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HERNDON, Va., Dec. 07, 2021 (GLOBE NEWSWIRE) -- Sysorex (OTCQB: SYSX), the preeminent, U.S.-based, publicly traded Ethereum mining and technologies company, today announced its Ethereum Holdings are now valued in excess of $6.5 million.
Wayne Wasserberg, CEO of Sysorex, commented, “Just this past August, we announced our new strategy of holding mined Ethereum known as Ether (ETH) in treasury rather than selling ETH for cash. In this short time, we have since built the value of the Company’s ETH holdings, which now total more than $6.5 million. We now have 1,520 ETH in our custody account and are adding an average of 10 ETH every day.”
Mr. Wasserberg continued, “We believe strategically holding ETH will provide opportunities for revenue generation well above the expected appreciation in the value of ETH. Specifically, holding ETH in custody provides us flexibility to stake ETH in the future when Ethereum moves from proof or work (PoW) to proof of stake (PoS). As this transition occurs and with the advent of Ethereum 2.0, we believe Ethereum will continue to increase in popularity and efficiency. Moreover, we expect the Ethereum Blockchain to go from processing approximately 45 transactions per second to approximately 100,000 transactions per second. As a result, we expect our strategy of holding our mined ETH will ensure the Company has a major role to play in the future sustainability of the Ethereum Blockchain, which, in turn, we believe will generate significant value for our shareholders.”
In November 2021, the Company purchased the remaining interests in its primary data center located in upstate New York. With 100% ownership of the data center, Sysorex has since increased its gigahash by approximately 10%. The Company is also in the process of implementing a centralized management system, which is expected to further maximize the efficiencies of its GPUs. The Company is advancing its Non-Fungible Token (NFT) strategy, most recently with its investment in The Hunt marketplace, supported by the guidance of its advisory board member, award-winning movie and commercial producer, Michael Bay.
ABOUT SYSOREX, INC.
Sysorex, Inc. (“Company”) is a data center owner and operator and is the preeminent U.S.-based, publicly traded Ethereum mining and Ethereum Blockchain technologies company. Following the Company’s merger with TTM Digital Assets & Technologies, Inc. (“TTM”), the Company shifted its primary business focus to the mining of Ether (ETH) and opportunities related to the Ethereum Blockchain. The Company currently owns and operates approximately 11,000 NVIDIA GPUs generating approximately 550 Gigahash of computing power, which GPUs include thousands of Cryptocurrency Mining Processors (“CMPs”). These GPUs are currently online and securing the Ethereum Blockchain and generating ETH around the clock with industry leading efficiency. In addition to the mining of ETH, the Company continues to operate its wholly owned subsidiary, Sysorex Government Services, Inc. (“SGS”), a business that provides information technology products, solutions and services to federal, state, and local government, including system integrators. The Company is also advancing strategies to leverage decentralized finance (“De-Fi”) and Non-Fungible Token (“NFT”) opportunities powered by the Ethereum Blockchain.
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.
Crescendo Communications, LLC
David Waldman/Natalya Rudman
Tel: (212) 671-1020