BlockQuarry Completes Phase One 20MW Launch: 5,600 Miners HOUSTON, TEXAS, April 25, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- BlockQuarry Corp, (OTC: BLQC) (“BlockQuarry” or the “Company”), a Texas-based company with primary commercial-stage operations in cryptocurrency mine hosting and self-mining in the Southeast United States, is pleased to announce financial and operational performance highlights for the twelve months ended December 31, 2021, as well as the full launch of the Company’s Phase One 20MW hosting infrastructure at its Southeast U.S. cryptocurrency mining site, which will drive approximately $9.5 million in annual revenues going forward.
“2021 was a breakthrough year for the Company, and the investments we made during that period are already starting to pay big dividends as we begin to collect on the implementation of our Phase One hosting infrastructure,” noted Alonzo Pierce, President and Chair of BlockQuarry. “The topline exploded higher last year, and the bottom line is set to swing in our favor sharply as we get past our major fixed costs.”
Financial Performance Highlights for the Twelve Months Ended Dec 31, 2021
- Revenues came in at $960k, up 1,643% on a year-over-year basis
- Cash increased 540% year over year to more than $542k
- Total assets increased 5,965% year over year to $10.8 million
- Net Operating Loss shrunk year-over-year from ($8.3M) to ($3.4M)
- Total Net Income was $3.55M, improving from a loss of ($26M) in 2020
Operational Highlights for the Twelve Months Ended Dec 31, 2021
- Changed Company name and stock symbol
- Engaged critical partnerships to drive innovative hybrid mining/hosting model
- Successfully transitioned self-mining facility from Pennsylvania to Southeastern U.S. location
- Set up 200-MW project in Gaffney, South Carolina, for follow-on deployment of first 20 MW next-gen POD 5 containers
- Surpassed milestones to receive additional 150 Bitmain S19 95TH/s miners as part of Minerset deal
- Significantly expanded equipment, property, and power foundation for mining/hosting model, driving total assets up by nearly 6,000%
- Set to target Nasdaq listing in 2022
Management sees 2021 as a foundational year of investment in capital, equipment, relationships, and power to drive significant financial performance in 2022 and the years ahead. Last year, the Company put in place several agreements with the potential to create enormous shareholder value over a long-term time horizon, including the Company’s hosting agreements, which guarantee significant steady cash flows irrespective of changes in the price of Bitcoin.
The Company also streamlined its operational footprint by geographically consolidating operations into its Southeast U.S. site, while expanding its self-mining foundation by key equipment and asset acquisitions.
The Company’s name and stock symbol change was also important to better align public perception and organizational identity. And its substantial growth in assets, revenues, and operational scale over the past 18 months now provide the Company and its shareholders with the basis to begin exploring the potential for a coming uplist onto a major national stock exchange.
Pierce added, “2021 was a year of critical investments that are set to start paying this year and over coming years. And, given our hybrid model, we aren’t dependent upon the day to day oscillations in the price of Bitcoin. Phase Two implementation is next up!”