Connect with us

Top Stories

Solidus Technologies to Build a New Data Centre  

Published

on

Solidus Technologies to Build a New Data Centre  

Solidus Technologies, a supplier of high-powered IT equipment and computing power in the UK, is reportedly planning to build a data centre and host crypto currency mining equipment across multiple locations in Surrey and Europe.

According to Adrian Stoica who manages the activities, Solidus Technologies is looking to raise £10 million from investors to build and operate a 6000m2 farming facility in Europe and purchase around 4000 high performance mining rigs.

The site can host up to 24,000 GPUs capable of producing up to 700 GH/s in computing power.

Details on its website and promotional material on YouTube state that Solidus Technologies are planning to offer fixed returns via an asset backed secured bond with a minimum investment of £10,000

The upcoming facility uses high-specification cooling systems, because crypto mining equipment is always operated at 100 percent capacity: “That means you must calculate that the cooling is adequate and capable of handling 100 percent capacity at all times. All the equipment is always on and always in high load, there are no downtime or low activity periods.”

The company intends to secure deals with renewable energy providers to minimise the electricity cost and offset the power consumption needed to run the equipment in the UK and has partnered up with one of the largest data centre mining companies in Europe who have already been working with the EU governments on GPU Artificial Intelligence and with their unique optimising process are able to increase Solidus Technologies 4000 units from 600 GH/s to around 700 GH/s.

With the price of Bitcoin at present combined with the difficulty level and power consumption needed to mine, it is said to be unprofitable to proceed to mine Bitcoin which is why Solidus will be mining Ethereum and other GPU-compatible coins. “Proceeds from the mining equipment will be securely stored and sold for investors returns and day to day running of the company. The coins not needed to be liquidated will be stored in off-line wallets and safety-deposit boxes.”

“We are entirely focused on maximising the companies’ profits and the safety of our investors which is why we will aim to mine a variety of coins to counteract any volatility in the market and to stay diverse across the crypto sector.

As well as professional cooling, the site will invest in high-speed fibre connections to European data centre hubs: “Solidus is using the mining business to cover initial investment, costs and of course to make profit. That’s why we are prepared to make an initial large investment which pays out in three years. If something happens, we have a data centre and can host pretty much anything there.

“We are not doing ASIC mining, we’re doing GPU mining. It means if anything happens in the crypto arena that hinders our profits or investor’s security, Solidus will have a ton of GPUs, with support direct from AMD, with minimal modifications, we can move into the AI business and continue to make above average returns.”

Top Stories

Bitcoin, ether hit fresh highs

Published

on

gbaf1news

SINGAPORE (Reuters) – Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its market capitalisation cross $1 trillion a day earlier.

The world’s most popular cryptocurrency rose to an record $56,620, taking its weekly gain to 18%. It has surged more than 92% this year.

Bitcoin’s gains have been fuelled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon.

Ether, the second-largest cryptocurrency by market capitalization and daily volume, hit a record $2,040.62, for a weekly gain of about 12%.

Ether is the digital currency or token that facilitates transactions on the ethereum blockchain. In the crypto world, the terms ether and ethereum have become interchangeable.

Ether futures contracts launched on derivatives exchange CME earlier this month.

(Reporting by Vidya Ranganathan; Editing by William Mallard)

Continue Reading

Top Stories

World Bank pushing for standard vaccine contracts, more disclosure from makers

Published

on

World Bank pushing for standard vaccine contracts, more disclosure from makers 1

By Andrea Shalal

WASHINGTON (Reuters) – The World Bank is working to standardize COVID-19 vaccine contracts that countries are signing with drug makers, and is pushing manufacturers to be more open about where doses are headed, as it races to get more vaccines to poor countries, the bank’s president said on Friday.

World Bank President David Malpass told Reuters he expected the bank’s board to have approved $1.6 billion in vaccine funding for 12 countries, including the Philippines, Bangladesh, Tunisia and Ethiopia, by the end of March, with 30 more to follow shortly thereafter.

The bank is working with local governments to identify and fill gaps in distribution capacity, after they purchase vaccines under a $12 billion World Bank program, and also to standardize the contracts they are signing with manufacturers, he said.

The bank’s International Finance Corp, its private financing arm, has $4 billion to invest in expanding existing production plants or building new ones, including in developed countries, but needs more data on where current production is headed, he said.

“We are eager to be investing in new capacity, but it’s hard to do because you don’t know how much of the existing capacity is already committed to the various off-takers,” Malpass said in an interview with Reuters. New or expanded plants could be used to produce other types of vaccinations in the future, he said.

The bank’s funds could be used to expand plants in advanced economies, if the production was earmarked for developing nations, he said.

Malpass welcomed Friday’s pledge by the Group of Seven rich countries to intensify cooperation on the pandemic, saying it could help jump-start deliveries of vaccines to poorer countries, which are lagging far behind rich countries in getting shots in arms.

Data compiled by Our World In Data, a scientific online publication, showed Israel was leading the world in COVID-19 vaccinations, with nearly 82 of 100 people vaccinated, while India and Bangladesh reported less than one person per 100, Many African countries have not started at all.

Malpass said he was heartened by news about new vaccines coming down the road, and about Pfizer Inc and BioNTech SE seeking permission to store their vaccine at higher temperatures, which would ease another obstacle to deliveries in lower-income countries.

