the Company, visit, http://www.miningpowergroup.com.
About Northway Mining, LLC
Northway Mining, LLC, located in Athens, NY, is a crypto mining data center hosting
over 1,100 rigs that operate 24/7. It has over 5000 square feet of secure crypto mining
space of any type of machines and is fully climate-controlled to assure maximum machine
optimal output. It has a unique competitive advantage in its onsite access to 300
Megawatts of electricity at very affordable rates. Its employees have significant
experience in cryptocurrency operational systems, the repair of miners, and general
computer science and info management systems with a strong interest in all things
Bitcoin/crypto/blockchain. For additional information on Northwood Mining, visit,
Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934. Such statements include any that may predict, forecast, indicate, or imply future
results, performance or achievements, and may contain the words "estimate", "project",
"intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "likely",
"should", "could", "would", "may" or similar words or expressions. Such statements are not
guarantees of future performance and are subject to risks and uncertainties that could
cause the company's actual results and financial position to differ materially from those
in such statements, which involve risks and uncertainties, including those relating to the
Company's ability to grow. Actual results may differ materially from those predicted and
any reported should not be considered an indication of future performance. Potential risks
and uncertainties include the Company's operating history and resources, economic,
competitive, and equity market conditions.
Mining Power Group, Inc.
SOURCE Mining Power Group, Inc.
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