Herndon, VA, May 24, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Sysorex (OTCQB: SYSX), the largest U.S.-based, publicly traded Ethereum mining company, today provided a business update addressing certain advantages of its US-based operations.
“Last week, it was widely reported that Chinese Vice Premier Liu He and the Chinese State Council issued a statement calling for increased cryptocurrency regulation in China, specifically referencing Bitcoin mining and trading,” said Wayne Wasserberg, CEO of Sysorex and President of wholly-owned TTM Digital Assets & Technologies (TTM). “If China moves to regulate Bitcoin mining and perhaps the mining of other cryptocurrencies, this could cause a decline in Chinese participation in the Ethereum Blockchain network hashrate, which could prove advantageous for our business in several ways. Should Chinese-based Ethereum mining decline as a result of actual Chinese regulation or even based on the prospects of such future regulation, TTM may benefit from an increased participation in the overall network hashrate. In turn, TTM would likely see an increase in participation in daily profits.”
“It is estimated that 70% of all global cryptocurrency mining is occurring in China, notwithstanding that various Chinese government officials have been discussing restrictions on mining activities for several years,” commented Peter Salanki, co-founder of TTM. “A true ban on mining in China could therefore significantly increase the profitability of miners outside the region, while possibly increasing decentralization.
“During the last several months, we have been encouraged that more market participants, including certain institutional investors, are seeking to decrease reliance on Chinese mining operators,” continued Mr. Salanki. “Such investors seem to be placing a premium on crypto assets responsibly sourced by United States-based mining operators such as TTM. We are proud that our ETH is ‘mined in the U.S.A.’”
“All of us at Sysorex and TTM believe in the incredible opportunity set presented by the Ethereum Blockchain including decentralized finance (DeFi), smart contracts, decentralized applications (dApps) and non-fungible tokens (NFTs) and we are uniquely positioned to capitalize on a variety of these opportunities,” stated Mr. Wasserberg. “It is important that shareholders realize that one of the primary considerations of our founders in choosing to mine Ethereum is the fact that the environmental impact is highly mitigated since our GPU-based Ethereum mining operations require less than 1/20 of the power consumption of ASIC-based Bitcoin mining on a transaction comparative basis. Moreover, we are committed to seeing our operations become carbon-neutral this year.”
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Safe Harbor Statement
All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Sysorex, Inc. and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the fluctuation of economic conditions, the impact of COVID-19 on Sysorex’s results of operations, Sysorex’s ability to integrate the products and business from recent acquisitions into its existing business, the performance of management and employees, the regulatory landscape as it relates to privacy regulations and their applicability to Sysorex’s technology. Other factors that are detailed in Sysorex’s periodic and current reports available for review at sec.gov. Furthermore, Sysorex operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Sysorex disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.