Yitang currently manages 35,000 mining machines spread across the North, North West and South East parts of China and has pre-existing contractual arrangements with mining machine vendors to acquire many more in the future. Through Yitang, the Company will be able to allow users (individually or as a group) to purchase Bitcoin and Ethereum mining machines (or option to purchase fractional parts of the miner), and have the machines hosted and operated by Yitang. Machines will be personally identifiable to the purchaser(s), and differs from typical ‘cloud mining’ services available. After the purchase, users can expect the mined cryptocurrency to be credited to their digital wallet each day. Further details will be available after the service is launched.
As the first step in this initiative, the Company has purchased several Bitcoin and Ethereum mining machines and plans to purchase more. The Bitcoin mining machines (Whatsminer M31S) each have a hash rate of 74T hash/s operating at an efficiency of 44w/T, while the Ethereum machines have MSI 5700 graphics cards at their core with an estimated hash rate of 400M. The mining results from this initiative will be used to showcase and demonstrate to users what can be expected with a purchase. With each crypto machine purchase, all users can now mine BTC and ETH to learn and create value within their own crypto wallets on the platform.
“It has long been our intention for cryptocurrency to play a central part on our platform, especially given the borderless nature of cryptocurrency and our international nature,” said KL Wong, Founder, and Chairman of the Company. “The recent activity and interest in cryptocurrency present us with a unique opportunity to introduce cryptocurrency to our users, as well as to bring cryptocurrency users to our platform,” he added.
Yitang, a leading provider of digital wallet services with over USD70 million in crypto-assets under management. is also helping the Company to revamp and reintroduce its digital wallet as well as its own digital token called “Palto”. Enabling the Company’s current virtual tokens used on its live-streaming platform to be fully enhanced and backed by blockchain technology. First launched in 2018 (see news release October 9th, 2018), the Palto (PLT) is a utility token that will be used across the entire Hello Pal suite of apps in order to allow for the borderless transfer of value between Hello Pal users across the world.
“We believe by starting the crypto-mining initiative this will be true to our mission by creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in bringing the world closer together,” said Hans Xu Advisor to Hello Pal.
About the Hello Pal Platform
The Hello Pal International Inc. (CSE:HP)(OTC:HLLPF)(Frankfurt: 27H) is a proprietary suite of mobile applications built on a user-friendly messaging interface that focuses on social interaction, language learning, and travel. Hello Pal, has been designed from the ground up to be easy to use and enables users’ the freedom to speak in their own language regardless of the other person’s language they are speaking to. Hello Pal’s overriding mission is to bring the world closer together through social interaction, language learning, and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in fostering understanding and tolerance between all citizens of the world.
The information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Hello Pal cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hello Pal’s control. Such risks and uncertainties are described in Hello Pal’s annual and interim financial statements available on www.sedar.com. Although Hello Pal is currently generating revenues, Hello Pal remains in the growth stage and such revenues are yet to be profitable. Accordingly, actual, and future events, conditions, and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information.
THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
