Bluesky Provides Bitcoin and Ethereum Mining Update for September, Record Production Achieved in Q3 2021
Toronto, Ontario--(Newsfile Corp. - October 12, 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 $322,563 CDN worth of cryptocurrencies for the month of September which was achieved via the mining of 2.46 Bitcoin ("BTC") and via the mining of 43.95 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 implied valuation of the BTC amounted to $135,808 CDN and the implied valuation of the ETH amounted to $186,755 CDN for the month of September. The Corporation averaged a daily mining rate of approximately 1.46 ETH and 0.08 BTC per day in September. The percentage split on mining was 42.1% BTC and 57.9% ETH. Costs associated in the mining of the 2.46 BTC and 43.95 ETH for the month of September amounted to approx. $75,000 CDN. The costs include electrical, bandwidth, rent, and does not include depreciation on equipment.
As At September 30, 2021, the Corporation held $1,457,182 CDN in unsold cryptocurrencies which represented a 370% increase over the $309,659 CDN that the Corporation held in its unsold cryptocurrency reserve at the end of Q2, 2021. As At September 30, 2021 the reserve comprised of 9.115 BTC and 190.07 ETH. As At the date of this press release, the reserve comprised of 12.16 BTC and 252.07 ETH and was valued at $1,945,995 CDN.
Ben Gelfand, CEO stated: "The Corporation, in line with its ongoing expansion plans, initiated and completed the installation of major additional electrical infrastructure in September which temporarily halted mining at our primary mining as we temporarily shut down all live utility feeds to add in large electrical scale components such as larger capability transformers. Expansion efforts were the primary cause to the pull back from the record production numbers we witnessed in the month of August. With the overall power and overall facility expansion very close to full completion, we now can rapidly expand our operations as our primary facility can now handle approximately two and a half times more production capacity than it previously did before the expansion. Despite the pullback in September, Q3 2021 was the first quarter ever in the Corporation's history where the Corporation mined $1M+ CDN of cryptocurrencies. With the Corporation's recently completed private placement, the Corporation has approximately $4M CDN in cash on hand that it can allocate towards acquiring additional mining rigs with the purpose of expanding the Corporation's active mining operations. The Corporation is in the process of strategically acquiring additional mining hardware to efficiently stage additional production roll-outs of new mining assets and utilize all available capacity and continue to increase future quarterly and ongoing revenue returns in an exponential fashion."
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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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99335