- Bluesky Digital Assets (CSE:BTC) is creating a new joint venture company with an undisclosed digital mining private equity and lending corporation
- The new joint venture will focus on mining digital currency with $250,000 worth of ASIC mining machines
- Bluesky claims that many companies have shown interest in its custom GPU mining architecture, which the joint venture may utilise
- The custom GPU’s are said to mine digital currencies 20 per cent more efficiently than the industry standard
- Bluesky Digital Assets (BTC) is holding steady, with shares trading for 1 cent at 10:49am EST
Bluesky Digital Assets (CSE:BTC) is creating a new joint venture company, which will focus on mining digital currency.
The company is entering the joint venture with an undisclosed digital mining private equity and lending corporation. Bluesky has not said what digital currencies it will be targeting through the joint venture. However, it has previously specialised in Bitcoin and Ether.
Both these currencies have faced a few difficult years, with digital mining companies struggling to adjust to new lower values.
Despite the struggling currencies, Bluesky’s CEO, Ben Gelfand, remains confident about the joint venture’s possibilities.
“Other poorly positioned crypto vertical companies fell by the wayside during recent volatility in the marketplace. We are strategically continuing to grow the business in this challenging environment, as we expand our capability and grow our active mining operations.
“We are receiving attention, as investors, lenders, and potential JV partners are noticing our unique approach to the digital mining business,” he said.
He went on to suggest that the company’s modified GPU’s were the reason for the industry attention. Bluesky developed the digital mining GPU’s in house, and claims that they operate 20 per cent more efficiently than industry standards.
However, the joint venture will not initially employ the custom GPU mining assets. Instead, the joint venture is deploying $250,000 worth of ASIC mining machines, which are industry standard.
The company has stated that the joint venture will employ the custom GPU’s at a later date.
Bluesky expects to see revenue from the joint venture by the second quarter of 2020.
Bluesky Digital Assets (BTC) is holding steady, with shares trading for $0.01 at 10:49am EST.