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4NEW Teams up With Evolution Global for 4,400 Peta Hash of Bitcoin Mining

Press Trust of India  |  MUMBAI 

/ -- has signed a contract with AS, a provider of a new innovative solution, to site their rigs at production sites globally. The rigs are expected to have a 75% saving compared to other mining rig providers, which will lead to a much lower cost of production.

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On signing the deal Varun Datta, founder and of 4NEW Ltd, stated, "We are extremely happy to have managed to close this deal which represents and upholds the values of 4NEW and integrates extremely well in his vision of a lower cost of to produce The deal will allow 4NEW to position itself as a truly of bitcoin."

Evolution Global's new chip represents a new leap in both and speed. The current set-up has been designed with leading chip designers from USA and the ASICs are expected to be in production by April. expect to be able to deploy in excess of 20,000 Peta Hash worth of mining over the coming year. The system also uses a proprietary which is much simpler to handle than other being tested.

Erik Solberg, of Evolution Global AS, has stated, "This deal makes it possible for us to faster scale up. We look forward to work together with 4NEW when delivering the world a much more energy efficient and environmental friendly way of mining cryptocurrency."

The first phase of the 4NEW mining will require 545 Peta Hash and then an expansion of 525 Peta Hash every 2-3 months thereafter. Sites have already been identified for the mining production facilities.

4NEW is currently in discussion with several institutional investors to provide the additional capital for the mining equipment which they expect to close by mid-April 2019.

About 4NEW:

4NEW is the world's first eco-friendly, tangible, entirely integrated on the and dedicated to The company was founded by in 2017. The construction of its first had initiated in 2015 and by 2017, they had launched their first KWATT token, which is a tokenized form of which they produce.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 13 2019. 21:17 IST