- Bluesky Digital Assets (BTC) has released an overview of its unaudited Q2, 2022 financial statements for the three and six months ended June 30, 2022
- Total Gross Revenue from mining operations decreased to $500,685 in Q2, 2022
- As of June 30, 2022, total assets amounted to $8,470,876
- The company moved some of its mining production assets to a new mining facility in Texas
- Bluesky elected to sell its cryptocurrency reserves which had a recorded valuation of $2,678,305
- The company entered a JV to obtain a 50 per cent ownership of a Bitmain Antspace housing 195 S19 Pro+ Hyd (“S19 Hydro”) ASIC Miners
- Bluesky Digital Assets mines digital currencies and develops value-added technology services for the digital currency market
- Bluesky Digital Assets Corp. (BTC) opened trading at C$0.06
Bluesky Digital Assets (BTC) released an overview of its Q2, 2022 financial statements for the three and six months ended June 30, 2022.
Q2 highlights:
- Total Gross Revenue from mining operations decreased to $500,685 in Q2, 2022 from $580,583 in Q1, 2022, a decrease of 13.7 per cent over Q1, 2022
- Total Gross Revenue from mining operations decreased by 41 per cent over Q2, 2021
- Digital Asset Mining operating costs, electrical, hosting and bandwidth costs, and a one-time charge involving the set-up and delivery of the corporation’s Antspace and charges for moving of equipment from Canada to Texas amounted to $928,898. Without the Antspace and moving charges, operation costs amounted to approx. $400,000.
- As of June 30, 2022, total assets amounted to $8,470,876 vs. $1,596,234 in current liabilities
Q2, 2022 continued to be a very challenging quarter for both the cryptocurrency and technology sectors. The corporation experienced a decrease in its gross mining revenue over Q1, 2022’s and Q2, 2021’s gross mining revenue totals.
Total gross mining revenue slightly declined to $500,685 in Q2, 2022 vs. the $580,583 that was mined in Q1, 2022. $851,813 worth of cryptocurrencies was mined in Q2 of 2021.
The reduction in gross mining revenue vs. Q1, 2022’s and Q2, 2021’s recorded totals was mainly attributed to the decline in prices of both Bitcoin and Ethereum.
The decline in gross mining revenue was also partially attributed to the decision to move some of its mining production assets from its Canadian based mining facility to its new mining facility in Texas which caused a decline in production. Texas offers lower utility costs and the Texas based operations can expand its total electrical capacity to 175 MW vs. Canada which is currently capped at 2 MW.
Anticipating the drop in valuations of both Bitcoin and Ether, the corporation elected to sell its cryptocurrency reserves which had a recorded valuation of $2,678,305. Bluesky Digital entered a Joint Venture agreement to acquire 50 per cent ownership of a state-of-the-art Bitmain Antspace. The Antspace will house 195 S19 Pro+ Hyd (“S19 Hydro”) ASIC Miners which are liquid cooled. The Corporation paid US$1,484,760 for its portion of the equipment. When activated, the S19 Hydro’s housed in the Antspace will produce a Hashrate of 198 TH/s per unit, amounting to approximately 60 to 64 BTC being mined by the system, per year, of which Bluesky will retain 50 per cent of the mining rewards. Bluesky also advanced its R&D efforts with a focus on its Blockchain Engagement Platform BlueskyINTEL (BSI) using a portion of the proceeds raised via the conversion the corporation’s cryptocurrency reserves into fiat.
Bluesky Digital Assets mines digital currencies and develops value-added technology services for the digital currency market.
Bluesky Digital Assets Corp. (BTC) opened trading at C$0.06.