Fragrant Foods Subsidiary Spends Nearly $6 Million for Cryptocurrency Mining Machines

time:2022-01-07 01:00 source:Internet

On January 6, the US-listed company Fragrance Foods (PLIN.US) announced that its subsidiary SonicHash US signed a purchase agreement with HashCow LLC. SonicHash US purchased 686 cryptocurrency miners for a total purchase price of $5,995,640. Under the agreement, the newly purchased mining machines are expected to be delivered to the company's mines in Carthage, New York, within two to three weeks. With all mining machines fully operational, the company's total mining operations are expected to include 1,428 Bitcoin mining machines. At $49,628 per bitcoin over the past month, the company expects to generate about $11 million in revenue in its first year. Pursuant to the service agreement entered into between YCD Petawatt Holdings LLC and SonicHash US on December 23, 2021, YCD will provide management and maintenance services in its facilities, including but not limited to rack space, electricity, internet connectivity. This Service Agreement is valid for 12 months and will automatically renew for 12 months thereafter. SonicHash US will pay YCD an electricity bill of $0.08 per kilowatt and a one-time fee of $99 per unit. YCD may terminate the service agreement with 90 days' notice to SonicHash US.

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