Atlas Cloud Enterprises Inc (OTCMKTS:ATLEF) shares have been seeing increasing volume in recent action, with a steady progression higher in terms of average shares traded per day over the past month. This increasing action has been accompanied by a move higher through the stock’s 50 day simple moving average.
Helping to spur this enthusiasm, the company just announced that facility upgrades at its Washington State Grant County Data Center are advancing as scheduled.
This is critical for the company as it aims to be one of the key players in a growing market segment of pick and shovel plays in the cryptocurrency mining space. Competition in this space is going to be all about providing the best access at the best pricing, which is largely going to be about technological upgrades and capacity.
Atlas Cloud Enterprises Inc (OTCMKTS: ATLEF) offers tailored Colocation and flexible Cloud Computing options for small and medium businesses in Western Canada.
Basically, the company provides co-location, back-up/redundancy IT, telecom equipment, and cloud computing services to small and medium size businesses in Western Canada. The company offers committed space to startup technology companies, such as providing desks, chairs, high-speed Internet, meeting rooms, relevant workshops, and other office infrastructure required by such companies to grow and compete in the technology sector.
Atlas Cloud Enterprises Inc. is headquartered in Vancouver, Canada.
According to company materials, Atlas Cloud Enterprises Inc. is a growth oriented, CSE-listed company focusing on the business of providing co-location and backup/redundancy IT, telecom equipment and cloud computing. Atlas Cloud will provide customers with secure power access, cooling and bandwidth to ensure co-located, back-up or Cloud systems offer minimum risk of failure. Furthermore, Atlas is focused on the blockchain sector and digital currency mining. Atlas Cloud aims to become the lowest-cost producer of digital currency mining and blockchain infrastructure.
Atlas Cloud owns a facility currently undergoing preparations for use as a digital currency mining operation located in Electric City, WA. This location currently benefits from a dedicated low-cost energy source of 3.0 MW and the Company is seeking to significantly expand its operations with the development of additional facilities offering economical, high-yield energy infrastructure opportunities.
ATLEF has about $1.9M in cash on the books, which stands against about $124K in total current liabilities. The company has pulled in about $365k in trailing twelve month revenues, with growth on the top-line on a quarterly year/year basis running along at a healthy 35% clip. The market now values the stock at a market cap of $22.1M.
“Outright ownership of the Grant County Data Centre provides Atlas Cloud competitive differentiators in the cryptocurrency mining sector including reduced and more predictable overhead costs, and the ability to undertake technical and related facility upgrades free from interference, unnecessary cost or complications from 3rd party property owners or leaseholders,” Fred Stearman, Atlas Cloud’s CEO notes.
“The Company is employing innovative designs throughout the current modernization effort with plans for enhanced energy efficiency through electrical load balancing automation, high volume ventilation, and software-based switching systems designed to reactively manage mining operations between Bitcoin and Bitcoin Cash depending upon gross mining profitability. These and other concepts are being positioned for future implementation to create a reproduceable model of efficiency, productivity and profitability as part of our long-term strategic planning.”