4NEW signs contract to purchase up to 4,400 Peta hash of Bitcoin mining from Evolution Global

4NEW Ltd has signed a contract with Evolution Global AS, a provider of a new innovative Bitcoin mining solution, to site their mining rigs at low cost energy production sites globally. The Evolution Global mining rigs are expected to have a 75% energy saving compared to other mining rig providers, which will lead to a much lower cost of Bitcoin production.

On signing the deal Varun Datta, founder and director 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 energy to produce Bitcoin. The deal will allow 4NEW to position itself as a truly eco-friendly producer of bitcoin, Datta said.

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

Erik Solberg, CEO 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, Solberg said.

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 are 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.