MONARCH BAY, CA -- (Marketwired) -- 05/16/14 -- Microelectronics Technology Corporation (OTC Pink: MELY) (PINKSHEETS: MELY), the Company is pleased to announce progress of the company's BTC Mining activities.
The Company continues the testing the first of three 1 TH/s servers. The delivery of the two additional 1 TH/s servers is expected on May 20, 2014. During this initial testing phase the company is determining the BTC production capabilities and power consumption, a key component in determining the economic viability of the server.
During this phase the company has temporarily moved its first 1 TH/s server to the BTC Guild mining pool and is operating under Identity number : 547125 and is ranked at number 1172 based on the current mining hash rate.
The company will move the three 1 TH/s servers back to the company's BTCmining pool upon completion of testing.
The 1 TH/s server has operated on the BTC Guild mining pool for approximately 84 hours and produced 0.34 BTC to date.
This testing phase indicates that the 1 TH/S server should produce BTC in the range of 0.0549 to 0.0971 per 24 hour period per server.
The company anticipates that the increase in the number of servers will provide for a higher yield per server per 24 hour period.
The company has confirmed that the 2 additional 1 TH/s servers are shipped and will be delivered by Tuesday, May 20, 2014
Upon delivery the two additional 1TH/s servers will be tested in similar fashion prior to ordering the next ten 1 TH/s servers.
The delivery time for the servers has varied to date however the company is confident that the delivery schedule will stabilize with the order of additional servers on a regular basis. The company is pleased that it has secured a consistent supply of BTC Mining servers that deliver on schedule.
The company will be providing updates on the BTC Mining beta testing results on a regular basis.
The company's BTCMining Pool can be found @ :
Bitcoin Mining: BTC
The company is in development of a 100 TH/s mining pool.
The company will be investing in the required hardware needed to provide the targeted 100 TH/s rate over the period of six to eight months.
The company will be operating this cyber currency mining center in an open pool configuration allowing other miners to join the pool for a proportional percentage share of the mining pool production.
About Dynamo Servers
Dynamo Servers provide dedicated servers to clients through our point of presence in Vancouver, Canada inside a carrier neutral facility owned and operated by Cologix Inc.
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY's ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements