GARDEN CITY, NY / ACCESSWIRE / August 8, 2019 / FAVO Blockchain, Inc. will sell its entire inventory of ASICS and associated equipment to Hydro66 in exchange for a hash rate equivalent cloud services contract delivered from Hydro66's award winning colocation data center in Boden, Sweden. This data center is powered by 100% green locally generated hydropower, is world-class efficient using 90% less energy than the average EU data center and is an ISO27001 accredited facility. FAVO Blockchain expects the new contract to be in production before the end of the month.
Vincent Napolitano, CEO of FAVO stated, "In extremely volatile markets and rapidly increasing difficulty, the time to deploy is critical and who to partner with is just as important. We believe with the recent rise in the price of bitcoin, the time is now and Hydro66's management team, data center in the Nordic's cool climate with low cost 100% renewable energy. Hydro66 was the best solution for us!"
Paul Morrison, Chief Commercial Officer, Hydro66 commented, "Innovative blockchain use cases such as FAVO are great news for the wider crypto economy. The need for a reliable hosting partner in a stable jurisdiction brought FAVO to us. We are delighted with the new business relationship and we look forward to adding our expertise and value to FAVO."
Shaun Quin, President of FAVO Group added, "When you have invested significant capital in cryptocurrency infrastructure every second counts. We believe Hydro66 will help us maximize our ROI." He also added, "While the price of bitcoin is very volatile, we expect this to be a profitable venture and at full capacity we anticipate being able to produce approximately 4 petahash of blockchain security."
More About FAVO Blockchain, Inc:
FAVO Blockchain, Inc. is a wholly owned subsidiary of FAVO Realty, Inc. and is driven by the boundless opportunities of blockchain related assets and a decentralized system. The Company specializes in blockchain related investments in commercial real estate (CRE), tokenization and has approximately 500 servers providing in excess of 4 petahash of blockchain security.
More About FAVO Realty, Inc:
FAVO REALTY, INC (OTC PINK:FAVO) is a real estate investment company which intends to invest in a diversified portfolio of quality commercial real estate properties and other real estate investments located throughout the United States and Puerto Rico. "FAVO" is "Honeycomb" in Latin - The Honeycomb (Hexagon) is the most efficient shape in the universe. FAVO Realty Inc. intends to be Efficient, Flexible & Durable. www.favogrp.com
More About FAVO Group, LLC:
FAVO GROUP, LLC is the External Manager of FAVO Realty, Inc. (OTC PINK:FAVO). They were founded by a Group of Real Estate and Capital Market professionals with over 100 years of collective experience and have transacted in over $6 billion of Real Estate related transactions. www.favogrp.com
More About Hydro66:
Hydro66 Holdings Corp. (SIX) (HYHDF) owns and operates an award-winning colocation data center in Sweden specializing in High Performance Computing ("HPC") hosting. The Company hosts third party IT infrastructure, utilizing 100% green power, at amongst the EU's lowest power prices and within an ISO27001 accredited facility. Hydro66 is uniquely positioned to capitalize on opportunities in blockchain infrastructure as well as the traditional Enterprise colocation data center market. The Company provides truly green power at a leading price, purpose-built space and cooling, telecoms, IT support services and 24/7 physical security in their facility in Boden, Sweden. www.hydro66.com
Contact us: email: info@favogrp.com or tel: 833.favogrp
SOURCE: FAVO Realty, Inc and FAVO Group, LLC
View source version on accesswire.com:
https://www.accesswire.com/555004/FAVO-Blockchain-Inc-a-Wholly-Owned-Subsidiary-of-FAVO-Realty-Inc-is-Pleased-to-Announce-it-has-Signed-a-Definitive-Agreement-to-Exchange-Their-ASIC-Inventory-for-an-Equivalent-Hash-Rate-Service-Contract-with-Hydro66-Holdings-Corp
