Syan Technologies postpone launch of their cloud mining service

Syan Technologies limited of Hong Kong, manufacturer of the Vega series of cryptocurrency mining machines, have decided to delay the launch of their much anticipated cloud mining service which was previously set to commence operations in the last week of January 2018, by a period “not exceeding a couple of months” according to a spokesman from their Hong Kong offices.

Syan, in conjunction with the government of Laos PDR, have been busy preparing their new Syan Mining Project facility close to the Nam Ngiep 2 Hydropower Station on the banks of the Mekong River, to be powered by the almost limitless real-time supply of electricity from the nearby hydroelectric power plant. The facility itself was to have been housed in a large industrial unit close to the power generation plant, previously utilised in the manufacture and assembly of the electrical components and rotor systems used within the power-plants themselves. Syan’s technicians moved into the site in October of this year and began preparing the way for the new mining operation. The mining machines were expected to begin delivery in early January and Syan hoped to have the project up and running early in the new year.

The reason for the postponement was announced as follows: the building Syan were given earlier this year by the Laos Government to house the facility is downstream of the hydroelectric plant – situated in the run-off area which has a possibility of being inundated should the hydroelectric plant consider it necessary to open the emergency sluices. This has not occurred since the hydroelectric plant was commissioned, but must apparently always be considered a possibility in the event of extreme weather conditions or other unforeseen circumstances. Since then an alternative location has become available which, being upstream from the plant, stands a much reduced chance of flooding. The government of Laos PDR – Syan’s partner in the mining project – has effectively insured Syan against water damage and associated physical losses, but by moving the facility to a safer location the chances of future disruption will have been reduced dramatically.

“It’s a difficult decision to have to make as we’ve been working on the mining facility for a number of months now, but we believe it to be the right thing to do at this point.” said a Syan spokesperson. “We have our customers’ interests at heart and, even though we would have been able to recover quickly from any flooding event, the impact upon our customers – and upon our own reputation – would have been incalculable and therefore extremely difficult to compensate. The new facility is on higher ground and is outside the run-off area where the chances of water damage are reduced almost to zero.”

Because the actual mining machines will not now be required until the new premises have been prepared to receive the installation, Syan Technologies will be returning the 500 Vega Bitcoin Miners and the 500 Vega 2S Litecoin Miners, which had previously been reserved from the Batch One manufacturing quotas, into the pool for public sale; good news for prospective purchasers as it is thought that both machines were pretty close to having been sold out. The Laos Mining Project will now be equipped with machines taken from the second manufacturing runs, due for delivery in March and April.

Syan Technologies are a Hong Kong based designer and producer of digital currency mining machines and FinTech, currently focusing on the release of their Vega Home Currency Mining series. They comprise a dedicated and highly motivated team of designers, technicians and mathematicians of diverse backgrounds – from as far afield as California, London, Sweden, Russia and Vietnam – with just one thing in common; they aim to design and produce the most cost-efficient and durable ASIC mining machines in the world.

For further information please go to www.syanmining.com .

Media Contact
Company Name: Syan Technologies Limited
Contact Person: Samuel Cornwell
Email: Send Email
Phone: +852-2861-8794
Address:Yen Sheng Centre, 64 Hoi Yuen Rd.
City: Kwun Tong
State: Hong Kong SAR
Country: HongKong
Website: https://www.syanmining.com