(Reporting by Andrea Shalal; Editing by Heather Timmons and Leslie Adler)

Continue Reading

Top Stories

Google to evaluate executive performance on diversity, inclusion

Published

on

Google to evaluate executive performance on diversity, inclusion 2

By Paresh Dave

(Reuters) – Alphabet Inc’s Google will evaluate the performance of its vice presidents and above on team diversity and inclusion starting this year, the company said on Friday in one of several responses to concerns about its treatment of a Black scientist.

Timnit Gebru, co-leader of Google’s ethical artificial intelligence research team, said in December that Google abruptly fired her after she criticized its diversity efforts and threatened to resign.

Alphabet and Google Chief Executive Sundar Pichai ordered a review of the situation. While Google declined to share specific findings, the company announced on Friday it will engage human resources specialists during sensitive employee departures.

Pichai in June said that by 2025, Google aims to have 30% more of its leaders come from underrepresented groups, with a focus on Black, Latinx and Native American leaders in the United States and female technical leaders globally. About 96% of Google’s U.S. leaders at the time were white or Asian, and 73% globally were men.

As a result of the investigation, the company also expanded a commitment announced in June to devote more resources to retaining and promoting existing employees, including by expanding a team addressing disputes among workers and their managers.

The diversity component of executive performance reviews was not previously announced, and the company did not immediately share details about what would be measured and how pay would be affected.

Alphabet for years had rejected proposals from shareholders and employees to set diversity goals and tie executive pay to them.

Irene Knapp, a former Google employee who advocated for one such proposal at a 2018 shareholder meeting, said on Friday, “I am pleased that they met our demand from 2018, which was a bare minimum that should have been easy to do immediately.”

Evaluating managers on diversity goals is becoming more commonplace. McDonald’s Corp on Thursday tied executive bonuses to diversity.

(Reporting by Paresh Dave; Editing by Cynthia Osterman)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

gbaf1news gbaf1news
Top Stories6 mins ago

Bitcoin, ether hit fresh highs

SINGAPORE (Reuters) – Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its...

UK insurers estimate to pay up to 2.5 billion pounds for coronavirus claims 3 UK insurers estimate to pay up to 2.5 billion pounds for coronavirus claims 4
Trading13 mins ago

UK insurers estimate to pay up to 2.5 billion pounds for coronavirus claims

(Reuters) – The Association of British Insurers (ABI) said on Saturday insurers are likely to pay up to 2.5 billion...

Citigroup considering divestiture of some foreign consumer units - Bloomberg Law 5 Citigroup considering divestiture of some foreign consumer units - Bloomberg Law 6
Banking15 mins ago

Citigroup considering divestiture of some foreign consumer units – Bloomberg Law

(Reuters) – Citigroup Inc is considering divesting some international consumer units, Bloomberg Law reported on Friday, citing people familiar with...

World Bank pushing for standard vaccine contracts, more disclosure from makers 7 World Bank pushing for standard vaccine contracts, more disclosure from makers 8
Top Stories18 mins ago

World Bank pushing for standard vaccine contracts, more disclosure from makers

By Andrea Shalal WASHINGTON (Reuters) – The World Bank is working to standardize COVID-19 vaccine contracts that countries are signing...

Google to evaluate executive performance on diversity, inclusion 9 Google to evaluate executive performance on diversity, inclusion 10
Top Stories22 mins ago

Google to evaluate executive performance on diversity, inclusion

By Paresh Dave (Reuters) – Alphabet Inc’s Google will evaluate the performance of its vice presidents and above on team...

EU seeks alliance with U.S. on climate change, tech rules 11 EU seeks alliance with U.S. on climate change, tech rules 12
Business26 mins ago

EU seeks alliance with U.S. on climate change, tech rules

By Sabine Siebold and Kate Abnett BERLIN (Reuters) – Europe and the United States should join forces in the fight...

Oil extends losses as Texas prepares to ramp up output after freeze 13 Oil extends losses as Texas prepares to ramp up output after freeze 14
Trading30 mins ago

Oil extends losses as Texas prepares to ramp up output after freeze

By Devika Krishna Kumar NEW YORK (Reuters) – Oil prices fell for a second day on Friday, retreating further from...

Dollar edges lower as investors favor higher-risk currencies 15 Dollar edges lower as investors favor higher-risk currencies 16
Investing33 mins ago

Dollar edges lower as investors favor higher-risk currencies

By Stephen Culp NEW YORK (Reuters) – The dollar lost ground on Friday as market participants favored currencies associated with...

Bitcoin hits $1 trillion market cap, surges to fresh all-time peak 17 Bitcoin hits $1 trillion market cap, surges to fresh all-time peak 18
Top Stories47 mins ago

Bitcoin hits $1 trillion market cap, surges to fresh all-time peak

By Gertrude Chavez-Dreyfuss and Tom Wilson NEW YORK/LONDON (Reuters) – Bitcoin touched a market capitalization of $1 trillion as it...

Packaged food giants push direct online sales to gauge consumer tastes 19 Packaged food giants push direct online sales to gauge consumer tastes 20
Business49 mins ago

Packaged food giants push direct online sales to gauge consumer tastes

By Siddharth Cavale and Nivedita Balu (Reuters) – Packaged food giants including Kraft Heinz, General Mills and Kellogg are pushing...

Newsletters with Secrets & Analysis. Subscribe Now