Vancouver, British Columbia--(Newsfile Corp. - January 31, 2018) - Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) is pleased to announce that given the successful installation and proven energy savings at SSE's Data Centre located in Hampshire UK, it is now focusing on Cryptocurrencies, BlockChain applications and Cannabis growers in North America.
The use of BlockChain for Cryptocurrencies and other applications has created a tremendous surge in computing requirements. The two primary elements of energy consumption for data processors is the energy to run the servers/computers and HVAC systems to keep them from overheating. Cooling is estimated to represent about 40% of total energy costs associated running the facility.
Nomura (an Asia-headquartered global investment bank) noted that power used to mine bitcoin is estimated at 33.2 terawatt hours. ... According to the index, the amount of energy consumed by mining bitcoin surged about 26 percent in November alone and now totals nearly 36 terawatt hours, enough energy to power about 3.3 million homes. Reported Dec 21, 2017
The website Digiconomist claims that bitcoin operations use as much energy as Denmark, or enough to power 3,071,823 U.S. households.
Ted Konyi, CEO, said "It has become clear that BlockChain is being successfully used to enhance security with the first application being Cryptocurrency. The use of BlockChain requires a tremendous amount of computational power driving electrical consumption. Smartcool can significantly affect the energy consumption for keeping the computers cool. As such, it can benefit the consumers financially and improve their environmental footprint. The Cannabis Industry is also booming and again Smartcool can provide a significant impact. Cooling represents a very large portion of overall costs given the heat that grow lights generate. Smartcool's technology has proven to reduce A/C costs and could reduce growers' energy costs and carbon footprint."
Cannabis growing might look and smell natural, but its ecological footprint is anything but green. Pot growing is very power hungry. The cannabis industry is one of the nation's most energy intensive, often demanding 24-hour indoor lighting rigs, heating, ventilation and air-conditioning systems at multiplying grow sites. HVAC averages between 30% and 50% of total energy costs dependent on seasonal temperatures.
A 2015 US report stated that Cannabis was the fastest growing industry in the United States. The industry in the United States is expected to grow from $2 billion in 2014 to as much as $10 billion in 2018, depending on legalization outcomes.
Canada is set to become the second country to legalize adult-use of marijuana with Bill C-45 on July 1st, 2018 Cannabis in Canada. As of December 2017, there are 79 licensed marijuana producers in Canada with most concentrated in Ontario and British Columbia. According Deloitte, the base retail market is valued at $4.9-$8.7 billion annually.
Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) provides cutting edge energy efficient and energy cost reduction solutions for businesses around the world. The ECO3 and ESM are Smartcool's unique retrofit technologies that reduce the energy consumption of compressors in air conditioning, refrigeration and heat pump systems by up to 40%, giving customers a return on investment in as little as 12 months.
For further information
Vice President, Investor Relations
TEL +1 604 904 8632 | EMAIL firstname.lastname@example.org
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Forward looking statements in this release include those concerning the size and timing of the Offering and the proposed use of proceeds. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, as well as other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.