The implied valuation of the BTC amounted to $207,467 CDN and the implied valuation of the ETH amounted to $199,708 CDN for the month of August. The Corporation averaged a daily mining rate of approximately 1.66 ETH and 0.11 BTC per day in August. The percentage split on mining was almost evenly split at 50.1% BTC and 49.9% ETH. Costs associated in the mining of the 3.43 BTC and 51.57 ETH for the month of August amounted to approx. $75,000 CDN.
The Corporation achieved a $13,134 CDN gross mining average per day from its active mining operations in August vs. the $10,200 CDN gross mining average per day achieved in the month of July which represented a solid 28.7% increase over July's daily total.
As At August 31, 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 August 31, 2021 the reserve comprised of 9.115 BTC and 190.07 ETH.
Ben Gelfand, CEO stated: "Based on the current overall trend the Corporation is currently on pace to mine $1M CDN in cryptocurrencies in Q3 as the Corporation needs to mine an additional $285K CDN in the month of September to achieve the $1M CDN mark. The Management team feels strongly that the additional $285K CDN worth of cryptocurrencies targeted to be mined in September is attainable, and if realized, it would be the first quarter in the Corporation's history where $1M CDN from mining operations was realized. The quarter over quarter, and month over month increases reflect in part the internal efficiencies and methods that the Corporation has developed in-house and deployed in the production environment. The Management team is diligently working on leveraging current positive trending market values and increasing the Corporation's unsold cryptocurrency reserve. The Management team is also raising its priority to further expand the Corporation's active mining operations by acquiring additional mining equipment. The acquisition, and move to production, of new mining hardware tightly aligns to ongoing facility expansion plans to be reported on in the coming quarters."
https://www.newsfilecorp.com/release/95576