Bluesky Provides Bitcoin and Ethereum Mining Update for October Achieves Record Start to a Quarter
Toronto, Ontario--(Newsfile Corp. - November 8, 2021) - Bluesky Digital Assets Corp., (CSE: BTC), (CSE: BTC.PR.A), (OTCQB: BTCWF), ("Bluesky" or the "Corporation") announced today that the Corporation had mined an implied and combined unaudited total of $373,790 CDN worth of cryptocurrencies for the month of October which was achieved via the mining of 2.41 Bitcoin ("BTC") and via the mining of 42.82 of Ethereum ("ETH"). For further clarification, implied valuations are based on the booking price of the virtual associated cryptocurrency value at the time the mining reward is realized by the Corporation from its mining activities.
The $373,790 CDN mined / booked for the month of October amounted to a record amount mined / booked for the start of a Quarter.
The results were affected by planned maintenance shutdowns of power as the corporation upgraded its primary facility in support of the ongoing expansion of mining capability.
In Q1 of 2021, the Corporation mined $176,842 CDN worth of crypto in the first month of Q1. Q4 2021's start represents an increase of 111% over Q1's start. In Q2 of 2021, the Corporation mined $296,266 CDN worth of crypto in the first month of Q2. Q4 2021's start represents an increase of 26% over Q2's start. In Q3 of 2021, the Corporation mined $ 318,169 CDN worth of crypto in the first month of Q3. Q4 2021's start represents an increase of 17% over Q3's start.
The implied valuation of the BTC amounted to $172,113 CDN and the implied valuation of the ETH amounted to $201,677 CDN for the month of October. The Corporation averaged a daily mining rate of approximately 1.38 ETH and 0.078 BTC per day in October. The percentage split on mining was 46% BTC and 54% ETH. Costs associated in the mining of the 2.41 BTC and 42.82 ETH for the month of October amounted to approx. $165,000 CDN. The costs include electrical, bandwidth, rent, and does not include depreciation on equipment.
The Corporation achieved a $12,057 CDN gross mining average per day from its active mining operations in October vs. the $10,752 CDN gross mining average per day achieved in the month of September which represented a 12% increase over September's daily total.
As At October 31, 2021, the Corporation held $2,512,500 CDN in unsold cryptocurrencies which represented a 711% increase over the $309,659 CDN that the Corporation held in its unsold cryptocurrency reserve at the end of Q2, 2021. As At October 31, 2021 the reserve comprised of 13.48 BTC and 276.8 ETH.
Ben Gelfand, CEO stated: "As expected, the Corporation has achieved yet another strong month from its active mining operations. We expect to increase our mining performance in the coming months and quarters."
About Bluesky Digital Assets Corp.
Bluesky Digital Assets Corp, is building a high value digital currency enterprise. Bluesky mines digital currencies, such as Bitcoin and Ether, and is developing value-added technology services for the digital currency market, such as proprietary technology solutions. Offering a complete ecosystem of value-creation, Bluesky is targeting reinvesting appropriate portions of its digital currency mining profits back into its operations. A percentage of the profit will be invested in the development of a proprietary Artificial Intelligence ("AI") based technology. Overall, Bluesky takes an approach that enables the Corporation to scale, and respond to changing conditions, within the still-emerging Blockchain industry. The Corporation is poised to capture value in successive phases as this industry continues to scale.
For more information please visit Bluesky at: https://www.blueskydigitalassets.com
For further information please contact:
Mr. Ben Gelfand
CEO & Director
Bluesky Digital Assets Corp.
T: (416) 363-3833
Mr. Frank Kordy
Secretary & Director
Bluesky Digital Assets Corp.
T: (647) 466-4037
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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