GDET Announces Completion of Major Firmware Update to Bitcoin Mining Operation
Fort Lee, NJ, May 14, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- GD Entertainment and Technology (OTC: GDET) (“GDET” or the “Company”) is excited to announce that the Company completed a major firmware update on all of their cryptocurrency machines.
Management recently announced that the Company is looking to migrate to a new mining pool with better commission rates and higher profits through its Bitcoin payouts. In order to effectively integrate these machines, each unit has to be calibrated individually to the manufacturer’s latest software. Some of the features of this update include a reduction of hashrate/power consumption with better power efficiency as well as upgrading the security firmware feature.
As mentioned previously, the Company is also in the process of negotiating better terms for electricity rates, while researching alternate energy providers to help reduce overhead costs and yield higher profits. With the latest firmware update each machine should be consuming less power, which will provide a stronger business model in conjunction with a lower electricity rate.
The cryptocurrency market is continuing to experience a serious rally, with bitcoin surging another 13%, bringing the value to over $8000.
GDET CEO Anil Idnani commented, “I am very proud to announce that my team was able to complete this firmware update successfully on every one of our machines without any difficulties. This update is a crucial step in our migration process as well as a means to offset some of our overhead costs. As the cryptocurrency market continues to gain strong global support, we remain dedicated to our mining operation. I hope that this upgrade will be the first of many in an effort to scale to the next level.”
GDET shareholders can continue to expect frequent updates as the Company’s objectives proceed over the near term.
GD Entertainment & Technology, also known as GDET, focuses on high growth industries to fulfill a diverse selection of premium products nationwide. The company currently manufactures, wholesales, and markets a portfolio of blockchain/financial service-based products. GDET strives to become one of the premier Cryptocurrency mining facilities that is client-focused and dedicated to creating a new standard in the Blockchain space based on security and transparency. GDET has also developed a strong relationship with suppliers worldwide to ensure future purchasing. The company currently has two subsidiaries, DreamCard and HyperDigital Technologies, which both offer a selection of transactional-based products and services. DreamCard allows users to create a customizable debit or credit card using its state of the art online platform. HyperDigital Technologies is the Cryptocurrency ATM sector of GDET and aims to secure multiple MSB, money services business, licenses in order to host ATM units throughout the country.
Safe Harbor Provision Cautionary statement for purposes of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review GD Entertainment and Technology annual and quarterly financials for a more complete discussion of risk factors. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.